Has the regeneracy arrived?

[Eric the Green]

(01-09-2017, 07:46 PM)Warren Dew Wrote:

(01-09-2017, 05:36 PM)SomeGuy Wrote: I think Iceland handled the situation well.  Bail out the depositors, at least the domestic ones, and let the banks that needed to fail, fail.

Exactly.  But neoliberals like Eric insisted that bailouts of the banks would be better.

No, not at all. SomeGuy is probably right. What Obama did was better than doing nothing. But I would have preferred a different course, restructuring and downsizing the banks that had failed and bailing out the depositers. Bail out Wall Street instead of Main Street? No, the reverse would have been better.

Initially, the neo-liberal Tea Party and progressives like Sanders and myself were in agreement against bailouts for the banks. But that was where the agreement ended.

I have written before that another round of bailouts of banks too big to fail might spark a revolt by both right and left. That would be very unpopular. But that's where we're headed if Dodd Frank and the Consumer Protection Bureau are thrown away, as the neo-liberals and Tea Party want.