Double Dip my recession
Yeah, looks like capitalism needs a bit of a lie down and a cup of tea...
No defence left against double-dip recession, says Nouriel Roubini
The United States, Japan and large parts of Europe have exhausted their policy arsenal, leaving them defenceless against a double-dip recession as recovery slows to ‘stall speed’.
Rosenberg: Here Are 13 Signs That We're Actually In A Depression Right Now
David Rosenberg has outlined, in his latest letter, the 13 reasons with this so-called recovery is actually a depression.
EU austerity policies risk civil war in Greece, warns top German economist Dr Sinn
Greece’s austerity measures cannot prevent default and will lead to a breakdown of the political order if continued for long, a leading German economist has warned.
and the impact of greedy corporate bankers screwing the global economy in the hyper unregulated worlds of the 24/7 free market has an impact even here in the Shire...
House sales stay in the dumps during August
Latest house sales numbers released this morning show sales kept falling in August, with the monthly housing price index rising 0.3 per cent.
Core retail sales dip in July
Seasonally adjusted core retail sales - which exclude the four vehicle-related industries - edged down 0.1 per cent in July, Statistics New Zealand (SNZ) says.
...I find it a great irony that we are told by a Merchant Banker PM that solo mothers, the ill, the crippled and the mentally unwell have to do with less while he hands himself a massive weekly tax cut because of greedy merchant bankers in America.
It wasn't until 1934 that the full economic impact of the 1929 stock market crash was felt, our crash was in 2008. What The Great recession and the Great depression have in common is that we are seeing a crises of capitalism. In the 1970's the real economy and the financial economy were valued pretty much the same, but after 4 decades of Milton Friedman neoliberal free market ideology, the real economy is valued at $8 Trillion, the financial economy is valued at $330 Trillion - that is a bubble that the sheer dynamics of Adam Smith capitalism dictate must go pop/
And it has.
Pretending that prosperity is just around the corner is delusional, we are in for a sharp shock to remind us that a consumer culture of SUV's, Plasma TV's and cosmetic surgery propped up by credit from over valued housing was never sustainable.
posted by Bomber @ 9:36 am
15 comments
15 Comments:
Did you see this bomber?
http://www.nytimes.com/2010/09/05/us/05mortgage.html
Thats gotta scare you - and look who controls congress?
http://www.juancole.com/2010/09/hellegers-american-income-inequality-is-the-cause-of-our-crisis.html
Warren Buffett reckons there won't be a double dip recession. I think I'll believe him over someone who doesn't even understand what Capitalism is.
Oh I don't know Ross, I think Nouriel Roubini has a pretty good understanding of Capitalism.
AMCC - the top 1% in the US pays 42% of the income tax. Your point? And how do you feel about Fannie getting back into the 100% loan market?
"Oh I don't know Ross, I think Nouriel Roubini has a pretty good understanding of Capitalism"
Hmm lets see how much money has Dr Doom actually made from his views? How much money has Buffet made from his expertise?
I think I'll go with Buffet thanks.
And didn't they think the head of the Fed and the CEO's of Goldman Sacs and Fannie Mae and Freddie Mac and General Motors and, and, and, etc etc etc...... had an understanding of capitalism as well? Ross you might be delusional!
"Yeah, looks like capitalism needs a bit of a lie down and a cup of tea..."
Then where does this leave socialism - dead and buried where it belongs.
http://www.theatlantic.com/international/archive/2010/09/fidel-cuban-model-doesnt-even-work-for-us-anymore/62602/
http://news.yahoo.com/s/time/20100915/wl_time/08599201922500
Buffet predicted the crash? Do you have a link to that?
And maybe SDM, in a more equitable system, like the one the Americans created post "Great Depression" some of the other 99% would have the opportunity to contribute more to tax. Your statement highlights perfectly how flawed the system has become again. Did you read the link I posted Sdm? Did you look at the graph? Interesting how they've managed to perfectly mirror the inequality that preceded the Great Depression and that it had the same effect. As much as I'm not looking forward to how this plays out as the stimulus disappears, I am looking forward to the image in my mind of that smile being wiped off your mug. It really just shows the stupidity of greed, maintain a buoyant middle class and the top 1% can happily continue to exploit to their hearts content while the rest of Western Society buys into the American Dream, destroy the Middle Class and people start to get restless. Didn't take long for the Molotov Cocktails to be broken out in Greece eh, or the strikes in France last week, or the Public Transport system in London. Do you really want to have to live behind razor wire? Doesn't sound like much fun to me!
'Then where does this leave socialism - dead and buried where it belongs'
It's doing quite well in South America, the Brizillian election looks promising. And it's delivering a pretty good standard of living in Scandinavia.
Your Anon arguments against equity always exist at the extremes. I think we could all acknowledge that power and greed in any system will create problems, and humans fall into those traps very easily don't they, irrespective of ideology. But the argument against Capitalism in it's current Washington Consensus guise, although it is the extreme form of that ideology, it is an argument against what has become the status quo. And despite it having proved itself to fail when given free reign twice in 100 yrs, like good religious deciples you guys seem incapable of discussing the fact that for everybodies sake we need to work to redefine the status quo in pursuit of a more sustainable and equitable system.
"It's doing quite well in South America, the Brizillian election looks promising. "
If you think Brasil is a socialist country then you're blazing up hard.
My point is, ideologies and more importantly debate, don't need to exist at the extremes. Dilma Rousseff looks set to take the election and my understanding is that President Lula is not pursuing the dogma of the Washington Consensus and the she sits to the left of him. I also understand that the country has moved towards equity under Lula's rule and has become a serious economic player as those following Milton Friedman's lead are falling down the gutter. Please elaborate as ou correct me.
"My point is, ideologies and more importantly debate, don't need to exist at the extremes."
Quite they can be so watered down that it makes the differences irrelevant. Hence why National is seen as labour-lite and why Labour actually does fuck all for the working class.
It's only fanatics still stuck back in ideological battles of the '90s who haven't moved on and still think that these parties actually stand for anything other than having their trouts in the trough.
I take your point, but your skewing mine. The right wing narrative, particularly amongst Anon posters on blogs like this accept whole heatedly the Neo-Liberal unregulated Free Market as the only model for Capitalism and defend it like religious zealots. When it proves itself to have failed and the discussion moves to what its alternatives could be, we start getting references to Stalin and Castro. It's not helpful and it's not real debate. The Politicians are dictated by fear of focus groups and PR companies in a competition to win which castrates them, and so yes the message can be watered down. Although I wouldn't have put Brash at Orewa in that category, or Labours response to that.
And as for National as Labour light.... here I was thinking Labour were National light allowing National to spin their hard right ideology as moderate.
http://stopmebeforeivoteagain.org/stopme/chapter02.html
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