(September 24, 2011 at 2:23 am)Minimalist Wrote: When the banks were failing they came running to the government with their fucking hands out pretty fast.
As someone noted: "profits are private - losses are socialized."
I think you can't deny that the losses would be socialized regardless of whether the banks are bailed out. If the banks collapsed, the whole financial system would have collapsed, and the productivity of the economy would decline by a large margin, and the loss of wealth will be absorbed by the society across the board.
It's not like if your tax money didn't go to bail out the banks, your future earning potential would not have declined by at least that much Due to the consequences of the failure of the banks on the entire economy.
That the profits may be excessively privatized I agree. But it's the nature of vital economic institutions that their losses are inevitably socialized.
