Question 4 of 4: Rana Foroohar, Rob Armstrong and Martin Sandbu answer questions from the FT’s Instagram followers: “What’s the most important lesson that we’ve learned from the crisis?”
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Financial crisis explained (4/4): the most important lessons learned
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Financial crisis explained (4/4): the most important lessons learned
financial crisis
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They learned nothing.
While the speakers are honest about the problems they're also a bit too forgiving when it comes to Wall Street.
Wealth and power serves the owner of said gifts, not those subjected to the whims of his desires. You don't beg for mercy from a Caligula, you take to the streets and protest. Why would you even try to reason with mindless servants of mammon? Renounce your opulence first and then we'll talk.
The profit motive is not a good thing. The profit motive when understood as a moral imperative incentives people to nasty stuff like fraud, usury, speculation and shady business practices like microtransactions and loot boxes lin the gaming industry. The profit motive degrades our food and the environment becomes simply an externality of the petroleum industry.
Don't make me laugh.
Expect a bail in. Even FDIC is underfunded to reimburse depositors and taxpayers will not support a bailout. Anything above 100k will be traded for bank stock.
You missed one….. you should have taught the bankers that if they mess up, THEY have to pay the price – NOT the tax payers. Because without teaching them that there will be consequence, they'll just end up doing the same thing again and again – NOT get punished (i.e go to jail, lose their pensions & bonuses) but instead they'll just get a big bail out.