The Worst 3 Presidents in one picture

[polar]

assuming government had not encouraged and was not an accessory in selling mortgages that had no chance of being repaid, then bundling them together and repackaging them deceptively, couldn't private companies - if deregulated like they were - not do the same thing themselves, govt aside?

you seem to think, if government played no role in the economy, that no company  will attempt any kind of fraud. surely this could potentially happen in  a free deregulated market without government interference?

to address your assumption, i'd also have to make the assumption that the banks would have committed the same suicide loans if they'd known nobody was there to bail them out or buy the packages the next day.  and out of all the super stupid ppl i know who work in private lending, none of them would have acted the same.  they want to make money and continue to exist, not drive themselves out of business for an easy commission

[_Flame Trees_]

true in this instance, but i was more trying to ask whether you think deregulation would reduce fraud or any dishonest unscrupulous practices etc.

if so, how? i don't think companies who've broken the law (enron for eg) did what they did assuming the govt would come to their rescue

if not, then a potential for another gfc is still easily possible, seeing as banks all lend to one another an all. what then, seeing as you're opposed to bailouts, what would you propose? global economic collapse and bankruptcy across the board?

[polar]

true in this instance, but i was more trying to ask whether you think deregulation would reduce fraud or any dishonest unscrupulous practices etc.

if so, how? i don't think companies who've broken the law (enron for eg) did what they did assuming the govt would come to their rescue

if not, then a potential for another gfc is still easily possible, seeing as banks all lend to one another an all. what then, seeing as you're opposed to bailouts, what would you propose? global economic collapse and bankruptcy across the board?

good questions.  let's take for example Enron as you mentioned. which lost billions and pissed away a shitload of pensions.  Enron is a clear cut case of fraud and cooking the books and a ton of other illegal activities.  even in my dream land of libertarianism, we are still a nation of laws, and those responsible should face whatever punishment is legally heading their direction.

is it a shame what happened to those investors?  of course, but it's not government's job to protect your risky investments.  you can't expect the whole nation to bailout someone when they invest in a fraudulent company and put all their eggs in one basket.  if you give money to a con artist, no matter how slick they are or how big their office is, you are still responsible as an individual.

i don't believe in "too big to fail"   for argument's sake, let's suppose that we once again live in my libertarian dreamland.  and a bunch of banks like Bank of America and Citicorp or whoever all decide to start giving away mortgages like candy again.  and let's even say the world's largest insurance company, AIG, decides to cover their bets.  a few years pass, and MILLIONS of those mortgages default.  those banks lose their ass, AIG lose their ass.  Let's assume they weren't deceptive, just greedy and stupid.

Now what should happen?  should we spend a TRILLION dollars of my money and your money and everyone elses money to keep them in a job?  NO.  we let them fail.  we watch our economy stall and take a huge shit for however long it takes.  in the meantime, investors, and better business managers, pick up the pieces, reassemble them into a stronger entity, and life goes on.  this whole retarded depression we are in doesn't drag out for years and years.  the old unreliable system is replaced with a new and improved system, and we're stronger for the collapse.

[_Flame Trees_]

fair enough. i guess it's a case of learning the hard way, as it is it doesn't seem as if the culprits who cost every american over 2k (from memory) have learned a whole lot - other than that they'll be rescued and allowed to continue doing abhorrently selfish things

the other alternative, not that i would propose it, would be extra regulation, on top of everything else, to stop any sort of dangerous practice

[polar]

fair enough. i guess it's a case of learning the hard way, as it is it doesn't seem as if the culprits who cost every american over 2k (from memory) have learned a whole lot - other than that they'll be rescued and allowed to continue doing abhorrently selfish things

the other alternative, not that i would propose it, would be extra regulation, on top of everything else, to stop any sort of dangerous practice

it's impossible to legislate all the risk out of life.  not even counting my freedom argument, nothing can stop bad things from happening.  shit happens, the most you can hope for is the splash doesn't get on you.  but govt intervention not only sustains the turd, it makes sure everyone smells bad after

[aintitfun22]

nope. clinton wasn't one of the three worst ever.

[GGS]

nope. clinton wasn't one of the three worst ever.

Are you poor?

[aintitfun22]

Are you poor?

not especially.