davep wrote:Don't pretend there is any form of market-forces self-regulation if banks can be allowed to take huge risks and then get bailed out. It's a one way street. They make money, we get into debt. They take risks, we pay. The free market does not apply when banks are the primary source of money creation of the economy.
I don't mind these banks be bankrupted. This would, however, make suffering everyone, unless you are living on another planet. But some would be happy to accept it as long as they see the banksters suffering too. You know how AgentR calls this kind of attitude? - "Russian attitude".
By bailing out the banks they made an orderly deleveraging out of a potentially disorderly deleveraging. Kicking the can down the road, etc., but anyway.
Frankly I'd rather take the word of renowned economists than yours.
I wouldn't, but I don't mind.
Seems like "the renowned economists" have nothing to offer to explain the events other than some evil conspiracy. Very analytical.
Both articles I linked to above go into detail about how to transition from the current economic system to the new one in detail. And for you to be credible you'd need to be arguing against their conclusions rather than just making up your own.
Think that reading them would be pretty much waste of time, but I don't mind.