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Socialism for the rich, capitalism for the poor.
(lemmy.world)
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this post was submitted on 04 Sep 2023
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Antiwork
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A community for those who want to end work, are curious about ending work, want to get the most out of a work-free life, want more information on anti-work ideas and want personal help with their own jobs/work-related struggles.
The new place for c/antiwork@lemmy.fmhy.ml
This server is no longer working, and we had to move.
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Date Created: June 21, 2023
Library copied from reddit:
The Anti-Work Library 📚
Essential Reads
Start here! These are probably the most talked-about essays on the topic.
- The Abolition of Work by Bob Black (1985) | listen
- On the Phenomenon of Bullshit Jobs by David Graeber (2013) | listen
- In Praise of Idleness by Bertrand Russell (1932) | listen
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I never got the "economy would of been devastated if the banks weren't bailed out" argument made during the recession. The economy was in shambles anyway!
The government could have bought out the failed banks and nationalized them.
we don't have national federally owned banks available to the public, or at least any that I'm aware of.
So your idea is just pray for some rich people to buy the assets and not let the bank's customers without all their money?
What if this pray for the rich saviors is not answered? Any plan b? Maybe make this buying a law?
In most western countries the Govt only guarantees up to a certain amount per depositor (in US it is $250k).
The ballad of Silicon Valley Bank is a good example of why the Govts needed to bail out their banks during GFC. Without the govt backing those banks there would have seen huge runs, and in no time at all the imaginary money banks operate on would have disappeared, meaning companies can't pay workers, people can't buy groceries etc.
Note, I am not defending the heinous behaviour of finance execs leading up to, during and post GFC - for them I'd bring back the guillotine. But rather explaining that bailouts are needed sometimes to ensure the economy keeps 'flowing'. Post GFC has seen a lot of countries bring in tighter regulations for banks with regards to how much cash on hand they must have, how much in investments/bonds and how much exposure to loans they are allowed. Unfortunately I'm not sure if US took the opportunity to propose and enforce new regulations as many other nations did.
Nobody ever argued that the banks would of been devastated
They argued that the banks would have been devastated
Don't know why you're getting downvoted, you're correct!