Does Wall Street Need to Be Able to Fail?

[JS80]

Originally posted by: ElFenix

Originally posted by: JS80
I think threatening jail time and fines equal to compensation received for allowing your firm to go bk would suffice that.

then no one would ever take a worthwhile chance. you'd still have bankruptcies, too.

Sorry, I meant only for financial institutions like bank and i-banks. There is NO reason why those banks should ever go bust, even with some bad luck.

 

[Dufusyte]

The main problem is the lack of virtue in people today.

If you have avaricious businessmen, corrupted officials, and lazy populace, the result is disaster, whether the rules are Capitalist, Socialist, or any other set of rules.

Meanwhile, if you have businessmen who strive sincerely for the common good of man, and officials who look out for the best interests of the populace, and citizenry who is informed and diligent about holding their elected officials responsible, then the result will be a very healthy society, be it Socialist, Capitalist, or any other form of society. You could have a happy monarchy or feudalist society for that matter, as long as the people involved are beneficent.

We don't need new rules, or different rules. We need better people ruling and being ruled.

Lack of virtue = unhealthy society. Virtue = healthy society.