Quote:
Originally Posted by Regorium
Is there any evidence for this? This is just fear mongering. So seriously, this post pisses me off every single time I read it.
Do you really think the "American people" (not rich bankers, but the average joe) would be any worse off? The banks would collapse, the individuals get $100,000 insured (which is far more savings than, say, 90% of people). You might get a staggering number for "wealth" destroyed - and I write that in quotations because that's all paper wealth, not real wealth like production and innovation.
|
Well it would shock the industry for sure. A credit freeze causes mom and pop's place can't pay their bills and a lot of business's go bankrupt. They would be worse off in the short term for sure, but overall its arguable. However, large masses of people don't deal with economic shocks well.
I wish there was more oversight for the bailouts, rather than the rich getting richer... that should piss you off more.