Too much bungee jumping and too many words. The failure has been lack of financial regulation. The detail of that is of course the subject of a treatise but it doesn't change the overriding overall fact that the failure has been one of regulation. You spend so much time on the details that you end up missing the big picture. The DETAIL of the financial regulatory inadequacies is a big topic, the fact of their inadequacy is not. And the reference to 'foreign alliances' is an offensive one. Your financial mess is one entirely of your own making. It has been decades in the making and will be many years in the recovery. It was caused by both parties and a string of exceptionally bad policy. And I live in a country that has done the exact opposite and is benefitting from it now. No bank bailouts, no massive handouts to companies far and wide and no imminent collapse of the housing sector. Frankly, the Obama administration could do a whole lot worse than take a look at what we have done in our financial sector and duplicate it. A recent IMF and OECD report listed Australia in the top 4 economies in the world. This wasn't by accident. The same report listened USA as 41st.
Less details bob and few more bald uncomfortable facts. -----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Bob Calco Sent: Tuesday, 17 February 2009 8:05 AM To: 'ProFox Email List' Subject: RE: [OT] Federal Obligations Exceed World GDP > And not a single mention of the failure of govt to regulate financial > practices that are obscene, absurd or dangerous? You seem to have a > chronic > inability to deal with that one preferring to blame 'foreign > alliances'. You are dense, Geoff. This is obviously because I view THAT as a symptom of deeper root causes. Or how would you answer WHY there was the failure to properly regulate these GSEs and related hedge trading devises that we all agree in principle, somewhere, somehow happened? - Bob > There are three main *root* causes of the mess we're in, if you really > want > to lift the hood on this thing, the thesis of a treatise I shall write > one > day: > > 1. The way the extra-constitutional two party system has corrupted our > constitution's natural safeguards against majority faction (remember > that > greed problem? In a republic with checks and balances, this is where > that > greed metastasizes in the government); > > 2. Too many entangled alliances abroad (our founders warned us about > this, > too) > > 3. A population accustomed to bribing itself by spending the wealth of > future generations. > > None of these are "free market" problems. The market will simply become > dysfunctional in the face of these conditions, and this is what has > happened. [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
