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View Diary: Wall Street might not be growing tulips, but it's still spreading manure (153 comments)

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  •  I've Often Wondered? (2+ / 0-)
    Recommended by:
    bobdevo, happymisanthropy

    What if in 2008, instead of taking tax dollars to bail out the Big Banks who engaged in the default swapping that caused the mess, we instead used tax dollars to prop up the banks that did not engage in these bogus transactions but were getting caught up in the collapse?

    What if the campaign that got started in 2008-2009 for individuals to pull their money out of these bad big banks and put it into local community banks who did not participate in the risky behavior had really caught on in mass?

    Would we have been better off?

    I'm not certain, but at least the banks that engaged in this risky behavior would have been punished and a precedent against such behavior would have been set for all the other banks to see.

    "Some men see things as they are and ask, 'Why?' I dream of things that never were and ask, 'Why not?"

    by Doctor Who on Sun Oct 02, 2011 at 07:36:44 AM PDT

    •  I'd say we'd have been better off. n/t (0+ / 0-)

      I tremble for my country when I reflect that God is just; that his justice cannot sleep forever. ~Thomas Jefferson

      by bobdevo on Sun Oct 02, 2011 at 07:46:35 AM PDT

      [ Parent ]

    •  I think the best thing we could have done was to (3+ / 0-)

      use all that bailout money to simply pay off the mortgages for all the people who were defaulting.

      That would have ended the subprime crisis, it would have gotten a lot of people out of crushing debt (which is still dragging our economy down), and would have made things better for millions of people across the country.

      What it would NOT have done, of course, is stop the rich fucks from losing money.

      Which is why it was never even considered.

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