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It seems you have not heard the 'N' word - nationalise.
The US govt has nationalised AIG and own 80%!
Step in to the real world!
"Some have learnt many Tricks of sly Evasion, Instead of Truth they use Equivocation, And eke it out with mental Reservation, Which is to good Men an Abomination."
I don't have to attend every argument I'm invited to.
Is that anyone's fault but that of the so called freewheeling capitalism that is so touted as the way to go?
Who did it?
Non Americans?
What are you trying to justify?
Sir,
I am trying to say that it is not necessarily the capitalist system at fault, but mismanagement of the same by certain companies, government regulators and private individuals.
Here is another, more detailed document. This is a testimony by a Consumer Group in front of the Senate Committee on Banking and Housing. It shows how financial companies have exploited loopholes within the regulations to fulfill their profit objective
To your question, yes, these were perpetrated by Americans and they are now facing the music for it.
I think it is for the countries and companies around the world to understand how they deal with other countries and companies. The ones which sank their teeth too deeply into Corporate America now have to swallow the toxic flesh now.
"Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God?" ~ Epicurus
Barack Obama is getting together some of his financial advisers but he says he's not going to release any plans on how to fix the economy at this time.
But as usual he's going to wait until after the Bush Administration does so he can pick it apart like he usually does.
I do not see how this is necessarily a bad thing. They are getting out of the way and letting professionals handle the job (which was not being done in the first place).
The last thing we now need is a bunch of pollies promising free stuf to the voters with the November election in mind.
"Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God?" ~ Epicurus
I do not see how this is necessarily a bad thing. They are getting out of the way and letting professionals handle the job (which was not being done in the first place).
The last thing we now need is a bunch of pollies promising free stuf to the voters with the November election in mind.
If the last two days have proven anything, it's that neither the US Federal Reserve nor the US Treasury has any professionals.
In the realm of spirit, seek clarity; in the material world, seek utility.
Antimony I think that something like this was inevitable.
After all:
politicians need money-->bankers have money-->politicians can create loopholes-->bankers want loopholes
End result was like you said, all those checks and balances were rendered ineffective.
For Gallifrey! For Victory! For the end of time itself!!
There's nothing wrong with a capitalist marketplace (can there really be anything else) as antimony has already said, it simply needs to be well regulated.
Twice in the last eighty years America's trading systems have totally collapsed. Last time it caused a world collapse, this time, well lets wait and see. Either way, the evidence is in that there is something fundamentally flawed in Americas regulatory and oversight abilities. So flawed it seems to reside within the basic political system.
In the realm of spirit, seek clarity; in the material world, seek utility.
It has proved to be a failed Idol! And that too under a Govt that championed so vigorously that all things bright and beautiful was the sole prerogative of the USA! And I believed that!
when?
Whoever is unjust let him be unjust still
Whoever is righteous let him be righteous still
Whoever is filthy let him be filthy still
Listen to the words long written down
When the man comes around- Johnny Cash
If the last two days have proven anything, it's that neither the US Federal Reserve nor the US Treasury has any professionals.
Well, they are supposed to be the pros aren't they?
I take your point, but even at this point they will still be more effective than the politicos, who will probably come up with a financial version of "Summer Gas Tax Holiday"
"Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God?" ~ Epicurus
I am a novice as far as understanding economics or finance is concerned.
I have seen Socialism and I have seen Communism (though not in its pure form).
With India going the capitalist way, it had brought some relief. Yet, this totally collapse like nine pins of highly respected and touted icons of capitalism, and its effect on the world, does appear scary.
And what is worse is that the US govt has gone the socialist way to salvage and prop up!
In short, there appears to be gross negligence in monitoring mechanism and what is scary is that it is greed driven without any morality. That is what worries me! I can't reconcile that people have no moral conscience and accountability. And yet talk a whole lot of God and religion in their elections which gives solace that there is some conscience. Pro Life, anti gay etc etc. Ideal folks. But in reality it appears to be otherwise and sheer cosmetic. Hollow. Maybe, I have not understood. Who knows?
In God, we trust. Indeed God alone is our Saviour.
"Some have learnt many Tricks of sly Evasion, Instead of Truth they use Equivocation, And eke it out with mental Reservation, Which is to good Men an Abomination."
I don't have to attend every argument I'm invited to.
"Some have learnt many Tricks of sly Evasion, Instead of Truth they use Equivocation, And eke it out with mental Reservation, Which is to good Men an Abomination."
I don't have to attend every argument I'm invited to.
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