it prevented a second Great Depression

Posted on: April 14, 2012 at 18:31:02 CT

if those banks had collapsed

and the entire financial system had collapsed

then the entire economy would have collapsed

into a massive and horrific second great depression

but all the banks that need TARP should have been nationalized

that would have resolved all the problems associated w/ moral hazard

then we should have reregulated wall st w/ a new Glass Steagall

and prohibited future proprietary trading as insider trading and fraud

and then made all hedge funds and finance transparent w/ published prospectuses and audited financial statements

then we could have recapitalized and reprivatized the nationalized banks

and then have a healthy functioning financial system and economy

and multiplied the SEC and DOJ's enforcement budgets by 100X

Edited by Gadfly at 18:34:24 on 04/14/12