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Old 07-27-2019, 08:57 AM
Wrenching Spanners is offline
Join Date: Jun 2011
Location: London
Posts: 586
Originally Posted by fedman View Post
but the same conservatives do not apply "personal responsibility" when banks default due to their bad decisions, then it's okay for "welfare" for businesses
You're referencing the 2007-2008 Financial Crisis, correct? You are aware that many banks did go bankrupt, and many others were partially taken over by governments in exchange for funds to provide liquidity? That thousands of people lost their jobs and millions of investors lost their investment? Pretty much everyone that was involved with the troubled banks suffered financial consequences. On top of that, the US government fined banks $150 billion. ( What do you want - blood?

Your "welfare for businesses" was worldwide government interventions to save the banking systems that are a lynchpin of the modern economy. Those interventions, and the actions necessary to restore liquidity, cost the banks and their owners huge amounts. You can make the argument that banks were inadequately regulated before the crash and should have had tighter lending policies. Of course if that had happened, you'd be complaining about conservative-led banks refusing to lend to the poor.