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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (548508)2/7/2010 10:12:02 AM
From: RetiredNow  Read Replies (2) of 1574723
 
That's what Wall Street wants you to believe. They are indispensable. Now what we have is the walking dead.

The thing everyone has forgotten on this thread or maybe are too young to remember is that we've been through this before. Does anyone remember the S&L crisis? Our government handled that successfully. We should have replicated that formula, albeit on a larger scale.

The solution should not be to lend money at zero interest to enrich the very people who created the mess. The solution should be either to let the market deal with it, which means bankruptcy, or if our government steps in, they oversee a liquidation process.

The fact is that these banks didn't really unfreeze credit. They still aren't lending at the rates they need to and many sound deals go unfunded. Instead, they took the zero interest money and reinvested it in US Treasuries and pocketed the difference. Then they paid themselves huge bonuses. Where do you think those profits come from? They come from American taxpayers. It was reverse socialism...a transference of wealth from the many Americans to the few on Wall Street.

If the government wanted to unfreeze credit they should have only provided government money to banks after loan deals were already struck, not just a blank check to draw on with no oversight on where the money was going. It was all a big ponzi scheme and you and I got left holding the bag.
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