> We don't have to "legislate" the morality but we do have a responsibility for doing _something_.
If the government, or specifically the justice system, is going to be involved in that "_something_" then we need laws that can be enforced by prosecutors and interpreted by judges. If you want that to include actions that is currently legal but which you find morally reprehensible (ex: the actions of these finance executives) then that needs to be codified in law before you can go after them. And that's literally legislating morality.
> "Rule of law" means nothing if one class of people has subverted the law, enforcement and governance to their benefit at the expense of everyone else.
They haven't subverted anything. They've taken advantage of a system that is available to them. Ditto for veterans who get subsidized school or home loans, Tesla drivers who get $7,500 in EV credits, small business owners who get SBA loans, or anyone else that takes a dime from the pool of money we call public spending. You could argue that anyone of those programs is to the benefit of only the receiver and the detriment of the rest of us[1].
And there's already a system in place to change it. Elect politicians that will make the changes you want and understand the positions of the ones that are currently in power.
With all the demonizing of wall street in regards to the 2008 crisis, most fail to go back to the true cause of the crisis, i.e. the repeal of the Glass-Stegall Act[2] via the Gramm-Leach-Bliley Act[3] signed by President Clinton in 1999. It took almost a decade but the entire "too big to fail" concept grew from that repeal.
[1]: I generally don't like qualifying my statements but for clarity, I'm saying you could argue it. I'm not saying that I would necessarily argue against those (well except the EV one which is asinine...).
> With all the demonizing of wall street in regards to the 2008 crisis, most fail to go back to the true cause of the crisis, i.e. the repeal of the Glass-Stegall Act[2] via the Gramm-Leach-Bliley Act[3] signed by President Clinton in 1999. It took almost a decade but the entire "too big to fail" concept grew from that repeal.
As pointed out elsewhere, the repeal of Glass-Stegall was not the problem. Not only do most other countries not even have an equivalent law, but the crisis was triggered when a standalone investment bank failed.
If the government, or specifically the justice system, is going to be involved in that "_something_" then we need laws that can be enforced by prosecutors and interpreted by judges. If you want that to include actions that is currently legal but which you find morally reprehensible (ex: the actions of these finance executives) then that needs to be codified in law before you can go after them. And that's literally legislating morality.
> "Rule of law" means nothing if one class of people has subverted the law, enforcement and governance to their benefit at the expense of everyone else.
They haven't subverted anything. They've taken advantage of a system that is available to them. Ditto for veterans who get subsidized school or home loans, Tesla drivers who get $7,500 in EV credits, small business owners who get SBA loans, or anyone else that takes a dime from the pool of money we call public spending. You could argue that anyone of those programs is to the benefit of only the receiver and the detriment of the rest of us[1].
And there's already a system in place to change it. Elect politicians that will make the changes you want and understand the positions of the ones that are currently in power.
With all the demonizing of wall street in regards to the 2008 crisis, most fail to go back to the true cause of the crisis, i.e. the repeal of the Glass-Stegall Act[2] via the Gramm-Leach-Bliley Act[3] signed by President Clinton in 1999. It took almost a decade but the entire "too big to fail" concept grew from that repeal.
[1]: I generally don't like qualifying my statements but for clarity, I'm saying you could argue it. I'm not saying that I would necessarily argue against those (well except the EV one which is asinine...).
[2]: https://en.wikipedia.org/wiki/Glass_steagall
[3]: https://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bl...