Quote:
Originally Posted by jorgelito
The sky is not falling. Repeat, the sky is not falling. No need to panic or declare the end of capitalism every time the market undergoes a correction. It is my hope people will learn to exercise fiscal discipline and to live within their means. My main complaint is the government stepping in to bail out companies. Fannie and Freddie should have been left to fall on their own and not get a bailout. Corporate welfare is just as disgusting as social welfare. The market will sort itself out. The private sector has already taken measures to mitigate the impact of the bankruptcy.
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QFT.
Quote:
Originally Posted by ratbastid
And you've lived in America HOW long? 
The MARKET will sort itself out. Mom and Pop Homeowner, however, will be well and truly fucked without some sort of protection. I'm not interested in helping failing banks--they buttered their own bread on this one. I'm REAL interested in protecting homeowners from the failure of those banks. |
A bank failure will not affect those who are making their mortgage payments. The clerk at Walgreen's who decided they could afford a $600,000 house, and who is clamoring for undeserved "protection," is another story. Much like those in Galveston who refused to leave, are now clamoring for help, and who can't wait to sue FEMA.
/threadjack
Quote:
Originally Posted by loquitur
RB, it's nothing of the sort. Part of capitalism, or neoliberalism as you call it, is that those who make bad decisions will fail. That's why I generally disapprove of bailouts, because they reduce moral hazard. Let me repeat that in a different way: failure of firms demonstrates the integrity of the system. You have it precisely backwards. Schumpeter would be wagging his finger at you disapprovingly.
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Correct. The original post seems to be a call for socialism, due to the failure of capitalism. Capitalism's failure, like the rumors of Mark Twain's death, is greatly exaggerated.