some causes of the economic crisis

[marko]

This article takes a look at some of the core of the economic crisis.

Here is another one... (a caution to all of you brainwashed McCarthy-ites... this economist is of a Lenin-Marxist persuasion.)

Important quote from article: "In short, what measures the capitalist economies are going to adopt in the face of this crisis today depends upon the extent to which the hegemony of finance capital can be confronted."

Will Obama confront the "hegemony of finance capital"?

Doubtful. Many of them are running his economic team.

"There is strong evidence that not only does President Obama’s team of economic advisors owe their professional advancement to the Wall Street cartel of financial firms, but also the President himself is greatly indebted to the cartel for its behind-the-scene promotion of his presidential candidacy, and for their generous contributions to his campaign."


I read an article that asked a great question: Are the capitalistic problems we seeing today systemic problems or individual problems?

His answer was along the lines of... Capitalism breeds the venal perpetrators, and rewards the most unscrupulous among them. The crimes and crises are not irrational departures from a rational system, but the converse: they are the rational outcomes of a basically irrational and amoral system.

What do you all think?

[caspermike]

marko, i think you see the world in its real colors.

[yarmonymatoid]

Thank God or yourself (whatever you prefer), we can all rest easier now... Joe Biden is in control of the wheel of recovery! At last, someone with such a vast economic acumen is in charge! LOL... please ice... melt, please I can't take it anymore... all this wisdom and superior judgement is unbearable! Anyone know of a 4 year float out there?

[Riparian]

Capitalism breeds the venal perpetrators, and rewards the most unscrupulous among them. The crimes and crises are not irrational departures from a rational system, but the converse: they are the rational outcomes of a basically irrational and amoral system.

Venal. Great word.

Capitalism isn't concerned with the greater good, it's concerned with self-interest. At its purest, it's about profit period. Rationally regulated capitalism is what protects us from the inherent excesses of capitalism. The breakdown of regulation since Reagan is what allowed the whole damned thing to go into the crapper. Remember, he was the champion of "self-regulation." That, on its face, is laughable. Lots of Americans got sucked into the fantasy of deregulation and self-regulation. That era is done. It's finished.

[heliodorus04]

The problem with capitalism is capitalists.
The problem with socialism is socialism.
(I forget who that quote belongs to)

See the difference: know the reality.

At one end of the spectrum, you have capitalism, which enables the greedy to exploit individually.

At the other end of the spectrum, you have socialism, which punishes all achievement and discourages the collective mass from trying harder.

Pick a point on the Likert scale that you prefer.

I see things through the prism of history.
As with the scientific method, the free market ideology has produced far more liberty, far more advancement, far more good, than its outliers of individual corruption can take away from it. Socialistic systems are, in my estimation, not able to say the same thing. The socialists always argue that the Soviet Union, Khmer Rouge, North Koreas of history are bad examples. Well, so too are two depressions in 200 years and a handful of minor recessions. Moreover, even good examples of Socialism don't liberate and advance the way more free market oriented systems do. Compare Japan to any Scandinavian country. Compare Taiwan to China.

It's a matter of scale.
And understanding outliers.

[caspermike]

helio nice post.