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Old 02-14-2019, 10:28 AM   #101
Edward64
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Originally Posted by RainMaker View Post
Those investment banks were insolvent when we invested. The free market decided they were a terrible investment at that point.

I don't disagree they were insolvent at the time of the GR. However, for the years preceding, they produced, they employed alot of people, they helped alot of companies/startups with financing etc. They "produced" significantly.

Not so much the IB, but during the GR, there were Banks and Insurance companies that were "too big to fail". Auto companies were also "too big to fail". I was all for the bailout because IMO it prevented us from diving off the deep, deep, deep end.
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Old 02-14-2019, 12:52 PM   #102
CU Tiger
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I was all for the bailout because IMO it prevented us from diving off the deep, deep, deep end.




And I think we should have dove head first.
It would have been painful, very, for a while. But it would have forced a reset. Now we have just kicked the an down the road....this battle will be fought again, who knows when.
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Old 02-14-2019, 09:11 PM   #103
Edward64
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And I think we should have dove head first.
It would have been painful, very, for a while. But it would have forced a reset. Now we have just kicked the an down the road....this battle will be fought again, who knows when.

Nope not me.

I'm not sure what "battle" is but I am positive there are easier ways to get to some sort of reform vs a Great Depression.
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Old 02-15-2019, 10:21 AM   #104
ISiddiqui
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I'm not sure what "battle" is but I am positive there are easier ways to get to some sort of reform vs a Great Depression.

100% with you. Even though I am well certain that a second Great Depression would have (like the first one - remember the New Deal was enacted partially because FDR feared a socialist revolution would arise) led to far more controls and limits on businesses and more governmental programs to help the poor, I wouldn't want the suffering of millions/billions to occur to achieve those ends.
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Old 02-15-2019, 10:25 AM   #105
JPhillips
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Yeah if I could go back to 1929 and alleviate the suffering of the 30s and 40s, I'd have to be a monster not to do that.
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Old 02-15-2019, 01:50 PM   #106
RainMaker
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Originally Posted by Edward64 View Post
I don't disagree they were insolvent at the time of the GR. However, for the years preceding, they produced, they employed alot of people, they helped alot of companies/startups with financing etc. They "produced" significantly.

So did Circuit City. Does having past success mean the government needs to subsidize your losses and give you a competitive advantage forever?
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Old 02-15-2019, 03:00 PM   #107
Edward64
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So did Circuit City. Does having past success mean the government needs to subsidize your losses and give you a competitive advantage forever?

Lets be clear and say that forever is a long time and I don't think I said or implied it. With that said ...

Not sure if you are comparing the relative importance of Circuit City to IB, Banks, Auto companies during the GR because that was the context of the quote? If so, don't think its a good comparison. In order of relative importance/repercussions to the economy and market, Circuit City is insignificant.

If you are bringing Circuit City in the non-GR sense, where they produced in the past and then floundered with competition ...

No, government doesn't need to get involved because the market and IB could have kept CC afloat if they thought them worthy of it.

Last edited by Edward64 : 02-15-2019 at 03:11 PM.
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