so what was the takeaway for bankers from 2008/2009?
well if they fuck up they will be bailed out and rewarded and if they have gains they get to keep them.... so why wouldn't you do the same things over and over? the government called them TOO BIG TO FAIL and essentially admitted they will always backstop their loses by printing and taxing the rest of the country.
precedent and incentive. that's what ppl use to make decisions.
so what was the takeaway for bankers from 2008/2009?
well if they fuck up they will be bailed out and rewarded and if they have gains they get to keep them.... so why wouldn't you do the same things over and over? the government called them TOO BIG TO FAIL and essentially admitted they will always backstop their loses by printing and taxing the rest of the country.
precedent and incentive. that's what ppl use to make decisions.
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