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| Bush warns of 'global meltdown' |
| 2008-11-14 |
| George Bush, the US president, has warned of a "global meltdown" in the world economy unless action is taken, while defending the unregulated, free-market capitalism that many critics and world leaders have blamed for the crisis. Bush insisted that the current turmoil was "not a failure of the free market" and said an upcoming meeting of the G20 nations should aim to implement "specific actions". "Capitalism is not perfect, it can be subject to excesses and abuse, but it's the most efficient way of structuring the economy," he said in a speech to the Manhattan Institute in New York on Thursday. "History has shown that the greater threat to prosperity is not too little government involvement, it's too much government involvement in the market." |
| Posted by:Fred |
| #18 Oh, let's be like the Swiss. |
| Posted by: Nimble Spemble 2008-11-14 20:24 |
| #17 In Germany, banks are the primary owners of industrial corporations (in the US they are prohibited from owning non-financial corporations) If the German banks go belly up it will be interesting to see what happens to these corporations. |
| Posted by: tipper 2008-11-14 19:16 |
| #16 And how many new jobs were created in Germany in the last 15 years? Check the unemployment [and add in the government make work jobs] for males 18-36? Its all manageable when you have a static economy and central planning. Worked well in the European east didn't it? Yes, the government protects its workers who then are made serfs to higher priced domestically produced goods with high tariffs to keep out the competition. Lets try Smoot-Hawley Tariff Act Part II, cause it worked so well the first time. Posted by Procopius2k 2008-11-14 11:52|| Front Page|| ||Comments Top The Germans are not doing bad actually, considering the fact they absorbed the former East Germany and have given refuge to a diluge of Russians and Turks. My point was simply they (Germany & Austria)...yes, small in comparison to the US, try to look after their own. The Swiss are even better at it. |
| Posted by: Besoeker 2008-11-14 15:27 |
| #15 2 words, George Soros plus 2 more words, Barack Obama, plus 26 words both want America to fail so markets can be taken over by power elites like themselves, which will provide more power and control for themselves, permanently = a deadly socialist/Dem-led "October surprise" in the making for more than a decade, helped by Dem operatives (mostly covert gay) high up in the Republican party to throw the election Obama's direction, AND YOU HAVE THE END OF AMERICA. China and Russia are meeting with Cuba and Venezuela. Obama's buddied in the Middle East are holding off until he cries "allah akbar" and all of the political vermin in Washington will be panting for crumbs from Obama's table. The baddies put this whole financial crisis together, and they don't mean maybe. Look for a "war" situation just in time for Obama to get re-elected. Essentially, what you have is an Ayers presidency. |
| Posted by: ex-lib 2008-11-14 15:19 |
| #14 Go to any Baumarkt in Germany. You won't find the shelves totally stocked and running over with hardware manufactured in China, India, etc And how many new jobs were created in Germany in the last 15 years? Check the unemployment [and add in the government make work jobs] for males 18-36? Its all manageable when you have a static economy and central planning. Worked well in the European east didn't it? Yes, the government protects its workers who then are made serfs to higher priced domestically produced goods with high tariffs to keep out the competition. Lets try Smoot-Hawley Tariff Act Part II, cause it worked so well the first time. |
| Posted by: Procopius2k 2008-11-14 11:52 |
| #13 Adidas, now made in China. Richle, made in China. Made in Europe apparel is now a Gibbons Good. I look at the membership list and am not impressed; many economies have been tanking for some years now. Tell'em to eff off and let's get our economy weeded and re-planted and since the rest of the world works off of the US then it will work out. This is as much about companies not self-regulating as government overstretch. Share and stock holders need to take a more active role in making sure the right management is in place instead of cashing dividends and being wined/dined by good salesmen (bad managers and directors who spend a month setting up the sale). Anyone watch Kitchen Nightmares last night, Fiesta Sunrise? What a microcosm: Bad management - check Indifferent shareholders - check Poor loans - check Lack of direction/creativity - check Selling crap at premium price - check Appropriately foul language to describe the situation - check |
| Posted by: swksvolFF 2008-11-14 11:30 |
| #12 Fair and equitable trade, manufacturing, etc, can generally be enforced within the family. It can also be enforced with neighbors, in the village, state and nation. The breakdown in enforcement begins at the water's edge. Go to any Baumarkt in Germany. You won't find the shelves totally stocked and running over with hardware manufactured in China, India, etc. They look after their manufacturing sector a bit more closely than we do. |
| Posted by: Besoeker 2008-11-14 10:12 |
| #11 Four words: Alan Greenspan Securitized debt. |
| Posted by: Nimble Spemble 2008-11-14 09:58 |
| #10 Just a hundred years ago, most Americans lived in small towns, villages, and on the farm. The bulk of the population was involved in food production. A lot of it subsistence. I guess we should all go back to the 'good old days' of just producing what we need. Shoulda gone back to that just right after WWII and gotten rid of all that industrial economy that took all those goof agricultural jobs too. The problem is that economies evolve. When you're on the leading edge of the next form of economy it both hard to see where you're going and experience the transition with all the adaptation as old systems are replaced by new ones. |
| Posted by: Procopius2k 2008-11-14 09:48 |
| #9 Despite populuar belief, subprime loans are not the greater problem. They are but a symptom. The greater problem is we no longer produce anything here anymore. We both import and borrow money from China. It's all very much like the old coal mining "Company Store." As they became slaves to the Company, little wonder the miners voted for unions and socialism eh? |
| Posted by: Besoeker 2008-11-14 08:00 |
| #8 Four words: Jimmy Carter Bill Clinton. |
| Posted by: Parabellum 2008-11-14 07:56 |
| #7 I don't think those subprime loans were made in China. |
| Posted by: Sonny Ebbeamp1305 2008-11-14 07:37 |
| #6 "while defending the unregulated, free-market capitalism " Freddie Mac was a government creation absolved of the common sense concept of regulation whose original objective was compromised to achieve social(ist) ends. Hardly, free market capitalism. |
| Posted by: Procopius2k 2008-11-14 07:30 |
| #5 I blame 3 words. MADE IN CHINA |
| Posted by: Besoeker 2008-11-14 06:52 |
| #4 But.... but... but.... We still have CHECKS left! How can we be out of money? |
| Posted by: CrazyFool 2008-11-14 06:29 |
| #3 > George Bush, the US president, has warned of a "global meltdown" in the world economy unless action is taken, while defending the unregulated, free-market capitalism that many critics and world leaders have blamed for the crisis. Falsely blamed. Government basically created all this credit and the market allocated it as best it could. This recession is government created, and it will turn into a depression if you bail out bad investments and keep them going. |
| Posted by: Bright Pebbles 2008-11-14 05:02 |
| #2 How's that for a legacy George? |
| Posted by: g(r)omgoru 2008-11-14 01:29 |
| #1 No need to sugar coat it when your 70 days short. |
| Posted by: Scott R 2008-11-14 00:44 |