| >"No surprise, financiers ripping us is nothing new either." Is this what you really think about finance? If I were to weigh the good and the bad that finance has done for the human species, I have little doubt to which side the scale would tilt. Finance is an essential part of an advanced economy, and advanced economies are much more fun to live in than the other kind. Populism is driven by basic, tribal emotions and explanations that appeal to the lowest common denominator. Humans fear that which is complex and hard to understand. They are envious creatures with a poor natural grasp of economics. They reason that if the goldsmith is getting richer, why, then I must be getting poorer! Populism hasn't really progressed since the days of goldsmith banking. That's not what it is built to do. I don't think populism is the wisest way to modify the banking system, but sadly we have decided that voting is the best method to make such decisions. Since populism is simple and appeals to the gut instinct, it wins out in votes. So populism is what we get. > "Because we failed to get it right once doesn't mean we should stop trying" The first failure caused immense human suffering. What we have now needs some tinkering, but it is immensely better. It would be foolish to make large, rash actions to experiment recklessly when the costs are so high. Speaking of which: >"or we nationalize the banking industry like others have done and admit that the only thing that's really to big to fail is the government." I can think of three nations off the top of my head that nationalized banks. One was temporary (Sweden). The other two had immense problems with bad debt in good times (Japan and China, if I recall correctly). It turns out that the profit motive does help banks make good loans. > "But our current system has clearly failed, something needs to be done, time for another experiment." Our system has produced the most prosperous society in the history of the world. It did a bad job reacting to a novel circumstance. It needs to be patched, not scrapped. >"Talking about possible solutions on a website is pausing, it's not like we're implementing policy here or anything. It's just an interesting things to speculate about." There are a few places where temperate, informed discussion of these issues take place. None of them has little voting arrows to click on next to the content, nor do they exchange information in short soundbites. |
All of finance, of course not, I was talking about the bad ones, the criminals.
> What we have now needs some tinkering, but it is immensely better.
You'll note, I was discussing tinkering. When I say our system has failed, I don't mean throw out the whole system and start over. I was specifically talking about tinkering with how large we allow the banks to get. Me thinks you're over reacting a bit and assuming I'm wanting to completely change the current system.