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It's better to have the taxpayer pay for the losses than have the United States of America become an economic wasteland. If the financial system collapses, it's really, really hard to put it back together again.
Computer hacking really results in financial losses and hassles. The objectives of terrorist groups are more serious. That is not to say that cyber groups can't access a telephone switch in Manhattan on a day like 9/11, shut it down, and therefore cause more casualties.
To be sure, the provision of liquidity alone can by no means solve the problems of credit risk and credit losses; but it can reduce liquidity premiums, help restore the confidence of investors, and thus promote stability.
I think that some of the best runs that I've been on as a coach have come as the result of a tough loss or a string of tough losses that galvanized us and made us figure out who we were. Then we were able to take off. You have to use them as learning experiences and move forward.
I think one of the major results of the psychology of decision making is that people's attitudes and feelings about losses and gains are really not symmetric. So we really feel more pain when we lose $10,000 than we feel pleasure when we get $10,000.
In September 2008, the two largest housing mortgage companies called Fannie Mae and Freddie Mac, which were government-sponsored enterprises, which hold hundreds of billions of dollars of mortgages, because of the losses they took on the mortgages, they essentially became insolvent, and the government had to take them over.
If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. It's the worst possible thing you can do, because people are so sensitive to short-term losses. If you count your money every day, you'll be miserable.