Good-bye, Capitalism?

[Jeff]

Dear friends, I've missed you all!! School and work have consumed my life..

Although I didn't read all 7 pages of posts here, I did want to weigh in on this discussion.

It is very nice to see what I've been saying to my fellow Americans for some time come true...And that is that a free market not only does not exist, but an attempt at one will ultimately lead to trouble. Also that a form of trickle down economics never really trickles down...

As far as the "bailout," I am for it, because I think it is absolutely necessary for the Government to step in as quickly as possible. That being said, I hope the rapid drafting of this won't lead to any major issues, but here I am unusually optimistic.. I think this bailout ultimately will be a good thing, and hopefully this nation will go under some serious economic reform... (Well, at least if we elect Barack Obama... I can't say much will happen if ol' Johnny gets put in office..)

[Philidor]

Good to see you Jeff!

Originally Posted by Jeff

Also that a form of trickle down economics never really trickles down...

The taxpayers of Britain and America have just experienced a vigorous form of trickle up economics...

@ Haydnguy. I've no problem with a global economic policy being applied, partly because once a formal system's mooted the question of democratic oversight arises. I love the idea of us going to the polls at the same time to elect the board of the World Bank.

But I think Flo's right to draw a distinction between the US and UK rescue plans: Brown found a way for the British state to underwrite loans between banks with the aim of pump-priming inter-bank lending. The US package failed to address that, with the result that US banks are still too terrified to lend to each other. We'll see over the next few days whether Brown did enough and British credit starts flowing again. If it does then pressure in the US for a similar 'bank credit insurance scheme' will become intense.

[haydnguy]

Originally Posted by Jeff

I think this bailout ultimately will be a good thing, and hopefully this nation will go under some serious economic reform... (Well, at least if we elect Barack Obama... I can't say much will happen if ol' Johnny gets put in office..)

I heard a quote awhile ago, "Remember when all we had to worry about was sex in the Oval Office?"...

[Florestan]

Originally Posted by Jeff

Also that a form of trickle down economics never really trickles down...

A good friend of mine calls it 'trickle down selfishness'.

Great to see you back. We have missed you too.

[Florestan]

Originally Posted by Philidor

the average American doesn’t really understand capitalism

Neither do I! But I can see the deleterious effect it has on the lives of ordinary people on a global scale. By ordinary people I mean that we can't all be thrusting entepreneuers, making millions out of misleading or exploiting others. Someone has to do the damn donkey work. For there to be an exploiter there has to be an exploited, whether that is people in the US on sub-poverty wages or workers in Far East sweatshops whose pay and conditions make an American burger-flipper look like a lord.

[haydnguy]

Originally Posted by Florestan

Neither do I! But I can see the deleterious effect it has on the lives of ordinary people on a global scale. By ordinary people I mean that we can't all be thrusting entepreneuers, making millions out of misleading or exploiting others. Someone has to do the damn donkey work. For there to be an exploiter there has to be an exploited, whether that is people in the US on sub-poverty wages or workers in Far East sweatshops whose pay and conditions make an American burger-flipper look like a lord.

I think that's the nasty little "secret" of it all.

[haydnguy]

NEW YORK (Reuters) – The credit crisis has shattered U.S. consumers' faith in financial institutions, including a stunning loss of confidence in the Federal Reserve, and that is likely to trigger the biggest drop in consumer spending in more than three decades and a deep recession, according to a survey released on Friday.

http://news.yahoo.com/s/nm/20081010/...neaIG8nfJZ.3QA

[haydnguy]

Now MSNBC is asking that question!!!

WASHINGTON - The worst financial crisis since the Great Depression is claiming another casualty: American-style capitalism.

Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.


http://www.msnbc.msn.com/id/27112481/

[Jeff]

Originally Posted by haydnguy

Now MSNBC is asking that question!!!

WASHINGTON - The worst financial crisis since the Great Depression is claiming another casualty: American-style capitalism.

Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.


http://www.msnbc.msn.com/id/27112481/

Down with American capitalism!!

[Philidor]