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But the government has still created far far too big of a moral hazard for the future.
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I would agree governments are responsible virtually entirely for the entire mess . . . . . . if you let the lions out of the zoo in the middle of a city, don't be surprised if they go out and start killing things.
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Originally Posted by Claeren
Now that those companies have rebounded on free government money they are not willing to bend even a little on regulation .
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So what?
They're going to be put back in their cages anyway. They have the right to lobby their position but, really, they're not in a good spot for sympathy right now.
They can jump up and down all they want but, in the end, governments should and probably will act in the public interest in restoring a certain level of regulation to diminish the potential of similar situations in the future.
Really, their whining is just background noise . . . . . I'm in the business of being an arch-capitalist and even I'm against them.
Basically, the real failing of de-regulation was the assumption animals in the zoo would act in the long-term interests of their shareholders even if allowed to roam free.
What we found out is the short-term interests of the individuals running the show came to the fore and little apparent thought was given to potential consequences . . . . in essence, the animals reverted to their primal instincts. If one was doing it and benefiting, all had to do it because immediate consequences were nil beyond the fact you might be fired if you didn't put up the same numbers.
In truth, the animals in the zoo need to be in cages. Now we know (and should have known anyway).
It's just the size of the cages that's at issue.
How much is too much regulation? How much is too little?
Clearly there was too little in the end but was there too much before? It is also true that it is against the public interest to make the cages too small.
These animals do have a useful - even essential - function in our society and we must give that some respect . . . . . but, you know, they're a little dangerous if you give them too much freedom.
Eventually, in about 10 or 15 years, we'll forget that lesson again. We always do.
Cowperson