Reply to: I miss Gordon

[Bagpuss]

Not a fan of Brown, but he did not lobby for Banking regulation to be loosened. That was done in the city of London and in Wall Street

http://www.imf.org/external/pubs/ft/wp/2009/wp09287.pdf


On December 31, 2007, the Wall Street Journal reported that Ameriquest Mortgage and
Countrywide Financial, two of the largest mortgage lenders in the nation, spent respectively
$20.5 million and $8.7 million in political donations, campaign contributions, and lobbying
activities from 2002 through 2006.2 The sought outcome, according to the article, was the
defeat of anti-predatory lending legislation. In other words, timely regulatory response that
could have mitigated reckless lending practices and the consequent rise in delinquencies and
foreclosures was shut down by some mortgage lenders. Such anecdotal evidence suggests
that the political influence of the financial industry contributed to the 2007 mortgage crisis,
which, in the fall of 2008, generalized in the worst bout of financial instability since the
Great Depression.


.....

With the caveat that empirical evidence cannot single out one interpretation
as the true explanation, our analysis suggests that the political influence of the financial
industry can be a source of systemic risk. Therefore, it provides some support to the view
that the prevention of future crises might require weakening political influence of the
financial industry or closer monitoring of lobbying activities

[GreenLabel]

For an up-to-date example of how socialism destroys everything it touches, Venezuela is worth a look.

Capitalism may not be perfect, but it's the best we've got.

[xoggoth]

They say that capitalism distributes wealth unequally but socialism distributes POVERTY EQUALLY

Plenty of proof of that, Nick. West vs USSR, East vs West Germany, China under Mao vs China after adopting many elements of the free market, North vs South Korea, Cuba vs other SA states. There has never been a truly socialist state that has not stagnated or gone backwards. Even recessions don't drag capitalist nations down to socialist level.

Not that I am a fan of unregulated free markets, proper government regulation is essential.

[gingerjedi]

What's he doing now?

[HairyArsedBloke]

What's he doing now?

Sminki

[portseven]

What's he doing now?

[fullyautomatix]

Gordon is a legend, he will be missed.

[HairyArsedBloke]

IIRC, the capitalist system in the USA is the one that has managed to totally **** up the economy of the entire world over the last couple of years. That doesn't seem to be a good system.

It has been the fault of governments, of all flavours, that have bribed the electorate with the earnings of children yet to be conceived and the following of this fracker:

[Drewster]

It's probably the accent bollix he spouted.

ftfy

[doodab]

I miss him too. He was very misunderstood.

It's probably the accent.

[Green Mango]

Who do, and what proof do they offer to justify those assertions?

IIRC, the capitalist system in the USA is the one that has managed to totally **** up the economy of the entire world over the last couple of years. That doesn't seem to be a good system.

The evidence of history. Labour in power in the 60's and 70's. The country had to go to the IMF with a begging bowl. This scenario appeared to be repeating itself again ...

Well all systems have problems, just look at China or Soviet Russia. Both typical socialist/communist horror stories in the past.

As I recall democrat Bill Clinton removed the last of the controls on the banks that led to disaster in USA as Labour abandoned prudence in the UK.

[NickFitz]

They say that capitalism distributes wealth unequally but socialism distributes POVERTY EQUALLY.

Who do, and what proof do they offer to justify those assertions?

IIRC, the capitalist system in the USA is the one that has managed to totally **** up the economy of the entire world over the last couple of years. That doesn't seem to be a good system.

[eliquant]

They say that capitalism distributes wealth unequally but socialism distributes POVERTY EQUALLY.

Yes poor gordon is sat in a rocking chair taking his medication and chewing on a mouldy cracker whilst drooling from the corner of his mouth.

[Zippy]

I miss him too. He was very misunderstood.

[TimberWolf]

Britain

England