Peter St. Onge

And W basically said he was not gonna bail them out.

He was gonna let them fail.

And by that point, we'd had about 15 years of the Fed put, of the Greenspan regime, where anything bad happened, the Fed cleared it out.

So what had happened is that Wall Street became enormously grotesquely overleveraged, right?

They were the gamblers who knew that everything was going to be covered.

And then W put that into doubt.

And they said, holy crap, you mean we actually, like, if we lose money, it's actually our money?

You've got to be kidding.

And then for those who don't remember, I teach MBA and it was always shocking teaching 18 year olds because I'd be like, you know, back in the 2008 crisis, as if everybody remembered it.

So for those who who weren't around for the 2008 crisis, they ended up reversing course because, you know, all the Wall Street lobbyists lined in and said it's going to be the next Great Depression.

What they should have done is not bailed them out.

Let all of the banks on Wall Street go bust.

And then Warren Buffett would have bought them up for a song at a bankruptcy.

The shareholders were wiped out.

The banks would have still existed, but they would have had new management.

I think there was one bank that that was clean, which was BB&T Bank.

He used to send boxes full of Atlas shrugged out the schools.

OK, so he was he was a good guy.

Yeah, no, he was solid.

Unfortunately, BB&T got bought up.