You're familiar with the investment bank bailouts, yes?
That's US tax dollars, paid by you and me. That would be a socialized loss where I come from.
Bring back Glass-Steagall and give it some damn teeth.
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US income inequality at record high
- Thread starter Tony Flow MMMM
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You're familiar with the investment bank bailouts, yes?
That's US tax dollars, paid by you and me. That would be a socialized loss where I come from.
Bring back Glass-Steagall and give it some damn teeth.
Yes...
...and small tribal societies were communist before Karl Marx ever started throwing around the term.
...and folks who died of Tuberculosis in 1800 might have called it "consumption", but they still died of Tuberculosis.
The ACTIONS are what define it, not the label.
Businesses providing less to employees, leading to increased need for welfare.
I believe what he's referring to are the billions of dollars provided to large financial institutions and auto makers by the US Government in the wake of the 2008 economic crash in an effort to keep them afloat.
I would agree that repealing the Glass-Steagall Act led to the extremely large housing bubble along with the inevitable collapse of it.
Just remembering off the top of my head, so grain of salt and all. Some (Scottish?) gentry had "tobacco houses" where tobacco was bought and goods sold. They controlled all the prices of everything in the region which led to indebtedness of everyone else. They were one of the first to get booted when things hit the fan, and most of that debt was not repaid.
Remember the motto we are given was, "No taxation without representation." The money was moving to those in control. Taxes are economic in nature, no?
I'm not sure about the auto bailouts - they may have changed their business model enough to make them potentially worth bailing out. Still a socialized loss though.
The financial institutions on the other hand are continuing to engage in exactly the behavior that led to the collapse - so a socialized loss PLUS no reduction in volatility/danger to the economic system.
Am I assuming too much to think that you agree that the Wall Street bailout was a mistake?
Sigh . . . Whatever. Find me just one authoritative source that considers armies and navies inherently "socialist." If you are going to call anything that government does "socialist," it is going to be impossible to have an intelligent conversation with you.
I'm not sure the bail out itself was a mistake. Distasteful and a socialized loss - yes. Potentially a "lesser of two evils" choice that prevented a worldwide economic collapse? Quite likely.
I'd argue that the Wall St. bailout, with no corresponding changes to the system to prevent future occurrences and no punishment for the decision makers whose decisions led to the issue, was a mistake.
My opinion is that these people somehow absconded with 15 trillion dollars of your, mine theirs money and were rewarded with somewhere in the vicinity of a trillion for that service.
It is beyond my comprehension that they weren't jailed.
General Wesley Clark:
Retired General of the United States Army
Valedictorian of the class of 1966 at West Point
Rhodes Scholar
Degree in Philosophy, Politics and Economics
Master's degree in military science
Commander Operation Allied Force in the Kosovo War
Supreme Allied Commander Europe of NATO from 1997 to 2000
Presidential Medal of Freedom winner
On the nature of military organization...
Yep.
The bailout - probably necessary.
No one going down for it? Downright criminal.
Out of interest, how would you classify most armed forces?
Are they socially funded or privately funded? Police and fire services are another example of socially provided, funded and run organisations. Some of the earliest fire services were private (you needed a plaque outside your house for them to put a fire out!).
A liberal talking head does not qualify as an authoritative source. I'm talking about an authoritative, definitive textbook, etc.
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