The difference is that the banks are actually necessary for the economy to function. And mitigations were put in place to limit that exposure in the future. Mitigations that have been stripped back again in recent years because of billionaire lobbying.
None of the AI companies are necessary for the economy. And the big players that stepped into the quagmire aren’t over leveraged enough to actually be in danger. Only the AI-only companies are in danger. The mega corps like Meta, Microsoft, Google, etc. would be hurt but would survive just fine.
They’re going to try to frame it as a national defense issue; like automotive companies are. My guess is they’d bail out SpaceX/xAI in exchange for personal enrichment if needed.
It’s actually the wealthy that would suffer if it goes tits up, and if things are actually changed to put the nation on a path to recovery. Think about Europe post ww2 and how fucked their infrastructure and economies were and what it took to rebuild within 3 generations to the point they were actually thriving comparatively. That took coming together and reinvesting in society, nations building. The wealthy don’t want to do that. But that’s what it would take to recover and restart the economy, because there is no flow to the bottom 98% anymore. The wealthy would have to willingly reboot it by going back to putting their fair share back into circulation and earmark it for rebuilding.
It was Bush’s policies that created the mess, but (😱) it was Obama who allowed i) the bailouts the happen, ii) the actions to go unpunished, and iii) the system to continue.
I also thought the Obama bailouts were largely if not completely repaid with interest, albeit with interest rates that were close to zero at the time.
Also Dodd-Frank was a good law and gave us the Consumer Financial Protection Bureau. Which until Trump and Doge killed it, was actually putting a small dent in financial crimes and credit card predators.
I don’t know the total amount repaid. AI suggested all but $15B, out of $426B paid out from the treasury. Also other guy said Clinton signed glass-steagall, minor note: he repealed* it.
Obama was far better than Trump and Bush, but I think he dropped the ball on that one, and on Russia’s annexation of Crimea. He was in a strong position to empower the people, but he kinda left the door open for authoritarianism.
Was it the best decision to continue Bush era policy, hang millions of families out to dry, deny accountability, and allow neoliberals to pursue their mythical infinite growth? Just… bygones?
I agree that the ballots should have focused on fixing the inequality and should have fucked the billionaires who caused these problems.
Ukraine was trickier at that time though. They were still uncertain who was going to run Ukraine. Poroshenko was a bit questionable but at least started to defend Ukraine, but had serious problems with corruption too if I recall. Zelenskyy wasn’t in power yet and propping up the wrong guy was risky.
The problem is that the Obama team never seemed to think Trump had a chance and figured Clinton would be able to work on all the problems it was in the middle of. That was the biggest mistake of his presidency IMO. that and allowing McConnell to steal the Supreme Court
The only things Russia exports more than oil products are propaganda and corruption.
Many formerly Russian-occupied countries spent a few generations under a system that’s run as a mafia rather than a government. Estonia is a great example of resisting that culture and rebuilding quickly after re-independence. Ukraine is also culturally distinct from Russia, but Russia entrenched itself much deeper in Ukraine, because i) the land is richer, ii) the population is larger, and iii) Kyiv is ‘their’ place of origin.
It was much harder for Ukraine to sever the ties. Estonia had the non-violent singing revolution, while Ukraine had the bloody Euromaidan, which resulted directly in the 2014 invasion. Corruption is still an issue (and not unique to Ukraine), but at least their government listens to their people now.
Ugh, McConnell… (shakes fist gerontocratically)… I need a drink 🥃
You stated 2008, Obama wasn’t sworn in until January of 2009. I’m right, you just need to ask better questions. Also I expected this type of response since it seems like a bothsides was being setup. But please, do elaborate with the dates confused.
They seemed to learn their lesson and changed the strategy in 2020. We saw much faster recovery when we bailed out the people than when we bailed out the businesses.
Who was in charge ehen banks came begging for money in 2008?
The difference is that the banks are actually necessary for the economy to function. And mitigations were put in place to limit that exposure in the future. Mitigations that have been stripped back again in recent years because of billionaire lobbying.
