Words Of Wisdom said:
| CrazyHorse said:
Really? I don't claim to be an economics expert but I would argue that governemnt hasn't been involved enough over the last few decades. Unregulated banks have been able to gamble with our money in the pursuit of continued high profits resulting in the issue of loans to people who were clearly unable to pay back their debt. This created vast amounts of toxic loans which the taxpayers (in the UK at least) have now had to buy off them. If stricter regulations were in place then maybe we wouldn't be having this debate now. I'm all for a largely free market but I do feel that certain laws should be in place to prevent unregulated greed and risk taking (especially as it us who pays the price). Without any regulations I fear boom and bust economics will forever be associated with capitalism.
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If you don't like how a bank operates, take your money to a different one.
Perhaps the problem here is not what the banks are doing, but the average person's knowledge of what they're doing.
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My money is in one of the few banks who haven't been mentioned at all in this whole crisis. How would you propose to inform the general population of what every bank is doing? Wouldn't revealing their business stratergies and investment plans undermine a free market more than putting in a few regulations to ensure that excessive risk taking is avoided?
