And in an interesting discussion over at Bloggerheads, noted economist and blogger Arnold Kling talks about the crises and its history.
On the Financial Crisis and the Bailout
October 11th, 2008 | Austrolabe | Uncategorized
October 11th, 2008 | Austrolabe | Uncategorized
And in an interesting discussion over at Bloggerheads, noted economist and blogger Arnold Kling talks about the crises and its history.
7 comments ↓
Apparently this is all our fault. Darrin seems to be inspired into new heights of frothing madness by Waleed’s article. [note to self, need to work out that linking code] http://www.darrinhodges.com/20.....caused-it/
Global Nothern states have been propping up capitalism for years anyway, including with regulation. And it’s always for the benefit of the richest and most powerful people, and that’s exactly what this latest rescue package is all about. Enough of this Neoliberal nonsense — we need genuine social and ecological accountability for PLCs, an end to business interfering in politics (particular in the US), the empowerment of small-scale businesses, the facilitation of economic interdependency based on mutual trust, and the celebration of a humanizing social culture as opposed to consumerism. Time for revolution, folks!
Capitalipos
The bare-backed capitalipos
Lies on its money in the mud.
Although it seems untouchable
It is merely shit and blood.
Shit and blood is weak and frail
Susceptible to falling stock.
While his grey church will never fail
For governments they are his rock.
“an end to business interfering in politics”
its seems to me its a one-way street, when will you also advocate for the end of politics interfering in businesses?
“an end to business interfering in politics”
I am hoping you will also advocate for the end of politics interfering in businesses, no?
Government will always”interfere” with business because without government there is no capitalist free market to be had. There has to be a neutral judge to appeal to when there are disagreements in the market place.
Without government intervention Capitalist “Creative Destruction” becomes total destruction. Without government discipline Financial markets quickly descend into the Casino mentality. Without regulation markets become opaque, rigged and highly speculative.
Business does not happen in a vacuum , it happens to us the people, the polis. Thus business is inherently a thing of the people, the polis or POLITICS. The people have a right to demand that businesses not screw them over. They have a right to demand a living wage for their work. They have a right to expect the goods and services they purchase work as advertised.
Australia and the rest of Asia have seen what happens when businesses are immune from the effects of Politics, that is immune from the will of the people, poisoned toys, poisoned food products and poisoned retirement funds.
Absolute nonsense. How can one consider a den of vipers that is the Legislature, or that aspiring dictator of an Executive, a ‘neutral’ judge in any situation, let alone the economy? For people who are most interesting in accumulating and perpetuating a power structure to be suddenly judicious and unbiased in overseeing the lifeblood of any country is patently ridiculous.
Legislatures are especially good in passing ‘regulations’ that hinder the competitiveness of the market and favour the established players in any zone of the market. The Executive is very good at empowering Federal or State Agencies to give ordinary people opaque assurances of the safety, quality and reliability of certain product A because it has met arbitrary requirements set by omniscient bureaucrats who have accounted for every possible situation.
Yet, it is the Free Market that is opaque, rigged and highly speculative, because sound, wealth creating business decisions are based on shoddy information that is designed to benefit those doing the rigging? Are you pulling our legs or do you actually believe this nonsense?
Your assumption that business routinely goes about screwing their customers over is preposterous. What business has ever gotten anywhere by NOT satisfying their consumers? The only force capable of extorting protection money (taxation) from hapless consumers is the monopolist on force, ie, government. All other forces have to please their customers, compete, and innovate to stay in the game.
Funny thing about the poisoned product in China. They have a regulatory agencies that ‘assure’ the safety and quality of products manufactured in China. Any concerned business has only to satisfy arbitrary regulations in order for their products to be pass certification. There is no link between consumer trust and the bottom line manufacturers, because consumer trust is invested in these governmental bureacracies to do the work for them. It takes only one bureacrat to shirk his work for hundreds, thousands and even greater numbers of people to be adversely affected because of this misplaced trust. If the company had to work hard to earn trust and maintain it, this translates into a direct dollar value that can be incorporated into the bottom line, ensuring quality and safety much more efficiently and consistently that government agencies can.
The moral hazard that suspended the exacting standards of personal responsibility of each customer lead to the poison debacle that we witnessed.
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