Quote from Daal:
well the last time the authorities decided to listen to 'austrian liquidationists' like rogers the top income tax rate went from 25% to 79% in 1936, social security was born and welfare from cradle to grave became a 'moral' thing
I sure heck they dont listen to them this time
Quote from toc:
Bailout makes sense and sad that learned folks like Jim Rogers do not understand the 'extreme danger' that US financial system will be in if this bailout does not happen.
Hope foreign nations like China, Saudi Arabia, Kuwait, Norway, Canada who are floating merrily in the export and petro dollars do their 25B a piece of investment. They know what will happen next if US goes into recession. Time to think and act in the global terms.
Quote from Cutten:
Like Asia in 1998? Recovered fine within a year or two.
USA from 1928-32 was under Hoover, an ardent interventionist. Then FDR, an even more ardent interventionist. Look what happened.
Not sure how you can claim the 1930s were a failing of capitalism, when it was socialist law after socialist law that kept getting passed and kept unemployment in the 10-20% range for the only sustained time in US history. Notice how places like Sweden that followed the most laissez-faire policies recovered far quicker and didn't even have a depression, just a recession. The UK was less interventionist and suffered less than the USA (stocks fell 50% not 89%, GDP contracted far less).
The evidence doesn't support your assertion. The most recent Keynesian experiment was 1990-2000 Japan - didn't do well.
Obviously you fail to understand that solid balance sheets and sound risk policies of financial institutions mean very little when mass panic takes over. The best and most sound brokers can be forced out of business once people stop trusting them even if their distrust is completely irrational and unfounded.Quote from Cutten:Is paying attention really so hard that you want to fuck up the economy for everyone else out of pure laziness?