2008-09-21, 17:58 | Link #61 | |
Gregory House
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See China today and you'll see that free-market capitalist policies are alive and well even in today's world. The US in particular likes to pound itself in the chest when it comes to defending the freedom of the market. That, however, doesn't seem to stop them from intervening in the market when things get ugly. By the way, Bush's "one dollar, one dollar" speech was quite funny since something very similar was said by Argentine president Duhalde in 2002 with the huge crash of the neoliberalist policies taken during the 90s. (And also, Argentina was taken as a prime example as to why and how neoliberalist policies can crash and burn so awfully--one just has to wonder why the US government hasn't paid attention to that).
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2008-09-21, 20:52 | Link #62 | |
9wiki
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It's a pity I can't pos-rep WanderingKnight's post. It deserves it.
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2008-09-21, 22:23 | Link #63 |
Senior Member
Join Date: Jun 2008
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Many countries benefited from it because they seek to escape the stagflation era of the '70s. Yours might be an isolated case. Of course, Neoliberalist policies can crash and burn if it's not well implemenmted, or if policies have many loopholes.
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2008-09-21, 22:30 | Link #64 | |
Gregory House
IT Support
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2008-09-22, 01:24 | Link #65 |
Kuu-chan is hungry
Join Date: Apr 2007
Location: Raleigh, NC
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http://news.yahoo.com/s/ap/bank_change
The last 2 giant investment banks, Goldman Sachs and Morgan Stanley, are now classified as bank holding companies. This means they can create commercial banks and are under regulation from the Federal Reserve. |
2008-09-22, 13:54 | Link #67 | |
Senior Member
Join Date: Dec 2005
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Originally when I heard about this government bailout, it looked like they were panicking, and doing what they could to prevent some sort of massive stock market crash. At the time, it smelled pretty fishy since it didn't seem to address any of the main problems, and because a crash was (and still is) all but inevitable. All it would seem to accomplish would be to delay the crash and cause it to be more severe than if no action had been taken. It depended on at what value the government was going to buy up the debts for. If it was little more than nothing (what they're really worth), then it wouldn't be such a horrible deal, but if it was anywhere near their face value, then the taxpayers were going to get hosed.
As we get more information, my feelings on the matter have changed, and I see it more and more like nothing short of kleptocracy in action. It seems to be nothing other than an unlimited amount of funds given over to the Treasury for little apreciable gain (other than delaying the crash for a period of time). In effect, it's: Quote:
Moreover, while the Federal Reserve's recent (from Greenspan on) policies have been a bad idea, moving away from the gold standard was an inevitablity. Instead of being some sort of universal panacea, a gold standard serves to artificially constrict the economy and prevent a lot of the reaction to events that the Federal Reserve is capable of.
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2008-09-22, 14:55 | Link #68 |
Bittersweet Distractor
Join Date: Nov 2007
Age: 32
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Personally I'd like to throw the CEO's of Merrill Lynch, Fannie May and Freddie Mac, Lehman Brothers, and AIG all in jail for being crooks and idiots. Also, these guys do not deserve to walk out of their jobs with like ten million dollars. "Sorry we fired you for screwing up badly and sending our economy further into a downward spiral, so here's ten million?" This is disgusting.
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2008-09-22, 15:28 | Link #69 |
Obey the Darkly Cute ...
Author
Join Date: Dec 2005
Location: On the whole, I'd rather be in Kyoto ...
Age: 66
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This is beginning to look like The Last Great Looting Of The Treasury by the administration before they leave.....
yeah, yeah, rush that through, don't read the fine print - everything was fine til last week. And the Dem leadership will be too spooked and scared to say, "hey wait a minute..." and ignore the alarms from their own ranks.
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2008-09-22, 15:32 | Link #70 | |
Not Enough Sleep
Join Date: Nov 2003
Location: R'lyeh
Age: 48
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2008-09-22, 17:54 | Link #71 |
Manifesto
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Again, aren't these the same conditions that led to the Great Depression? Speculative buying, buying on credit, banks collapsing.
If you ask me, it was all engineered by the global illuminati to gain further control over the world's banking system. Too many banks spoil it for them, so they're trying to bottleneck the competition. |
2008-09-22, 19:41 | Link #72 | ||
(ノಠ益ಠ)ノ彡┻━┻
Moderator
Join Date: Mar 2006
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Since I can't figure out how to link to the specific videos, I'll just link the page: http://60minutes.yahoo.com/segment/193/obama_mccain Watch the clips of McCain and Obama on the Economic Crisis. I'll be honest, McCain earns points for saying "we screwed up". Edit: Adding this gem: Quote:
It's Monday. The economic plan was outlined Friday. Did investors expect the government to snap their fingers and fix everything over the weekend?
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2008-09-22, 19:45 | Link #73 |
Not Enough Sleep
Join Date: Nov 2003
Location: R'lyeh
Age: 48
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So the foreign companies want the US to buy thier worthless securities but their country is not willing to chip in to help out.
http://www.nytimes.com/2008/09/23/bu...l?ref=business i say if your government isn't willing to chip in then no bail out.
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2008-09-22, 21:50 | Link #74 | |
Obey the Darkly Cute ...
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Join Date: Dec 2005
Location: On the whole, I'd rather be in Kyoto ...
Age: 66
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Everyone take notes on which congressmen leap in to "protect the CEOs from these 'dealbreaking' ideas" like taking responsibility for their actions.
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2008-09-22, 21:57 | Link #75 | ||
Senior Member
Join Date: Dec 2005
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It's actually a bit more complicated than that. If anything, the government probably should have been taking more of a wait-and-see attitude than this wild flailing about. So far, there have already been huge amounts of oftentimes weird regulations placed on the market, and there's so much flux in the rules that massive swings are inevitable. It's awfully hard to figure what's up when the rules that were in play at the opening bell have been thrown out the window by the closing bell. Well... that and investors are dumb.
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2008-09-23, 01:16 | Link #76 | |
It's bacon!
Join Date: Nov 2003
Location: Up and to the Left
Age: 43
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2008-09-23, 09:04 | Link #77 | |
Senior Member
Join Date: Dec 2005
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If Nouriel Roubini is right, inflation isn't going to be a significant problem for the foreseeable future, and he's been on the money so far.
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2008-09-23, 14:43 | Link #78 |
Obey the Darkly Cute ...
Author
Join Date: Dec 2005
Location: On the whole, I'd rather be in Kyoto ...
Age: 66
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To some extent... its kind of interesting watching a pack of testicle-waving "tough wall street bulls" so rapidly dissolve into screaming little girl squids because "mommy" might be telling them to play nicer.
Cheering my Oregon congresspeople on for saying "hey wait a minute!" (both the Dem and Repubs). Actually, I'm cheering on all the Repubs in the Senate and House saying "hey wait a minute" when they're reading the fine print. First clear indication that the fascist lock-step might be shearing a bit.
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economy |
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