The $700,000M Bail Out

[Betty Boop]

Is the big bail out by the Bush Administration a good idea? Seems like private profits and nationalised loss, how ironic that the leaders of the Free Market should resort to such measures. Will the UK follow suit? :confused:

[CropleyWasGod]

To a certain extent, we already have, with Northern Rock. The UK culture is more open to nationalisation than the US is.

Having said that, whether we have to go down that route is probably depndent on what happens with the US action. If they don't agree on a deal, there will be many, many companies failing in the States. The fallout from that, for the world economy, could be huge.

[Mulvaney]

Surely this then is the final crisis for capitalism.

A system entirely reliant on the myth of efficient markets was always going to founder eventually.

Come on down Riz and co. - your moment of destiny has arrived :agree:


:stirrer:

[Betty Boop]

Surely this then is the final crisis for capitalism.

A system entirely reliant on the myth of efficient markets was always going to founder eventually.

Come on down Riz and co. - your moment of destiny has arrived :agree:


:stirrer: :greengrin I wonder where he is? I know he spoke of going to Afghanistan :dunno:

[LiverpoolHibs]

Surely this then is the final crisis for capitalism.

A system entirely reliant on the myth of efficient markets was always going to founder eventually.

Come on down Riz and co. - your moment of destiny has arrived :agree:


:stirrer:

We have nothing to lose but our chains. We have a world to win!

:greengrin

In all seriousness. The bailing out of the banks surely goes against everything capitilism is supposed to stand for. The market isn't getting its own way, and thus capitilism has failed. Economic Darwinism this is not. The bail-out isn't for the common good as it's being portrayed but explicitly for the benefit of the rich at the expense of the rest of us.

[Mulvaney]

:greengrin I wonder where he is? I know he spoke of going to Afghanistan :dunno:


christ, haven't these people suffered enough :brickwall

[Betty Boop]

christ, haven't these people suffered enough :brickwall:tee hee:

[CropleyWasGod]

We have nothing to lose but our chains. We have a world to win!

:greengrin

In all seriousness. The bailing out of the banks surely goes against everything capitilism is supposed to stand for. The market isn't getting its own way, and thus capitilism has failed. Economic Darwinism this is not. The bail-out isn't for the common good as it's being portrayed but explicitly for the benefit of the rich at the expense of the rest of us.

Can't agree. If they don't do it, the banks have to absorb the losses. They can't afford to finance as much business. Companies go under, people lose their jobs, the State loses out on tax revenue.

[Mulvaney]

Can't agree. If they don't do it, the banks have to absorb the losses. They can't afford to finance as much business. Companies go under, people lose their jobs, the State loses out on tax revenue.


I see.

So, trebles all round then :dunno:

[LiverpoolHibs]

Can't agree. If they don't do it, the banks have to absorb the losses. They can't afford to finance as much business. Companies go under, people lose their jobs, the State loses out on tax revenue.

To the tune of $700 billion? :wink:

[Dashing Bob S]

Watched the Obama-McCain debate here last night. They were saying that in the great depression the US treasury actually got more money back from the markets in the long term, on intrest repayments, once the economy picked up and the banking sector recovered. I persoonally found that hard to believe.

A lot of anger here that those who casued the crises are being rewarded and ordinary people are paying for it.

[Big Ed]

It is interesting that the Republican politicians are the ones most vociferously against the Bush proposal. I never thought that I would find myself applauding the actions of the American Right, but they at least are true to their principles. Something very rare in modern politics.
The admission that a market driven economy has so disastrously failed is one in the eye for those who have smirked at the concept of any form of liberal alternative. The nauseating part is that those who are responsible for the demise, will suffer no more than a bruised ego. Ordinary people will be the ones who suffer for the wanton greed of individuals, who, at no point had their insatiable lust for power and money checked by the very same administration that is in rebellion now.
As ever, you can be sure that in the end, self preservation will win the day.

[Betty Boop]

Congress has rejected the big bail out, global financial meltdown beckons, the Dow Jones has finished off the radar. :grr:

[Crossgates Hibs]

It is interesting that the Republican politicians are the ones most vociferously against the Bush proposal. I never thought that I would find myself applauding the actions of the American Right, but they at least are true to their principles. Something very rare in modern politics.
The admission that a market driven economy has so disastrously failed is one in the eye for those who have smirked at the concept of any form of liberal alternative. The nauseating part is that those who are responsible for the demise, will suffer no more than a bruised ego. Ordinary people will be the ones who suffer for the wanton greed of individuals, who, at no point had their insatiable lust for power and money checked by the very same administration that is in rebellion now.
As ever, you can be sure that in the end, self preservation will win the day.



Yes which is why a bail out of some kind will happen. Totally wrong all this let them suffer or give the money to the people to pay off their debts surely that would be cheaper?
All this is down to high house prices and the reason our banks are going down as well. It has been reckless lending and unrealistic house prices that has caused all this and sadly could have been avoided with some common sense.
Some of these bankers should be going to jail not getting bailed out.:grr:

[IWasThere2016]

Watched the Obama-McCain debate here last night. They were saying that in the great depression the US treasury actually got more money back from the markets in the long term, on intrest repayments, once the economy picked up and the banking sector recovered. I persoonally found that hard to believe.

A lot of anger here that those who casued the crises are being rewarded and ordinary people are paying for it.

The US Govt., will make money on this move - now doubt!

The bail-out will happen .. most congressmen are wealthy from cascaded wealth or they are self-made .. regardless whether they sit on the left or the right. Therefore, I assume they have a vested interest to protect their own fortunes :cool2:

This is for the good of the world markets .. not Wall St., not the Whitehouse .. could see similar happen in Asia and Europe also. A serious recession/depression follows otherwise ..