Question for all right wing capitalists and libertarians?

[sasguru]

So the unfettered free market which you all advocate is appearing to destroy itself and socialism is creeping in by the back door as governments nationalise financial institutions to avoid meltdown.
Presumably you still insist that these institutions should not be supported but should collapse - just as long as it's not an institution in which you have assets?

[lilelvis2000]

We can't have multi-millionaire executives walking around with "brought XXX bank to it knees" now can we?
I'm very sure this is a scratch my back, I'll scratch your're later - kinds moment. In fact, I'm sure Gordo is lining up some lucrative board seats for after he's gone, right now.

[AlfredJPruffock]

The State and the Free Market are 2 sides of the same coin.

Dittto with communism and capitalism.

Kurt Vonnegurt's novel 'Mother Night' is interesting in this respect.

[expat]

So the unfettered free market which you all advocate is appearing to destroy itself and socialism is creeping in by the back door as governments nationalise financial institutions to avoid meltdown.
Presumably you still insist that these institutions should not be supported but should collapse - just as long as it's not an institution in which you have assets?

The free market is not destroying itself. It is selecting failed enterprises for destruction, which is part of its normal operation.

However, governments are trying to subvert this process.

[EternalOptimist]

The State and the Free Market are 2 sides of the same coin.

Dittto with communism and capitalism.

Kurt Vonnegurt's novel 'Mother Night' is interesting in this respect.

Alf, take a look at Harrison Bergeron by Kurt Vonnegurt, it's one of the funniest stories I ever read

[AlfredJPruffock]

Alf, take a look at Harrison Bergeron by Kurt Vonnegurt, it's one of the funniest stories I ever read

Aye EO

Will do - Ive read quite a few by KV - but not Harrison Bergeron - currnetly reading Deadeye Dick.

So it goes ...

[EternalOptimist]

Aye EO

Will do - Ive read quite a few by KV - but not Harrison Bergeron - currnetly reading Deadeye Dick.

So it goes ...

its a short


http://instruct.westvalley.edu/lafave/hb.html

[Ruprect]

Aye EO

Will do - Ive read quite a few by KV - but not Harrison Bergeron - currnetly reading Deadeye Dick.
So it goes ...

What's that about then?

[expat]

Aye EO

Will do - Ive read quite a few by KV - but not Harrison Bergeron - currnetly reading Deadeye Dick.

So it goes ...

and Mexican Pete, and a tart named Eskimo N.... oh, probably not.

[Dow Jones]

So the unfettered free market which you all advocate is appearing to destroy itself and socialism is creeping in by the back door as governments nationalise financial institutions to avoid meltdown.
Presumably you still insist that these institutions should not be supported but should collapse - just as long as it's not an institution in which you have assets?

I don't believe in state intervention per se, however in Fannie/Freddie & AIG cases had to happen. Too important to the US economy. The difference between a powerful country and a 3rd world one is that it can't sit and allow its economy to collapse. Lehman Bros was a different case, as there was an offer for it on the table a week ago that was rejected, so it was their own fault. HBOS was another case of incompetent management, not only the board didn't rally around to help but, as they say, if they knew or suspected foul play on the markets, they could have asked for their shares to be suspended from trading or taken off (I know it sounds extreme, but it can be allowed) until a 'white knight' could be found.