Posted on 10/09/2008 8:05:05 AM PDT by DivaDelMar
Better late than never. A half-point cut in global interest rates may not halt the slide into a debt deflation, but at least we can hope to avoid the errors of the Great Depression.
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The US government has become a bank. Yes, this is US socialism. What is the alternative?
(Excerpt) Read more at telegraph.co.uk ...
When is Socialism ever a good idea? When is Socialism and the concomittant surrender of liberty ever a necessary evil? This is the New Deal on steroids and future generations will regret come to regret it.
Is the euro in trouble?.............
US taxpayers.
So this author is questioning the validity of the EU. When the going gets tough, the troubled get going. Unity when things are well, but self interest when there is doubt. Interesting.
short term = yes
long term = yes
How about the EU?
A rate cut is not socialism.
The bailout is not socialism. We haven’t taken over the banking system. We are mostly buying loans, which we will likely resell as soon as things settle down.
This is nothing like the New Deal. It’s a temporary intervention. If done right it doesn’t even represent a wealth transfer but rather an asset swap.
This is the IMPORTANT PART.
The US is the DE FACTO LEADER OF THE WORLD.
We need (ugh) McCain to be in the driver’s seat because he has the track record of NOT desiring the overthrow of the united states. Obama as president would have the USA subservient to the socilists of europe.
The euro was always a token fraud. A retooled deutch mark.
What koolaid stand have you been. Asset swap??? The money is gone and to never return. It vaporized overnight.
noteworthy points.
1. When it came to acting UNITED the EU had to rely on the leadership of the UNITED STATES of AMERICA in order to coordinate a unified rate cut.
2. It is worth noting how much LESS the EU bailout cost is going to be because their ecconomhy is so much SMALLER than the United States of America. (not that bigger bailout is better, just that we have a much much much much much bigger ecconomy in action)
3. The United States is the engine and heart of the global UNITY and Ecconomy. I bet this last fact of life is driving the socialists mad.
Go back to DU you socialist!!!
note also mccain’s plan is to only buy the SECURED portion of the mortages, the collateralized portion.
Taxpayers benefit in the long run on that one.
It is also based on the premise (and belief) the USA will be here in 30 years time.
Thanks for the information. Your points are very well worth remembering!
I have done a lot of business in Europe. There are a lot of factions that exist underneath the "unity" and these factions typically run along national lines. I have been amazed that the EU has done so well so far.
The US Treasury is going to buy stakes in banks.
See: http://online.wsj.com/article/SB122355427239518855.html?mod=testMod
This is Socialism. We are a de facto Socialist country now. It matters little who occupies the white house for the next four years. The deal is done.
Danny, the old saw is still true:
“When politicians get involved in buying and selling, the first thing bought and sold are politicians.”
Did you ever hear about the stock market crash of 1921? No? It was just as bad as the crash of 29....., except the politicians got involved in the 29 crash, and “helped us” all the way into a depression. Read M. Rothbard’s little tract on the panic of 1819 which was SEVERE, BRUTAL, DEVASTATING, and short, quick, and restorative (it purged out all the bad banks). We left the market alone to do what it does best, which is trim fat, kill the losers, reward the winners and (most importantly) provide a venue for the next crop of winners. Government intervention adds fat, subsidizes losers, punishes winners, and makes an environment where the risks you take to succeed are too big in light of the potential reward. That is what socialism is, and is what we have now.
I thought they were already in line at the US Treasury and in discussions with “unlimited money bags” Paulson.
Question:
Who is going to bail out the euro?
Answer:
Hopefully, no one.
The “euro” was a concoction of socialist/one-worlder bureaucrats trying to create a “united Europe”. It should die, along with those grandiose and unrealistic ambitions.
And when it does - inevitably - which currency do you think will be resurrected as the “world standard”?
- John
You don’t know what socialism is.
We aren’t even close.
Obama wants to take us a lot closer than he’s admitting, and he’s admitting a lot.
Screw the Euro! Most of those on the other side of the pond were gloatng as we tried to deal with these liquidity problems.. i.e., the Germans.
How quickly they forget who bailed-out their a$$es during WWII.
A lot of Socialism is no cure for the ills that a little Socialism caused.
Karl Marx would be thrilled.
This is nothing like the New Deal. It’s a temporary intervention. If done right it doesn’t even represent a wealth transfer but rather an asset swap.
Are you now, or have you ever been in the employment of the RNC?
Well said. Are you a professional writer?
Nope, no ties to banking either. But I am educated in Finance, economics and banking.
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