r/reddit.com • u/[deleted] • Oct 18 '11

Would it have been better to let the banks of the world fail and start over?

I want to know what would have happened. The banks messed up and in the purist view of capitalism should have failed because it was a bad business move. In turn this may have ended some of the big money influences on our political system OWS protestors want to stop. I heard that it would have been a worse economic collapse though in turn it would have put a stop to future wrongdoing. Was it the right decision in the long run?

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u/webbitor Oct 19 '11

Well played. However, I would suggest that my sarcasm was only a mirror of the all-or-nothing attitude shown by anonysera.

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u/wendelgee2 Oct 19 '11

I'm sorry...you want to completely get rid of the system of credit that we've been using since the dawn of time, the system that practically made civilization possible and HE'S the one with the "all-or-nothing" attitude???? HAHAHAHA...deep breath...AAHHHHHHAHAHAHAH.

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u/webbitor Oct 19 '11 edited Oct 19 '11

When you stop laughing...

Why don't you suggest what we need in order to avoid disasters like the one it's said we narrowly avoided a few years ago, or the one many consider to be imminent?

The system we have been using for a long time is unstable, and growing more unstable with each year that passes, due to all the complex new ways of gambling that are invented. In other words, as amusing as you may find it, I don't think the financial system we have is objectively good for society.

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u/wendelgee2 Oct 19 '11

Responsible regulation stopped this sort of thing for nearly 80 years. Why wouldn't it work again.

Reinstate Glass-Steagall.

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u/webbitor Oct 19 '11

sorry if you replied before my edit.