I think you're making weak excuses for the fed and US government.
This isn't like telling a child their god ugly painting is 'nice' to avoid hurting someone's feelings and build positive reinforcement. Numerous individuals lost their jobs, their homes and their livelihoods over this. Its way past the point where its feasible to say: ok, US government, federal reserve, you guys seriously screwed up. But, its 'ok' im sure you learned your lesson, and it'll never happen, again.
Bottom line, both banks and financial markets were sufficiently regulated to have prevented every aspect of this recession. It was failure on the part of the us government and the federal reserve which allowed this to happen.
Like reality hammer pointed out, mixing politics and banking can present a conflict of interest. The federal reserve is supposed to fulfill 2 generalized roles.
1. regulatory agency 2. bank
These two aspects have a strong potential to conflict with one another.
Anyway, nevermind. I'm not going to explain all this to you.
Suffice it to say, nothing you said absolves either the fed or the us government of blame, here.
Credits & Style Info
Talk Politics. A place to discuss politics without egomaniacal mods
![[community profile]](https://www.dreamwidth.org/img/silk/identity/community.png){kind=small}
(no subject)
Date: 27/4/10 02:57 (UTC)This isn't like telling a child their god ugly painting is 'nice' to avoid hurting someone's feelings and build positive reinforcement. Numerous individuals lost their jobs, their homes and their livelihoods over this. Its way past the point where its feasible to say: ok, US government, federal reserve, you guys seriously screwed up. But, its 'ok' im sure you learned your lesson, and it'll never happen, again.
Bottom line, both banks and financial markets were sufficiently regulated to have prevented every aspect of this recession. It was failure on the part of the us government and the federal reserve which allowed this to happen.
Like reality hammer pointed out, mixing politics and banking can present a conflict of interest. The federal reserve is supposed to fulfill 2 generalized roles.
1. regulatory agency
2. bank
These two aspects have a strong potential to conflict with one another.
Anyway, nevermind. I'm not going to explain all this to you.
Suffice it to say, nothing you said absolves either the fed or the us government of blame, here.