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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: RMF who wrote (41757)	3/9/2010 1:21:21 PM
From: TimF	Respond to of 71588

I said they were taking home MY taxpayer money because they would have been out of a job and wouldn't have been making ANY money if we had just let all these banks go down the tubes. Again - If they are taking home your tax payer money, I suggest protesting that fact rather than the tax rates they pay. That's the real "out of balance" part IMO. Also some firms have paid much or all of the funds back. Others didn't receive a lot or any. Furthermore exercising more political control of the companies (including their compensation schemes), because they received government money might be emotionally satisfying for some, but is unlikely to result in positive outcomes. These guys drove the ENTIRE world economy to the brink of collapse It takes a lot more than just those guys to drive the entire world economy to a bubble and then a crisis followed by a recession. Politicians played a role, regulators played a role, government sponsored organizations played a role, political pressure groups played roles, ordinary home buyers (esp. those who knew they where poorly qualified, but to a lesser extent anyone buying during the bubble) also played a role, etc. The FIRST thing that should have been done was NATIONALIZE all these banks and bring back Glass Steagal so they couldn't do this stuff AGAIN. Nationalization is almost always a net negative, often a quite large one. As for Glass Steagal there is no good reason to think it (or Gramm-Leach-Bliley / Financial Services Modernization Act of 1999 ) played an important role.