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| Re: JP Morgan Chase Execs Vaporize $2B (941430) | |||
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Re: JP Morgan Chase Execs Vaporize $2B |
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Posted by shiznit1987 on Mon May 14 17:11:29 2012, in response to Re: JP Morgan Chase Execs Vaporize $2B, posted by Chris R16/R2730 on Mon May 14 12:53:38 2012. The problem with the libertarian view on this is the very security and existance of the United States would be threatend. Tens of millions would lose jobs, local govenments would default and the Federal Government would be under tremendous pressure just to maintain basic services and military security. No money means no defense spending, BTW.Average people look at these numbers and think it's all a game. It isn't. A major systemic crisis in one of the big boys would trigger a dominio that would stop financial transactions cold. Credit markets cease to exist and the very core mechanics of Capitalism would be in serious danger. Zero regulation worked back in the robber baron days because when one bank blew up 10 more sprouted up the next day. We no longer have that kind of liquidity. Sure, you could argue that in time newer banks will form, but creative destruction takes time and it would only take days for the financial markets to totally freeze like a 1984 Apple PC. |
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