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The past week has seen the US economy rocked by some of the worst global financial turmoil in decades, with venerable firms collapsing, global banks and governments pouring huge sums of money into financial markets in a bid to ease turmoil and thousands facing unemployment or financial ruin.
As US officials announce planned measures to tackle the crisis, Al Jazeera asked five prominent economists - Does the crisis signal the end of US-style capitalism? And if so, what are the lessons learned?
This may not be the end of US style capitalism, but the latest Wall Street debacle and the "nationalizing" of a significant part of the US financial economy, certainly places US capitalism on "life support". And the "life support" is the US Treasury and Treasury Secretary Paulson will be handed the "keys" to the "treasure room" with little to no restrictions.
This may not be the end of US style capitalism, but the latest Wall Street debacle and the "nationalizing" of a significant part of the US financial economy, certainly places US capitalism on "life support".
There has been no "nationalizing." When a government nationalizes an industry it expropriates the assets.
I don't see where the government has seized anything.
There has been no "nationalizing." When a government nationalizes an industry it expropriates the assets.
I don't see where the government has seized anything.
Unless you and I are not on the same planet, the US Treasury has committed Billions of taxpayer, no make that Chinese and Indian, dollars to bail out the investment banking industry. When a government owns the assets and liabilities of a business, it's called "nationalization". It's the same manner that Hugo Chavez and Venezuela own the assets of Citgo Oil Corp. The $700 Billion (More like $1 Trillion) bail out (Nationalization) bill now being argued in Congress, represents the largest transfer of wealth from the US Treasury to the private financial markets. You can call it "nationalization" or "socialization", the bottom line is the same, government ownership of what was once private capital.
Unless you and I are not on the same planet, the US Treasury has committed Billions of taxpayer, no make that Chinese and Indian, dollars to bail out the investment banking industry. When a government owns the assets and liabilities of a business, it's called "nationalization". It's the same manner that Hugo Chavez and Venezuela own the assets of Citgo Oil Corp. The $700 Billion (More like $1 Trillion) bail out (Nationalization) bill now being argued in Congress, represents the largest transfer of wealth from the US Treasury to the private financial markets. You can call it "nationalization" or "socialization", the bottom line is the same, government ownership of what was once private capital.
Hey, you get it. In capitalism, when a business goes belly up, its because it did something wrong, like it or not, and there is always someone else with a better plan to succeed you. This bailout is communism or something like that, for the rich, so they get to keep the millions they swiped from you, and laugh at you.
Those corrupt investment bankers and stockbrokers probably pocketed most of the money, its not beyond them to do so. Hopefully one more Republican administration starting in November will finally break the hold of the East Coast NY based liberal elite from their stranglehold on our country.
Those corrupt investment bankers and stockbrokers probably pocketed most of the money, its not beyond them to do so. Hopefully one more Republican administration starting in November will finally break the hold of the East Coast NY based liberal elite from their stranglehold on our country.
Is Bush and Cheney east coast liberal elite? I just wish there was a Kennedy in charge.
Quote:
Originally Posted by Tom Lennox 70 Those corrupt investment bankers and stockbrokers probably pocketed most of the money, its not beyond them to do so. Hopefully one more Republican administration starting in November will finally break the hold of the East Coast NY based liberal elite from their stranglehold on our country.
freefall
Quote:
Is Bush and Cheney east coast liberal elite? I just wish there was a Kennedy in charge.
As I am almost 62 years of age, I am hoping not to experience another Republican Administration before I take my eternal dirt nap!
Last edited by Steve Hazzard; 09-23-2008 at 10:14 PM..
Reason: Edit format.
Those corrupt investment bankers and stockbrokers probably pocketed most of the money, its not beyond them to do so. Hopefully one more Republican administration starting in November will finally break the hold of the East Coast NY based liberal elite from their stranglehold on our country.
You amaze me with your sheer ignorance. Who has been in power for the last 6 years? Who has had a executive power and veto privilage for the last 8years? The republicans have done enough damage to the nation.
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