Deja Vu all over again

Discussion in 'Economy' started by midcan5, Mar 28, 2008.

  1. midcan5
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    midcan5 liberal / progressive

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    Socialism for the Rich! Free Market Apostates
    By Binoy Kampmark

    "We have heard it for some time now: the market is divine, lending its magical corrective qualities to sort out the good from the bad. A character portrait of George Bush by a former teacher of his, Professor Yoshi Tsurumi, recalled a pupil's suspicion of such monitoring bodies as the Federal Trade Commission and Securities Exchange Commission. These bodies were 'unnecessary hindrances to "free market competition".' The New Deal received characteristic opprobrium * it was 'socialism'. As for poverty: it was the simple result of a poor work ethic.

    ****

    When the company fails, we must all fail with it. Corporate success is the success of the few; corporate failure, a collective one. This is the underlying message of salvaging measures by governments and their regulatory bodies. The global subprime crisis has triggered bailout strategies across several countries. This suggests a grand admission: the market is not magical in its self-corrective wisdom, and its harmful effects must be neutralised."

    http://www.counterpunch.org/kampmark03272008.html
     
  2. Diuretic
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    Diuretic Permanently confused

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    It sort of supports my view that there is no such thing as a pure economy. What we call "free market economies" are actually mixed economies and that the mix in each is variable. But it seems that towards the small regulation side of the scale there's danger, that unrestrained capitalism will plunge on regardless of the damage it's doing to the economy. So, perhaps the extreme free marketeers may wish to revise their thinking.
     
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  3. AllieBaba
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    AllieBaba BANNED

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    "Deja Vu Again" is redundant.
     
  4. midcan5
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    midcan5 liberal / progressive

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    Thanks and Yogi thanks you too.

    "This is like deja vu all over again." Yogi Berra
     
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