COMMENT - What else would you expect from the .001%?
Wednesday, 14 May 2014 07:23 AM
By Dan Weil
While the financial sector bailout of 2008 and 2009 may have benefited
some undeserving bankers, it was necessary to ensure the economy didn't
fall into a depression, says former Treasury Secretary Tim Geithner.
"What one has to do in a panic is the opposite of what seems fair and just," he writes in The Wall Street Journal.
"In a financial crisis, the natural instinct is to let creditors suffer
losses, let firms fail, and protect taxpayers from any risk of loss. But
in a financial panic, a strategy based on those instincts will lead to
depression-level unemployment."
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