Question for all right wing capitalists and libertarians?

[sunnysan]

What should happen

IMHO, maybe they should be just let it collapse, and start from grassroots level with the appropriate regulation to ensure this kind of thing does not happen again.

I blame the government for making political capital out of what the collective economists must have known was a disaster waiting to happen.

Why prop up a system which is clearly dysfunctional.

Fair enough, I have no mortgage and only cash in the bank(Last time I looked) and no kids so maybe my opinion is different as I dont have that much to lose.

The people who presided over this mess should go to jail for fraud, is their any other way to view what has happened?

The west is on its knees, bloodied and beaten while the global economy rains blows down on it, she waits inevitably for the blow which will be the coup de grace which will send her to oblivion.

Our days as a financial powerhouse are over. The thing is will our lives be worse or better for it? I personally think they may be.

[oracleslave]

I blame the government for making political capital out of what the collective economists must have known was a disaster waiting to happen.

Yes because this situation would never have arisen under any other regime . Instead of pointing fingers what do you see as a viable solution?

Why prop up a system which is clearly dysfunctional.

As opposed to the other alternatives?

The thing is will our lives be worse or better for it? I personally think they may be.

So which is it?

[expat]

IMHO, maybe they should be just let it collapse, and start from grassroots level with the appropriate regulation to ensure this kind of thing does not happen again.

what "sort of thing"? Businesses making bad decisions and failing as a result? That's business.

[DimPrawn]

what "sort of thing"? Businesses making bad decisions and failing as a result? That's business.

Except these "businessmen" still have their riches/bonuses but your pension is now worthless and all the taxpayers money has gone to rescue the balance sheets..

This is not bad business, but fraud IMHO. These bankers should be in prison for negligence.

The whole banking system needs to be ripped up and we need to start again.

[EternalOptimist]

what "sort of thing"? Businesses making bad decisions and failing as a result? That's business.

you are confused. with 'survival of the fittest' the weak go to the wall and only the strong survive. What we now have is a systemic failure where all are going to the wall even the strong. Its a mass extinction


we are dooooommmmed.

[sunnysan]

Not sure

Yes because this situation would never have arisen under any other regime . Instead of pointing fingers what do you see as a viable solution?

You could argue that a more stringent form of legislation and regulation could have had ensured that asset backed securities where more tightly controlled. I know its not as simple as that but surely more could have been done to stop securities being backed by what amounts to thin air


I agree with the bad decisions and business argument. But business dictates that if you make bad decisions you go bankrupt.

On the flip side of the coin,if the companies in question are that important to general economic well being,that they can get billion pound bailouts, surely they where important enough to be made to operate within a regulated environment which may have averted or at least softened the catastrophe we now face.

[Bob Dalek]

The barter system is but another bank's collapse away.

[sunnysan]

Possibly

Except these "businessmen" still have their riches/bonuses but your pension is now worthless and all the taxpayers money has gone to rescue the balance sheets..

This is not bad business, but fraud IMHO. These bankers should be in prison for negligence.

The whole banking system needs to be ripped up and we need to start again.

This is the dilemma, did they do anything that was illegal? I dont know. With entities such as mortgages and pensions should they have been operating in a more tightly regulated environment. Quite possibly

They should maybe string up a few for political bloodletting purposes though.

[xoggoth]

Slightly off topic but the 1930s crash was blamed for the emergence of fascism and eventually WW2. So what nasty political effects do CUKers think this one will spin off?

At least we still have lots more sophisticated weapons, so perhaps the EU will invade the third world and just nick all their oil before the Yanks or Russians do.

[sasguru]

As I noted in a another thread - capitalism has become dysfunctional.
Within any large organisation, reward has become divorced from talent, ability and judgement. Political skill and spin are everything.
Once in top positions you are guaranteed a mini-fortune regardless of what you do, based more on short term "results" than the vision to create, develop and build. If you fail you'll walk off with a golden goodbye. Where's the incentive?
The consequences are now apparent.