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View Diary: Tough Choice: If DOJ Prosecutes Wall Street, Banks Could Collapse (196 comments)

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  •  All the more reason to expand Social Security (7+ / 0-)

    Otherwise, do you propose the government backstop more losses with taxpayer money?

    Government and laws are the agreement we all make to secure everyone's freedom.

    by Simplify on Wed Feb 06, 2013 at 10:24:20 PM PST

    [ Parent ]

    •  i'm all for expanding SS (0+ / 0-)

      but until we do saying 'ah screw them' is heartless and while I do so with clenched teeth if the choice is break the economy and charge the bankers or do nothing don't break the economy I choose the second

      •  The thing about gambling is - sometimes you lose. (1+ / 0-)
        Recommended by:

        I'm sorry that people allowed their greed to be exploited and decided to gamble on private gain instead of investing in their countries future.

        "I have often seen people uncivil by too much civility, and tiresome in their courtesy." Michel de Montaigne

        by JesseCW on Thu Feb 07, 2013 at 05:36:08 AM PST

        [ Parent ]

      •  You don't have to (2+ / 0-)
        Recommended by:
        Ray Pensador, Dallasdoc

        break the economy.  An orderly transition could be managed, similarly to when countries left the Gold Standard during the 1930's.  The important thing is that the transition has to be carefully planned inside the government and kept absolutely secret from the banking criminals during that planning, so that they don't instantaneously move all of the money offshore (unless you go with a full "old dollar to new dollar" substitution).  Usually you have to institute (horror of horrors to the financial world) CAPITAL CONTROLS for the first day to month so that, again, the criminals can't hide their money offshore.  You can, however, simply nationalize the failed banks as a penalty for malfeasance, fire all the executives above the operational level without severance pay, and then keep ordinary operations continuing under the supervision of government managers for however long is necessary while you sort it out.

        There are plenty of ways to do this, if the government is not 1) bought or 2) too AFRAID to act.  There is no reason why nationalization, for instance, should have any more effect on the "Main Street" economy than if the bank was bought out by one of its corporate rivals.

        •  I'm not a fincial person (0+ / 0-)

          so I can't speak to the feasiblity of this but do you really think in this day and age secercy could be kept? or for that matter given the current attitude towards 'socialism' (quotes because it's not really socialism) that there would be the political will for this?

          •  As you said (0+ / 0-)

            the lack of "political will" falls directly under my points 1 & 2 above.  Technically, there are many ways to solve the problem.  They will not be used, because there is no "political will" to buck Wall Street.

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