Right. But then we had a really bad recession made worse by really bad financial management of Banks, and all of a sudden there much less money available through taxes too as businesses have gone belly-up. What does one do then?
Completely agreed. The big lie of course was that it would save the country. It only saved the banks and the Government.Don't spend money on rescuing them, for a start!
Yup. It actually made little economic sense, too. First, it was based on the misconception that the super-rich actually help the economy and it also ignored the entire concept of stationary wealth. If anything, he should have redistributed wealth downward to the people who would spend it, not upward.
And we all know that now it's taken the excuse for extreme state capitalism, the Government will also claim the credit when the economy recovers.
Right. Would have been great if they could have allowed the Banks to fail as they should have, and employed all that cash in creating small bank cooperatives that serve the communities directly.
And that's why it didn't happen. Never mind that it was redistributed, can't have that evil socialism which isn't even socialism!