No. of Recommendations: 13
I’ve seen this move before, and it is titled “How to Create a Financial Crisis.”
**WARNING! Spoiler Alerts!
Do NOT continue reading unless you want to know plot details of the movie
Banks (well, mostly the owners) make risky investments which pay off handsomely in the short term and pay themselves huge bonuses.
The economy hits an all too familiar (and predictable) speed bump which knocks down the bank’s house of cards.
Bankers keep their profits while demanding that taxpayers prop up the bank to prevent a system meltdown.
Congress introduces regulations like Glass-Steagall.
Whew, we dodge a bullet.
Time goes by, there’s no need for these cumbersome bank regulations. Free market and all that.
Everything is running smoothly, let’s chip away at Glass-Steagall until it’s meaningless.
Banks (well, mostly the owners) make risky investments which pay off handsomely in the short term and pay themselves huge bonuses.
The economy hits an all too familiar (and predictable) speed bump which knocks down the bank’s house of cards.
Bankers keep their profits while demanding that taxpayers prop up the bank to prevent a system meltdown.
Congress introduces regulations like Dodd-Frank/Consumer Financial Protection Bureau (CFPB).
Whew, we dodge a bullet.
Time goes by, there’s no need for these cumbersome bank regulations. Free market and all that.
Everything is running smoothly, now the incoming administration is salivating to chip away at the CFPB until it’s meaningless. Jamie Dimon is either packing some serious heat or he’s very happy to see the Republicans removing consumer protections.
I’ll stop here. I don’t want to spoil the surprise ending.
When you elect criminals, expect crimes.
You can’t fix stupid.
