Damn good, Brilliant.
And another “Brilliant” statement. :-)
Thanks for sharing your thoughts.
Of course we had recessions back when private parties and the states could issue money.
I'm envisioning a recession about 6,283 BC, in fact, where the reindeer herds swung East rather than South during the winter, and boy was that a recession.
Yes but, with the help of miscalulating managers of our financial institutions.
Very well thought out and well written. I couldn’t agree more. Like you I think this economic crisis is going to bring more government into things, not less because people have been sold a bill of goods that government can actually fix things.
But a system that is even partially based on free market principles will not take such abuse indefinitely. Eventually, the market-oriented elements of the system revolt and refuse to swallow more of the crap generated by the political system. And that is precisely what happened here.
Brilliant, Brilliant!
It’s not ‘fear’ that’s running through the country, it’s ANGER.
Until the ‘crony capitalists’ are gone, this won’t get any better. Does anyone think that DC/Wall Street would change anything?
Welcome to the New Economy!
My recent letter to the editor of the local fishwrapper:
11/30/2008
The Tom Friedman column on the financial melt-down of 11/30 is classic MISinformation.
Friedman portrays the greedy bankers and Wall Streeters as the villains.
Yes, many of them may have gamed the system, bundling this “junk” into “derivatives” even PhDs in economics didn’t understand.
But if that “system” hadn’t been created, the gaming would not have even been possible. Friedman conveniently failed to mention that the system was a creature of the 1977 Jimmy Carter sponsored “Community Reinvestment Act.”
Allegedly designed to make the American Dream of home ownership available to all, it was expanded in the Clinton years to include even those with virtually no prospect of repaying. Lenders who refused to “get with the program” were threatened with loss of their charters.
Until it unraveled, it was a brilliant Democrat vote-buying scheme.
And as it unraveled, Barney Frank, Chris Dodd, et al stood silently by and watched.
http://www.latimes.com/news/opinion/commentary/la-oe-cutler6-2008dec06,0,6357166.story
This article wins the Head up Rear Award.IMHO.
bump
They are making the most productive cars in Brazil, but the UAW won’’t let them use the same techniques here in the USA.
I’ll find the link. Detroit News is the source.
Good piece Brilliant. Kudos to you.
Actually, all our economic problems are caused by government oversight, interference and regulation of business. Free the American free-enterprise, competitive, capitalist system from government and all our problems will disappear.
Exactly right...and we need to communicate this to people if we want to win again.
The point about the automakers is an important one. The Big 3 are criticized for not successfully selling small cars, but their labor costs have put them into the position of being unable to sell small cars profitably. Besides, small cars were only especially popular in the last couple of years.
The way back is the free market. Really free. We have to cut regulation and taxes. We must shrink the size and scope of government. If we’re not willing to seriously entertain these ideas, we don’t deserve to be in power.
“If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” -Ronald Reagan
Response; Absolutely Correct.
Comment: I believe that this point is almost ready to be accepted by the public at large. I do not have the political know how but believe that a well run campaign with names, dates, acts, omissions, conditions, circumstances and events would effectuate a peaceful revolution. Further, it might even result in jail time for the politicians responsible. If not stopped the coming revolution will be other than peaceful.
Your analysis is correct, but only 10% to agree with you.
It doesn’t seem that people are moving in your direction yet.