Thursday, June 13, 2019

if this (the bailouts) is going to become a political issue again, i'm going to pick back up where i left off ten years ago and fight against the demagoguery and ignorance on social media and amongst the political class in ensuring that people actually know what the facts are, and are not misled by populists inside and outside of the media.

1) the so-called bailouts were actually loans and they have been paid back. if your concern is about "taxpayer's dollars" (an ill-defined concept, at best), you should realize that the state turned a profit on the process - the bailouts were profitable for taxpayers.
https://projects.propublica.org/bailout/

2) the one exception is the auto-industry, which did not pay back the loans. that is where your fiscally conservative arguments should be directed at, although i would have argued for full nationalization; for the auto industry, i don't think the bailouts went far enough.

3) the consequences of pushing for a social darwinist approach to market failure need to be understood. i don't support free markets. at all. we need to support industry with government, and we need to use government as a tool to decide which industry we should be supporting.

4) the consequences of letting banks fail for the account holders needs to be understood. we're talking about defaults, bankruptcies, foreclosures...

again: i would support structural measures to make the situation less likely to occur again. but, i do not support further dismantling the safety net, which exists for good reason.

we mostly got away with this in canada. we had bank solvency issues, we had bad mortgages, etc - but it didn't take the system down. and, the reason is that we didn't dismantle the system of socialism that we built up after the depression, and we were consequently able to absorb it.

this is an issue where bernie has often sounded like an ignorant moron, and i would offer him the opportunity to correct some of his past positions on the topic, which were beyond being wrong and into the realm of demonstrating a poor understanding of the actual issues. on that level, i'd like to hear him extrapolate - and give him the opportunity to take his foot out of his mouth.