Debt crisis live

[doodab]

Around the world the happiest nations are those were the income per person varies little. It doesn't matter if rich or poor. Its jealous that is the killer.

At the moment the growth between rich and poor grows ever wider. We need a good depression to even things out and restore happiness.

We could just eat the rich. We could spit roast them over a fire made from poor people.

[BrilloPad]

We could spit roast them

Though there are a few supermodels who I wouldn't mind spit roasting....

[TimberWolf]

Buffett invested $5 billion in Bank of America last month, earning him a paper profit of $280m in less than 24 hours.

And then he probably gave it to charity.

[TimberWolf]

The FTSE 100 fall today was the worst since 2002, and it has also made it into the top five worst quarters in the index's history (remember, the FTSE 100 was founded in 1984).

There was no news of this reported on CUK therefore I am inclined not to believe it. Sounds mega.

[Freamon]

You would have thought that the country that gave us the word economics would have more of a clue wouldn't you.

Given that economics has been shown to have failed spectacularly, no.

[TimberWolf]

Keep abreast of doom

Still going. Get your doom as it happens:

Debt crisis: live - Telegraph

[doodab]

Given that economics has been shown to have failed spectacularly, no.

I'm not sure how a whole field of study can be said to have "failed". Are you suggesting that it's given us no insight into human behaviour at all?

[TimberWolf]

10.10 Nouriel Roubini, the Nobel prize winning economist and chairman of Roubini Global Economics, told Bloomberg in an interview on Dubai on Sunday that time was running out:

"I’m very concerned of things getting out of control. You need a huge bazooka of at least 2 trillion euros, but you can’t wait three months, you have to do it in the next few weeks".

Yeah, but what does he know.

[sasguru]

I'm not sure how a whole field of study can be said to have "failed". Are you suggesting that it's given us no insight into human behaviour at all?

Economics has sold itself as a hard science by mathematising its models based on certain very naive assumptions about human behaviour.
In reaility like all "sciences" that deal with collective human behaviour, it has little predictive value.
However it has given us some knowledge e.g. about how governments should behave in certain circumstances

[TimberWolf]

You what? I'd hazard a guess that IBM was worth a good deal more than Microsoft in 1966.

They meant 1996.