Sunday, 26 October 2008

Bailing out the losers

From social hacker


aSteve said...

Japan had not recovered by 2003 - it hadn't recovered by 2008 - and now its export-driven economy is in a tail-spin again.

The reason that "something needs to be done" is because there is rapidly crumbling certainty and trust in fiat... and, because (most agree) a monetary system is essential for material well being... we need to address the crisis.

The snag is that the obvious way to fix things is contrary to the interests of the elite. We can only resolve issues of trust through transparency. It really is that simple. Bailouts can't fix a fundamental distrust. We need to take a hard line on fraud - maybe we could declare those who've mislead over sums in excess of £10m to be terrorists? Maybe we should have a one year amnesty then prosecute anyone who remains?

Anonymous said...

Bailing out the... losers? or Winners?

It's worse than bailing out the losers, if one takes Andrew Lahde's recent letter as a fair indication of how jobs are gotten on Wall Street.

A lot of averagely intelligent kids of well-off families whose parents pay for Yale and the Harvard MBA - supposedly the super-bright getting the best-paying jobs.

None of them clever enough to do anything but run with the lemmings and take bad trades against the genuinely bright hedge-funders.

Then, when it all goes pear-shaped, the government bails out the corporations which tool them on, so they retain a their position as the second-rate but well-spoken, excessively rewarded 'elite' who runs Wall Street AND the US government.

The winners win, the losers lose... US-style.

B. in C.

London estate agent said...

great video

Anonymous said...

Say no to the bailout