Posted by JD Seller on January 10, 2015 at 12:56:01 from (208.126.198.123):
What I mean is should the Government try to stop/regulate economic crashes??? Since the Depression of the 1930s the government has manipulated the economy and the banking industry to stop/soften major crashes.
I enjoy studying history. The economies of the world have always cycled. The US economy did as well. There where depressions/recessions every so often all during the history of this country. I felt these cycles actually helped in the long run. The down times redistributed the wealth in the general economy.
I would have let the BIG banks and the car companies fall in 2008. This would have helped in the long term.
The bailouts rewarded companies that behaved badly. That should be left to the market and share holders.
The resulting banking laws actually helped the bad eggs and penalized the smaller banks that did not cause the original problem.
There is the trouble with the Government "helping/saving" businesses. The best business will not always get the help. The most politicially connected will always get the help.
So the BIG banks got Government money and then rewarded the politicians that gave them the money with part of that money. Neat little legal SCAM!!!
GM should have crashed!!!! There would have been some kind of company come out of the wreckage. The new company would have been better in the long term than the "rewarded" lousy company that survived.
The same way with the big banks. Let them fall. Then that keeps the next generation of them in check about making "bad" loans/rules.
You make the landing too soft and then they will not worry about crashing the next time.
Why do you think the generation after WW II did so well??? They KNEW the lessons taught by the depression of the 1930s.
Today's generation is soft in that they have rarely had economic hard times. They are making " bad" monetary decisions with few consequences.
The current personal and governmental debt is out of control. A good crash could very well be the teacher of better personal and national monetary policy.
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