I want to address your statement because of how wrong it is. Were it not for government intervention on the behalf of banks and credit unions after the 2008 crisis, there would not have been money ...

1. The Domino Defect: Five Years After Crisis, Banks No
Better Off - The collapse of Lehman Brothers shook
the global financial system to its core five years ago.
Nevertheless, lawmakers continue to shy away from
making the necessary reforms.
I want to address your statement because of how wrong it is. Were it not for government
intervention on the behalf of banks and credit unions after the 2008 crisis, there would not have
been money ...
I want to address your statement because of how wrong it is. Were it not for
government intervention
on the behalf of banks
and
credit unions after the 2008 crisis, there would not have been money backing transactions made by
checking accounts due to the insolvency of banks and credit unions, whose cash was tied up in mortgage
backed securities which suddenly became practically worthless. Do you know what that means (when
there isn't money for checking account transactions to take place)? People realize that while they are
supposed to have money in their account, their card doesn't work. So, they worry about the security of
their money and go to the bank to withdraw their money.
Everyone at every bank effected by this problem would have done the same thing
. Banks do not keep enough cash on hand to pay out
everyone's
accounts at once. So, people would have been told they couldn't get their money. All of them. All the
people at each affected institution. This included massive credit unions -- it wasn't just Bank of America:
http://en.wikipedia.org/wiki/U.S._Central_Credit_Union
http://en.wikipedia.org/wiki/Western_Bridge_Corporate_Federal_Credit_Union You know what happens
next when that happens? A fucking panic. Riots. Perhaps you are unfamiliar with exactly what it means
that the banks and credit unions were bailed out after 2008. This is what it means--that we did not
experience a fucking collapse of the social order and plunge into a new Great Depression. Instead, we got
a dramatically-better-than-that-but-still-awful Great Recession. That's the difference between no
government regulation and regulation. You aren't in the streets, trying to kill squirrels to survive.

2. THANKS, GOVERNMENT. You know what happens when banks collapse? The rich bankers who profited
from it walk away. You know who can't because they're crushed by the loss of their assets?
The people.
This is why I fucking hate Libertarian rhetoric -- it can convince people that a reality whereby they would
be completely fucked is actually some sort of ideal. Get an education instead of a bunch of ideological
grandstanding -- it'll do more for you in the long run. Pick up The Grapes of Wrath, read it, and thank
your government that you're not sucking breast milk to stave off death.
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