the 'banking sector' is going to collapse again, and again, and again, it's built-in to the logic. we can pick up and do banking for ourselves at any of these points. so why wait?
How Is that not entirely true? Look at the history of policy regarding the financial industry over the last 30 years. Since radical deregulation took hold and it all snowballed, the financial industry has been increasingly unstable. The money they're whimsically gambling doesn't even exist anymore. It's unacceptably volatile and only getting worse.
My point was going to be that if the deregulation didn't happen that the financial industry wouldn't be unstable and we wouldn't have experienced the crash of 2008. Banking does not have to be an unstable sector of our economy if we tightly regulate it by cordoning off investment banking from more traditional forms of banking.
My problem with the bailouts isn't about the price-tag. It's the fact that a whole entire industry that is responsible for our economy blowing up is essentially being allowed to continue as usual with the same culprits steering the wheel. Four years later and if the President tried to present a modest confiscatory tax to the public on certain entities, he would be crucified by the press. This country depresses me.