None of the AI companies are necessary for the economy. And the big players that stepped into the quagmire aren’t over leveraged enough to actually be in danger. Only the AI-only companies are in danger. The mega corps like Meta, Microsoft, Google, etc. would be hurt but would survive just fine.
They’re going to try to frame it as a national defense issue; like automotive companies are. My guess is they’d bail out SpaceX/xAI in exchange for personal enrichment if needed.
It’s actually the wealthy that would suffer if it goes tits up, and if things are actually changed to put the nation on a path to recovery. Think about Europe post ww2 and how fucked their infrastructure and economies were and what it took to rebuild within 3 generations to the point they were actually thriving comparatively. That took coming together and reinvesting in society, nations building. The wealthy don’t want to do that. But that’s what it would take to recover and restart the economy, because there is no flow to the bottom 98% anymore. The wealthy would have to willingly reboot it by going back to putting their fair share back into circulation and earmark it for rebuilding.
And the real difference is also that all of those bailouts were fully paid back with interest.
Bush?
Guess again.
It was Bush’s policies that created the mess, but (😱) it was Obama who allowed i) the bailouts the happen, ii) the actions to go unpunished, and iii) the system to continue.
https://youtu.be/wb9qikdg3M0&t=14m20s (FD Signifier)
I thought Bush signed the TARP law to give bailouts and Obama signed Dodd Frank that cut the amount of the bailout.
I also thought the Obama bailouts were largely if not completely repaid with interest, albeit with interest rates that were close to zero at the time.
Also Dodd-Frank was a good law and gave us the Consumer Financial Protection Bureau. Which until Trump and Doge killed it, was actually putting a small dent in financial crimes and credit card predators.
I don’t know the total amount repaid. AI suggested all but $15B, out of $426B paid out from the treasury. Also other guy said Clinton signed glass-steagall, minor note: he repealed* it.
Obama was far better than Trump and Bush, but I think he dropped the ball on that one, and on Russia’s annexation of Crimea. He was in a strong position to empower the people, but he kinda left the door open for authoritarianism.
Was it the best decision to continue Bush era policy, hang millions of families out to dry, deny accountability, and allow neoliberals to pursue their mythical infinite growth? Just… bygones?
I agree that the ballots should have focused on fixing the inequality and should have fucked the billionaires who caused these problems.
Ukraine was trickier at that time though. They were still uncertain who was going to run Ukraine. Poroshenko was a bit questionable but at least started to defend Ukraine, but had serious problems with corruption too if I recall. Zelenskyy wasn’t in power yet and propping up the wrong guy was risky.
The problem is that the Obama team never seemed to think Trump had a chance and figured Clinton would be able to work on all the problems it was in the middle of. That was the biggest mistake of his presidency IMO. that and allowing McConnell to steal the Supreme Court
The only things Russia exports more than oil products are propaganda and corruption.
Many formerly Russian-occupied countries spent a few generations under a system that’s run as a mafia rather than a government. Estonia is a great example of resisting that culture and rebuilding quickly after re-independence. Ukraine is also culturally distinct from Russia, but Russia entrenched itself much deeper in Ukraine, because i) the land is richer, ii) the population is larger, and iii) Kyiv is ‘their’ place of origin.
It was much harder for Ukraine to sever the ties. Estonia had the non-violent singing revolution, while Ukraine had the bloody Euromaidan, which resulted directly in the 2014 invasion. Corruption is still an issue (and not unique to Ukraine), but at least their government listens to their people now.
Ugh, McConnell… (shakes fist gerontocratically)… I need a drink 🥃
glass steagal passed under clinton
You stated 2008, Obama wasn’t sworn in until January of 2009. I’m right, you just need to ask better questions. Also I expected this type of response since it seems like a bothsides was being setup. But please, do elaborate with the dates confused.
They seemed to learn their lesson and changed the strategy in 2020. We saw much faster recovery when we bailed out the people than when we bailed out the businesses.
Also republicans
For better or worse, big banks are and were the backbone of the economy. AI is not and I think agree should not be.