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UPDATE: More surprises?
In midday trading, the Dow dropped 260.37, or 3.32 percent, to 7,590.04. It fell as low as 7,553.48 in early trading -- just a point away from the blue-chip index's five-and-a-half month closing low of 7,552.29 reached Nov. 20.I'm shocked, shocked, at this vicious display of institutional racism toward President
UPDATE II: Oh, this is freaking rich:
Right-wing economic "theory" is destroying America. It’s doing a bigger job on us that al Qaeda could ever have dreamed.Among the more astonishing assertions I've read in a while, that one, since it hangs on a New York Times story about the economic woes of California, which is being strangled by (among other things) its public-employee unions. At some point, one must learn to discern the key factors in complex causation, and to see California's debacle as a result of "right-wing economic theory" is so bass-ackward I don't even know where to begin fisking.
Well, it is capitalism that destroyed your country, don't you get it. In the housing sector, they screwed up the people to please Wall Street, there were a lot of frauds. Can you explain where the money went? Banks had no more money in October, why? That is why the world wants a much more moderate capitalism. The capitalism the American way, was the image of U.S.: savage, brutal, ready to kill for its interests, bullying the world.
ReplyDeleteNo, Anonymous.
ReplyDeleteCapitalism didn't destroy the economy. But first of all, let's remember that capitalism built ALL of the world's economies from the darkness of the Middle Ages. Nothing creates wealth like capitalism - and does it with as little collateral damage. Check Soviet and Chinese history if you want an obvious counter-example.
"The world's" opinion on it is irrelevant. The world mostly gets its opinion from State-run information services (BBC...?). Did you think those services don't have a vested interest in promoting Statism?
Capitalism (and the free market) was working just fine. The lending system was working just fine. But politicians wanted to get something out of it without any regard for what the market would do as a reaction. You can't have something for nothing. But that's the art of Statism.
American capitalism invented the means by which the middle east is able to feed itself: oil extraction. American capitalism created the markets that gave Asia somewhere to sell goods - and therefore something to put into billions of starving mouths.
And what have you Statists invented other than long lines for cancer treatment, subsidized vodka and mass graves?
The only bully is Statism. With Statism, you don't have any freedoms to choose. What? you didn't think Statists were willing to kill for their interests?
Whatever gets you through the night, Anonymous... keep telling yourself it had nothing to do with the Community Reinvestment Act, or market manipulation on the part of the Federal Reserve, or that the Bush tax cuts came with an expiration date, or that government spending was already been out of control for the last 8 years.
ReplyDeleteNo matter how many times socialism fails, socialists will always try to blame capitalism for the failures of socialism.
I've worked in insurance for ever so my personal little benchmark for "The Mess We Are In" is AIG. And AIG today closed at $0.78, down seven cents, down about $52.00 in the last year.
ReplyDeleteAnd today there was an article in the Insurance Journal in which AIG asserted they should be able to get rid of all the bad financial parts of their business (as opposed to the good insurance parts) by the end of the year. Somehow, I'm sensing a conflict.
And I'm also sensing that AIG's $150,000,000,000 was money poured down a sewer grate that we will never ever see again.