Take a closer look where the TARP money was actually spent and maybe you'll understand the criticism. It ain't my job to bail out a bunch of Yalies because they blew the trust fund.
Greg--I don't doubt that some of TARP was probably mis-allocated. But I will stand by my assertion that TARP saved the banking system. The whole thing was about to come down on itself, and TARP stopped that.
Well that's what they keep telling us. I actually like the anti-trust laws, if we would just use 'em. If it's too big to fail, it's too big. For example, Bank of America ( not the Giannini BofA but the present incarnate) started as Bank of North Carolina, N.A. (no idea what N. A. was about). They acquired and bought, bought and acquired until lo and behold Charlotte is the banking capital of America. Point being they shouldn't have been allowed to expand like they did. As I recall Virginia's Sovran Bank was a hostile takeover back in the early 90's, as was Sun down in Florida. So, they went from Bank of North Carolina, N.A to North Carolina National Bank (NCNB) to NationsBank to Bank of America...and now they're too big to fail.
But that's a different story--GWB, Beranke and Paulson couldn't turn back the clocks and re-create the Bank of North Carolina. The system was as it was, and it was ready to tank. Should we be circumspect about "too big to fail" going forward? Perhaps. But looking at it that way from the rear-view mirror would have resulted in a deep depression.
Interesting that apparently YouTube management has been up to some shenanigans with this video. See http://hillbuzz.org/2010/01/03/america-rising-video-an-open-letter-to-democrats/ (with apologies for linking you to a pro-Hillary site. I thought it stood for Capitol Hill Buzz. But the complaints about the libs at You Tube would then have even more credibility coming from someone who supports "Hill".
Take a closer look where the TARP money was actually spent and maybe you'll understand the criticism.
ReplyDeleteIt ain't my job to bail out a bunch of Yalies because they blew the trust fund.
Let's start a fund to get that played on prime time for the next 11 months
ReplyDeleteGreg--I don't doubt that some of TARP was probably mis-allocated. But I will stand by my assertion that TARP saved the banking system. The whole thing was about to come down on itself, and TARP stopped that.
ReplyDeleteWell that's what they keep telling us. I actually like the anti-trust laws, if we would just use 'em. If it's too big to fail, it's too big.
ReplyDeleteFor example, Bank of America ( not the Giannini BofA but the present incarnate) started as Bank of North Carolina, N.A. (no idea what N. A. was about). They acquired and bought, bought and acquired until lo and behold Charlotte is the banking capital of America.
Point being they shouldn't have been allowed to expand like they did. As I recall Virginia's Sovran Bank was a hostile takeover back in the early 90's, as was Sun down in Florida.
So, they went from Bank of North Carolina, N.A to North Carolina National Bank (NCNB) to NationsBank to Bank of America...and now they're too big to fail.
But that's a different story--GWB, Beranke and Paulson couldn't turn back the clocks and re-create the Bank of North Carolina. The system was as it was, and it was ready to tank. Should we be circumspect about "too big to fail" going forward? Perhaps. But looking at it that way from the rear-view mirror would have resulted in a deep depression.
ReplyDeleteInteresting that apparently YouTube management has been up to some shenanigans with this video. See http://hillbuzz.org/2010/01/03/america-rising-video-an-open-letter-to-democrats/ (with apologies for linking you to a pro-Hillary site. I thought it stood for Capitol Hill Buzz. But the complaints about the libs at You Tube would then have even more credibility coming from someone who supports "Hill".
ReplyDelete