RIP Bank of America
Out of context: Reply #33
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>Federalize the U.S. banking system, the government can not do a worst job then the:
>scumbag, elitist, Wall Street Bankers and Neocon free-market, deregulators who bankrupted
>America!There is nothing immediately wrong with the free market, the financial crisis is rooted in much deeper and more fundamental problems. The free market is an excellent system per se, except that it is proven not to work when being left completely to itself. Joseph E. Stiglitz won a Nobel prize for proving it mathematically in 2001. Government is best at governing, market is best at regulating. Its just that the difference between the two is taught to us as two opposites, though they hardly fall in the same category. What is better: the car I'm driving or the point of my destination? Any sane person understands that the comparison is illogical.
"Capitalism relies on morality" -- one famous businessman writing from prison, I forgot his name. The question is that since it is only an economic system, but in the way it overrules all other aspects of life, if it is moral enough to harbor the next civilizations? I think the world will slowly move away from defining itself economically.
- Capitalism relies on oversight. Without some regulations, greed runs rampant, which is what we have hereformed