There is a lot of debate about what he should have done. I know it is a lot easier to say what doesn't work than what does. I have been learning a lot about Austrian economics (and yes, I am still learning) which has the philosophy that the economy is the strongest in a Democracy when the free market has less government control. The government should enforce contracts but otherwise should keep its hands off the economy.>>
Austrian Economics was cutting edge in the 19th and 20th centuries. In practice, it doesn’t work for the complex banking system we have. Greenspan, former Chairman of the Federal Reserve and Austrian Economics advocate, admitted that his policies over not strongly regulating the banking system caused problems. I spent two years working at a bank writing banking procedures. I can tell you how screwed up some of the practices are and how out of date the laws are. The Patriot Act really screwed the banking system by adding arcane laws.
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There is a lot of debate about what he should have done. I know it is a lot easier to say what doesn't work than what does. I have been learning a lot about Austrian economics (and yes, I am still learning) which has the philosophy that the economy is the strongest in a Democracy when the free market has less government control. The government should enforce contracts but otherwise should keep its hands off the economy.>>
Austrian Economics was cutting edge in the 19th and 20th centuries. In practice, it doesn’t work for the complex banking system we have. Greenspan, former Chairman of the Federal Reserve and Austrian Economics advocate, admitted that his policies over not strongly regulating the banking system caused problems. I spent two years working at a bank writing banking procedures. I can tell you how screwed up some of the practices are and how out of date the laws are. The Patriot Act really screwed the banking system by adding arcane laws.
<<Let bankruptcies happen. Chapter 11 is designed to save companies, not destroy them. The pain is great in the short term but they are done. Propping up companies that couldn't keep themselves in business works in the short term but in the long term the underlying problem remains and the government will be stuck with its finger in the dike for years. It is a band aid on a severed artery, rather than proper surgery. >>
Bankruptcies no longer work as they used to due to some new laws passed by Bush and the Republican congress. Unless done properly, a GM bankruptcy would have lead to the death of that company and the assets sold off. Would that have helped the country? Would it have benefited the country to let it fail? There are theories, but at the moment, I suspect a lot of it is guesswork.
<<The current system leads to government control of private enterprise which scares me in a very Orwellian way. I do not trust the government. The founding fathers didn't trust the government which is why they wrote in so many ways to limit its power. >>
Again, you are using fear terms. Government control of private enterprise is socialism.
The tactics our government has been using since 911 has certainly been Orwellian.
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Austrian Economics was cutting edge in the 19th and 20th centuries. In practice, it doesn’t work for the complex banking system we have. Greenspan, former
Chairman of the Federal Reserve and Austrian Economics advocate, admitted that his policies over not strongly regulating the banking system caused problems. I spent two years working at a bank writing banking procedures. I can tell you how screwed up some of the practices are and how out of date the laws are. The Patriot Act really screwed the banking system by adding arcane laws.
<
Austrian Economics was cutting edge in the 19th and 20th centuries. In practice, it doesn’t work for the complex banking system we have. Greenspan, former
Chairman of the Federal Reserve and Austrian Economics advocate, admitted that his policies over not strongly regulating the banking system caused problems. I spent two years working at a bank writing banking procedures. I can tell you how screwed up some of the practices are and how out of date the laws are. The Patriot Act really screwed the banking system by adding arcane laws.
<<Let bankruptcies happen. Chapter 11 is designed to save companies, not destroy them. The pain is great in the short term but they are done. Propping up companies that couldn't keep themselves in business works in the short term but in the long term the underlying problem remains and the government will be stuck with its finger in the dike for years. It is a band aid on a severed artery, rather than proper surgery. >>
Bankruptcies no longer work as they used to due to some new laws passed by Bush and the Republican congress. Unless done properly, a GM bankruptcy would have lead to the death of that company and the assets sold off. Would that have helped the country? Would it have benefited the country to let it fail? There are theories, but at the moment, I suspect a lot of it is guesswork.
<<The current system leads to government control of private enterprise which scares me in a very Orwellian way. I do not trust the government. The founding fathers didn't trust the government which is why they wrote in so many ways to limit its power. >>
Again, you are using fear terms. Government control of private enterprise is socialism.
The tactics our government has been using since 911 has certainly been Orwellian.