blacksword404
Posts: 2068
Joined: 1/4/2008 Status: offline
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quote:
ORIGINAL: cloudboy >In what has become known as the “Geithner doctrine,” documented by numerous eyewitnesses to the administration’s deliberations on the financial crisis, the former Treasury chief consistently advocated preservation of the banks as the paramount objective in any measure. < Geithner was not interested in moralizing or assigning blame, he was interested in preventing a banking failure and economic collapse. From my reading, he wanted to promote confidence in the banking system No. 1. According to the author of After the Music Stopped a big failure of both the Bush and Obama administrations was not explaining to the American public what the government role in fixing the crisis was. The guy on the street still doesn't understand what TARP was/is. Many can fault find with the Geithner plan, but I think in large measure he achieved his stated goal, and it was no small achievement. Now that things have stabilized, it might be prudent to enforce some anti-trust lawsuits to break up the big banks such that we needn't worry about "Too Big to Fail" again. That's my simplistic take. Your solution would work but it won't be used because it doesn't make the right people bundles of money or give them more power. And it doesn't take it away from the wrong people. Who the right and wrong people are depends on who you're in bed with.
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Don't fight him. Embrace your inner asshole. Tu fellas magnus penum meum...iterum Genuine catnip/kryptonite. Ego sum erus. The capacity to learn is a gift, the ability to learn a skill, the willingness to learn a choice. Dune HH
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