Thursday, March 22, 2012
Political Mayhem Thursday: So, I was wrong, and Bush, Obama, and Waco Farmer were right...
Those of you that remember the dark economic days of 2008 and 2009 may also remember that at the time I was convinced that the federal bailouts of financial institutions and the auto companies by the Bush and Obama administrations were a mistake. However, I think that time has proven me wrong, and I would like to admit that mistake.
It's safe to say now that a total economic meltdown, which was a real possibility, was averted by the investment of tax money into those sectors of the economy. It does rankle against the prosecutor in me that those who committed greedy errors went unpunished, but there was something more important than retribution going on there-- in the end, those investments went to the greater of good of allowing the economic upturn we are now seeing, and averting an even sharper downturn at that time.
I wish that we could also say that we were now protected against the foolishness that led to those conditions, but I don't think we have. In the end, we may wonder why.
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I once heard a commentator say, in regards to the misdeeds on wall street, it is not what was illegal that was problematic, but what was legal? Or stated differently, the lack of prosecutions of wall street execs serves as commentary not on what is illegal, but what is legal.
As a former federal prosecutor, would you agree with that sentiment?
As a former federal prosecutor, would you agree with that sentiment?
Thanks for the shout out--and I like the company. I often tell my class that I am one of the few people they will meet who likes and admires both George Bush and Barack Obama. Of course, I generally like Presidents and see them as mostly smart and usually decent people who are willing to take on what has become an impossible task.
PS/FTR IPLawguy definitely chimed in for TARP.
PS/FTR IPLawguy definitely chimed in for TARP.
There was an Encore Presentation on Moyers & Company the other night featuring John Reed (former CEO of Citibank) and Byron Dorgan (former Dem. Sen - ND) talking about the bailout, etc.... It was a very interesting show. You can pull it up on-line to watch.
I understand the greed and mis-deeds of Wall Street and can assure you they are (in all likelihood) already exploiting the loopholes that still exist and they are still "too big to fail" due to the global nature of todays banking system.
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I understand the greed and mis-deeds of Wall Street and can assure you they are (in all likelihood) already exploiting the loopholes that still exist and they are still "too big to fail" due to the global nature of todays banking system.
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