tag:blogger.com,1999:blog-8817171247555815363.post4385184434009851132..comments2024-03-26T05:57:44.937+00:00Comments on True Economics: Economics 29/12/2009: Looking back at 2009TrueEconomicshttp://www.blogger.com/profile/07350536454228478974noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8817171247555815363.post-89137120579031108922010-01-03T12:58:19.082+00:002010-01-03T12:58:19.082+00:00I thought this was a great article. I originally r...I thought this was a great article. I originally read it in the Sunday Times and accidentally used it to get the fire going (oops) so I'm glad there's a 'soft' copy of it here. I would be interested on your views as to where interest rates are going in Ireland over the course of 2010 (and subsequent impact on society). I greatly fear a lot of mortgage defaults next year as savings and/or redundancy payments run out for the large numbers of newly unemployed people you have highlighted in this article. Many thanks, Joseph MorganJosephhttp://josephmorgan.blogsome.comnoreply@blogger.comtag:blogger.com,1999:blog-8817171247555815363.post-84502671208172550152010-01-02T08:47:23.129+00:002010-01-02T08:47:23.129+00:00Dr. Constantin Gurdgiev, forgive me if i'm wro...Dr. Constantin Gurdgiev, forgive me if i'm wrong but for Capitalism to work one must capitalism at another persons expense, weather it be a mega rich property developer or builder selling a vastly over priced property to some poor person trying to buy a home, or a multi national sucking a poor countries resources at a grossly undervalued price through bribing the corrupt political government in that country, this is the true face of pure capitalism, it does not have the general populations well being at heart, just a lust for greed and profit at any expense, this is what happened with the banks the last 10 years, pure capitalism, except it was a few thousand bankers profiting over the general population of there countries by getting huge bonuses paid for short term profits, who cares about the average citizen, once I capitalize right?Paulnoreply@blogger.comtag:blogger.com,1999:blog-8817171247555815363.post-14004561452287841262009-12-30T07:10:39.299+00:002009-12-30T07:10:39.299+00:00Patrick, I don't share your distaste for the U...Patrick, I don't share your distaste for the US. <br /><br />May be I have spent too much time there, but having lived across the entire US - West Coast to Midwest to Eastern Seaboard, I became a big fan of the US. <br /><br />Of course, the US is not perfect. America's 'socialism for the rich and capitalism for the poor' is really elitist Democrats' 'socialism for the rich and welfare for the poor'. <br /><br />A much better formula, of course, would be 'capitalism for all'.<br /><br />The real problem for the poor in the US, as Regan and later Clinton through his reform of social welfare have illustrated is not enough capitalism for the poor. <br /><br />Capitalism provides social mobility (most efficiently so when there is equality of opportunity) and incentives to pursue such mobility (when capitalism also reaches to the top, so there is displacement of ruling classes and wealth to reward more worthy newcomers). <br /><br />Socialism, favored by the wealthy leftists from the likes of the Kennedy clan, means no real opportunity or mobility. Status quo preserves their wealth, while paying off the poor with social welfare traps.<br /><br />Alas, the capitalist system of incentives and mobility is being dismantled by the current White House.<br /><br />And this process is less pronounced in the case of the US rescue of the financial system. The rescue was driven by two main principles. Shut down the least sound institutions (hundreds of banks went under and countless wealth management / investment banks and brokers followed) and provide liquidity in exchange for strict loans or equity. Nama does neither. This is why US financial institutions are now actively repaying the funds, while Nama will see complete waste of taxpayers resources.<br /><br />Where state aid did apply was in the case of Detroit and here the socialist Democrats are to be blamed for doing what they do best - throw public money at the insolvent, unions-controlled industry only to preserve traditional Democratic votes. Kennedy clan stands tall once again.<br /><br />And let us not forget those State-Supported Lending giants - Fannie, Freddie and Ginnie - which were created by the left, mandated to start subprime lending bubble by the Democratic president, and were overseen by the Democrats-controlled Congress...<br /><br />As big of a mistake as it was to rescue Citi (perpetually incompetent to put together a functional bank), and AIG (which should have been broken up) it pales in comparison with the rescue of the socialist cronies of the traditional Democrats.<br /><br />Now, I would not claim that the Republicans are perfectly innocent in the process of undermining the basis for US economic and social identity - the vibrant, dynamic, socially mobile economy of capitalism. <br /><br />All I am saying is that your diagnosis of the main ills of the US society today - 'socialism for the rich, capitalism for the poor' is simply wrong. The problem is that while there is socialism for the rich, there is also socialism for the poor. The United Socialist States of America. There is just not enough capitalism left for both - the rich and the poor.TrueEconomicshttps://www.blogger.com/profile/07350536454228478974noreply@blogger.comtag:blogger.com,1999:blog-8817171247555815363.post-46101869172903912602009-12-29T23:04:53.062+00:002009-12-29T23:04:53.062+00:002009 was a real eye opener for me Constantin.
Gree...2009 was a real eye opener for me Constantin.<br />Greed is everywhere in Ireland now. Ireland is becoming more like America, a country I totally despise. NAMA incorporates America's<br />"socialism for the rich, and capitalism for the poor."<br />In 2009 EU rules on state aid were broken,<br />RBS and Llyods TSB received illegal loans from British government.<br />" Free market ", without government interference,<br />now there is BRAINWASHINGpatrick1978https://www.blogger.com/profile/09173078693875805958noreply@blogger.com