What would you like to see in Financial Reform?

Quote from T_Geithner:

government is like bacteria, we need some bacteria (for instance http://en.wikipedia.org/wiki/Lactobacillus_acidophilus) but more than the required amount can fuck us up and too much of it and some types of bacteria can even kill us

just like we need to see a doctor as soon as we find symptoms of harmful bacteria in our body, to have him give us medication to eliminate it, we need to have a system in place to make sure fucked up government employees get eliminated from the government as soon as citizens report their unhappiness with the fucking employee

added: but it's already too late (this statement is in regards to almost all the governments of the world), the shit has grown beyond the point where proper monitoring systems can be put in place, and it continues to grow because it is the only sector that is creating jobs right now

Government doesn't create "jobs" in any meaningful way.

A business engages in wealth creation and hires workers to accomplish that end. The employees are paid from the wealth created by the company and if it the enterprise creates no wealth, then it ceases to exist.

The government does not create wealth. That means two things - almost every single person "employed" by the government doesn't do anything productive and every single government employee's salary must be paid by the people who ARE engaged in productive, wealth creating enterprises. The only way for government to get that money from the productive to pay its increasing orc army is rising taxes.

Of course, taxes have an incentive effect on the productive. Why toil and risk when you're barely scraping by after taxes? So, the productive activity of a country continually declines, as does the ability to pay these government employees.

Soon, you get what we now have in Greece - you run out of other people's money.

They government creates bullshit every time it touches something, but it never creates anything of any value to anyone except the political class who wield their power for their own personal gain.
 
Quote from TGregg:

Here's what I'd like to see.

If any institution/company/organization is "too big to fail" and demands government aid, then that aid should be directed to splitting the receiver up. If we are going to bail out banks/wall street/automakers/bait shops then we should be making damn sure we don't have to bail them out again (ever) while demonstrating to everybody else that you will not be saved from your screw ups.

Bailing them out the first time creates the kind of moral hazard and perverted incentives that ENSURE that there will be more bailouts of more "too big to fails" in more industries.

Keep in mind that the "strong regulation" doesn't prevent too big to fails that make the system more fragile but creates them in the first place.

To really get rid of this problem, we need less regulation and more freedom for people to set up firms to compete with the too big to fails so that none of the too bigs become so big that there isn't any other firm that could take over their businesses when they do fail. We also need a strict "no bailout" policy.
 
Quote from TGregg:

Here's what I'd like to see.

If any institution/company/organization is "too big to fail" and demands government aid, then that aid should be directed to splitting the receiver up. If we are going to bail out banks/wall street/automakers/bait shops then we should be making damn sure we don't have to bail them out again (ever) while demonstrating to everybody else that you will not be saved from your screw ups.

TGregg for Fed Chairman!
 
Quote from nitro:

I overheard a person trying to open a savings account at a bank, and he was turned down because of very bad credit.


Bullshit. You heard wrong or are making it up.
 
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