MaduroBU wrote: ↑Mon Apr 26, 2021 1:15 am I don't mind shady actors being shady....there isn't really a way to prevent it. What I cannot stand is the government stepping in to put us on the hook for their losses when the tide goes out. Clinton, Bush 2, Obama, Trump: their policies were indistinguishable. Put the taxpayer on the hook for stupid decisions made by the insanely rich and then pretend like they're doing us a favor.
When Bush and Obama told us that they had to bail GM out, who stood to lose? Bankruptcy courts weren't going to firebomb GM's assembly plants and murder their employees. But the Unions were going to lose their sweetheart pension plans and the bond holders were going to get annihilated. Puerto Rican bonds: same deal. People lent Puerto Rico a ton of money for the tax incentives, ignoring the fact that the Puerto Rican government has the financial acumen of a developmentally delayed 12 year old boy on 3 day cocaine binge. They deserved to get wiped out like all of the fools who loan money to idiots. But....they were rich, so McKinsey got PAID to divvy up Puerto Rican assets to save the ROI for greedy idiots. Maiden Lane I-III (e.g. giant payouts from the NY Fed to AIG, which then sent the money directly to Goldman). Would I not be whole as an American citizen if I didn't have the option of getting paid a negative real yield on Marcus branded Goldman CDs? Apparently not, because Obama called upon us to send them our money to keep them in the business of making America Great.....or something. Do you think that Ted Cruz is standing up to Goldman Sachs, where his wife is a managing director? I voted for the guy and gave money to his campaign, but I don't delude myself into thinking that he is somehow the solution to the problem or that he cares about my interests at all.
And with the country’s largest congressional delegation, California is going to eventually hose the rest of us over their debt too. I've been predicting for years now that they’ll eventually threaten to derail any and all congressional business unless and until they can force the fedgov’t (i.e. the taxpayers) to buckle under and bail them out and pay off California’s debts.