Subject:
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Re: Libitarian guff (Was: Re: Art Debate Was: [Re: Swearing?])
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Wed, 12 Jan 2000 22:06:44 GMT
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Viewed:
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2197 times
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In lugnet.off-topic.debate, Lindsay Frederick Braun writes:
> Fostered by government? If so, only fostered by the government's complicity • with
> the banking/savings and loan industry--the latter especially needs supervision
> from outside the private sector (S&L scandals, anyone?).
Wait, are you saying that the S&L problem wasn't directly caused and directly
made worse by Government? Let's review, the FSLIC is a GOVERNMENT agency that
charges each and every S&L the SAME premium no matter what the risk profile of
their loan portfolio is. Talk about getting what you measure for! You're going
to get everyone taking the most silly risks imaginable because all that matters
is return, the FSLIC shields you from consequences.
Further, the state regulators and federal regulators in this area who
supposedly were looking out for taxpayer interests were heavily leaned on to
look askance at the dealings of certain particularly egregiously rapacious
fraudsters, because those fraudsters gave some hefty contributions to whoever
happened to be in power. cf. the Keating 5, cf. the good friend of bubba
sitting on the Arkansas S&L board, etc., etc., etc.,...
And you somehow think that a private insurance company, operating for profit,
and responsible to stockholders not to allow huge avoidable losses is going to
do a worse job of enforcing some risk management on its policy holders, the
banks?
I just want to be sure I understand you here... Tell me again how the S&L
scandal is anything other than a looting of taxpayers by crooked politicians
and their crooked banking cronies? Bad money inevitably chases out good...
++Lar
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