A Quote by Timothy Noah
I won't dispute that bankers' privileged treatment in the 2008 crash merits populist scorn. But unfortunately, without a bank bailout, there probably would have been a worldwide depression.
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In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such dimensions. There might have been a normal cyclical recession; but, with the usual timing, even that readjustment probably would not have taken place at that particular period, nor would it have been a "Great Depression.
There are many misconceptions about depression-mostly negative. Unfortunately, because depressed people think negatively about depression and its treatment, they don't get help, which allows the depression to worsen, which leads to more negative thinking, which produces a vicious cycle of suffering.
What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbelievable. And yet classical economists say, "Oh, well, no, it would've adjusted perfectly happily, a few weeks of pain and then everything would've gone on as before, without a banking system left." And that's what makes it so maddening, that these bankers are back saying it was all the government's fault. The government saved their skins. It didn't want to, but it needed to save their skins in order to save the rest of us.
In order that people who suffer from depression seek treatment without a second thought, the stigmas must further fall until we reach a point in time when that person with leukemia and that person with depression both receive the same level of sympathy and the same level of rigorous treatment. Both people deserve it.
The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.
Don't reward bad behavior. It is one of the first rules of parenting. During the financial cataclysm of 2008, we said it differently. When we bailed out banks that had created their own misfortune, we called it a 'moral hazard,' because the bailout absolved the bank's bad acts and created an incentive for it to make the same bad loans again.
Remember the Tea Party movement didn't get started in September of 2008 when the bank bailout was passed. It really began on Feb. 19th, 2009 when a television commentator named Rick Santelli stood up and said what the hell are we doing bailing out people who couldn't afford a mortgage by taking money from people like me who are prudent?
The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
On domestic policy, Donald Trump agreed with Barack Obama and Hillary Clinton on the Wall Street bailout, the TARP bailout of big bank. I think the government ought to be standing with mainstream, with working men and women. And then you put on top of that the ethical issues, whether it is refusing to release his taxes. And that's a real problem.
The Grameen Bank Ordinance with amendments up to 2008 is a beautiful legal structure for the fulfillment of the ideals and objectives of the bank. Any change in this structure will be devastating for the bank.
Not one Wall Street executive has been charged with crimes since the 2008 financial crash.
I was educated privately for free because I was a scholarship girl, 100% scholarship girl. I got it on my own merits. I would never dispute that I am a privileged person. Nevertheless, when I started work I made 11 grand a year. I got my book deal on my own, my father didn't write those books for me, I did all of that entirely on my own. I stood for parliament with the amazing support and help of my ex-husband, but it's not something that was handed to me like a peerage. I worked hard and was elected. So my achievements, such as they are, are my own.
We've delegated politics to bankers. The European Central Bank is inside Deutsche Bank, and Deutsche Bank is inside the Bundesbank.
Don't act like a bank unless you are a bank. That was a really big lesson learned from 2008.
The bank bailout should have been more focused on helping small and medium sized banks, on helping homeowners. I think the trade agreements are a disaster.
Goldman Sachs was fundamentally responsible for the crash of 2008, but by that time its former Chairman and Chief Executive Officer, Henry 'Hank' Paulson, had been installed as US Treasury Secretary to begin the bank bail out policy, with enormous benefit to Goldman Sachs, in the closing weeks of the Bush administration. Goldman Sachs was also instrumental in the collapse of the economy in Greece that started the 'euro panic' that later engulfed Ireland.
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