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Mr. Paulson and Dr. Bernanke have been dead wrong on the housing bubble, subprime meltdown, and credit crisis since day one, and failed to enact proper regulations to prevent these catastrophes in the first place. Now they are printing money like there is no tomorrow and bailing out investment banks left and right in a desperate attempt to make up for all the months and years when they did not understand what was going on.
Why have these two underachievers not been pressured to resign?
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Re: April 20, 2007: Treasury Secretary Paulson: "The housing market is at the bottom.
Originally Posted by atomdomb
once again you show that you have no idea how the economy works.
troll in french? le weswelker.
The serious problem is the moral hazard introduced by the fed bailout. Once you say "these institutions are so integral to the world economy that we can't let them fail should their actions merit it," then you have a problem.
If I'm running a big investment bank, and I'm faced with two investments, one with relatively little risk/return, and one that's just insane - huge risk for huge return, if I know that the government won't let me go bankrupt, then there's no penalty for picking the risky move and being wrong. So I'll do that.
it's like saying "heads you win $100, tails you lose $100." Lots of people wouldn't do that. But if someone said "heads you win $100, tails you lose $10 and we all laugh at you for a minute" would you do that? Unless you put way too much value in avoiding people laughing at you, you'd play that game all day long.