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Politics : Mainstream Politics and Economics
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To: TimF who wrote (14156)4/1/2012 12:17:29 PM
From: JBTFD  Read Replies (1) of 85487
 
Graham Leech Bliley is what enabled the financial companies to conglomerate and become TBTF. Greed is what caused the excesses. Personally I wouldn't care if they want to play with dynamite and blow their hands off. But then because they were so large we bailed them out. We have the worst of both worlds. We have irresponsible gamblers playing a very high stakes poker game, but even worse is now we the taxpayers are on the hook when the whole thing goes bad. They get to keep the profits when they win and when they lose we bail them out. Privatize the profits, socialize the losses. And why do we the public backstop them? Mainly because they are so large, which is a direct consequence of Grahan Leech Bliley.
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