Which is why the process is doomed to be repeated over and over again until it becomes ingrained in the national psyche that the people who assumed too much risk end up bearing the consequences.
Which is why the process is doomed to be repeated over and over again until it becomes ingrained in the national psyche that the people who assumed too much risk end up bearing the consequences.
Total nonsense. Because of deep pockets of Wall St. and an army of lobbyists (and personal connections too) people most responsible for the fiasco got away without a scratch.
You can bail out the INSTITUTIONS and punish the INDIVIDUALS running them, which is what should have happened but did not.
Bank of america as an institution is a national treasure (wells fargo, chase,etc. too) people running it are not, they are disposable. To avoid the problem of moral hazard you go after the people who created this mess and try to find a legal way of making their life a living hell.
CEOs of FITCH&Moodys&SP should be on trial for fraud and should lose their pants in civil court too, dick fould should not have a happy retirement.
No you can't and in my quote below "people" and "corporations" are interchangeable.
Which is why the process is doomed to be repeated over and over again until it becomes ingrained in the national psyche that the people who assumed too much risk end up bearing the consequences.
