Let's hope you're right that these Big Ones don't happen very often from now on - the relative peace since the last meltdown was quite pleasant.
http://lettersfromatory.wordpress.com
"And those of us who believe markets are generally better than governments are wrestling with some difficult questions."
Really? Do you think that the US had a free market when it came to mortgages?
I don't think so.
Wat,
I agree wholeheartedly with Dave; the way this should be combatted when speaking to the left is by pointing out that much of this is a product of corporatism which always favours better in heavily regulated industries.
Dr. North has written up extensively on EU Referrendum about the regulatory failings (which have a principle, if near invisible, component in these happenings) of the EU and FSA; the gauntlet of financial blame is still being passed about fancifully with few talking about the more sinister side of this crisis (such as who principally benefits; I would point out JP Morgan isn't doing too badly out of this land grab).
My own feeling is that there has been a concerted effort to move to further control by stimulating market panics which only serve to consolidate power into the hands of fewer and fewer people; that includes the politicos who are doubly awarded with keeping jobs going in failed areas (political currency if you will) and the ability to go on a "moral crusade" to further regulate the industry.
If you were to set out the recent events in a book, surely the words "British Coup" would feature in the title?
I fear the big Government boot that will inevitably be placed across the throat of the City will see its demise. They must be laughing their asses off in Asia/China; the new home of finance.
"I fear the big Government boot that will inevitably be placed across the throat of the City will see its demise."
...and meanwhile, back in the real world, Barclays, HSBC and Standard Chartered remain serious global finance players as they always were, while the domestic mortgage banks that were never serious players (and proved it by their actions over the last five years) will end up more tightly regulated.
RBS is the only UK bank with a 'global financial services industry' position rather than 'making short-term gains out of cheap global money and the domestic housing boom' that's run into trouble, and even its importance to the City was always limited.
Don't feel so bad that our 'free' markets have let you down. This is fraud and deception on a massive, massive scale.
Naked short selling, global drug trade, arms trade money-laundering and the pursuit of massive personal profit. ( A 'Hedge' fund manager can 'earn' >$800 million per annum ).
The crooks in control of the US Fed, central banks, 'hedge' funds et al in collusion with US and UK govts, have stripped away all meaningful regulation.
The wholly unregulated OTC markets are being manipulated to control stocks, shares and commodities prices including oil and gold.
The global derivatives market of $650 Trillion is our prison, our 'bankers' are our jailers.
http://www.deepcapture.com/categ.../1-the-players/
http://www.financialsense.com/Ex...08/
Burrell.html
http://thesanitycheck.com/Home/t...36/
Default.aspx
http://www.gata.org/node/104
http://www.businessweek.com/
inve...7102_394204.htm
http://www.businessweek.com/
maga...29113_mz020.htm
http://www.financialsense.com/fs...er/
archive.html
http://www.shadowstats.com/
http://online.wsj.com/article/
SB...8392752051.html
"I think it can perhaps be seen as the death of Thatcherism, or at least of an important strand of the dominant ideology of the 1980s and 1990s."
What I find grossly offensive about this point of view is that a global financial meltdown is (brought about by incompetent socialists|engineered by corporate-statists)*, and then the left turn around and announce the failure of free-market capitalism.
Notice that the banks based in actual free markets are all still standing.
*delete according to level of paranoia.
Why did the BBC waste OUR money sending Mason up the London Eye? He said nothing he couldn't have said in the studio.
Wat, I wonder what other government disasters have been quietly buried whilst the headlines have been ablaze with recent financial disasters.
Doubtless you will be looking carefully for such events.
Commenting by HaloScan
