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Steve Likes to Curse
Writing, comics and random thoughts from really a rather vulgar man
Still, you have to admit the economy is fundamentally strong . . . 
Tuesday, September 16th, 2008 | 05:37 pm [commentary, news]
Steve
From an article by Jeremy Siegel at the Wall Street Journal's website:

Despite the recent turmoil, there is good evidence that the worst is over, especially for the commercial banks with access to Federal Reserve credit. Despite yesterday's severe sell-off, most are significantly higher than their July 15 low, and some such as Wells Fargo and UBS are up over 50%. . . .

It is shocking that firms that withstood the Great Depression are now failing in what economists might not even call a recession. But their failure was not caused by lack of demand for their services. It was caused by management's unwillingness to understand and face the risks of the investments they made. The names of the players will change, but the future growth of the financial services industry is assured.

Don't get me wrong, this is good news. I'm happy that the American finance industry has not collapsed in the wake of the Bear Stearns bailout and the failures of Lehman and AIG. I'm glad there isn't going to be a depression. But thousands of people have still lost their jobs. Lives have been ruined, families thrown into turmoil. Maybe most of them will be able to find work elsewhere as the industry recovers, but that's not really the point.

Economics: surely the most bloodless of all the social sciences.
Comments 
Thursday, September 18th, 2008 | 12:14 am (UTC)
Anonymous
Amireka will be a full fledged National Socialist country before too long if the feds keep taking over businesses. One only has to look to the UK to see our future, the worlds largest open air prison.

--RT
Thursday, September 18th, 2008 | 03:48 pm (UTC)
Come on. Ashley visited London a few years ago and she tells me it was a really nice place. Nice restaurants, great museums, public restroom stalls where the door goes all the way to the floor — doesn't strike me as a dystopian dictatorship.

And their socialists are way better than ours. Witness Tony Benn, and the five questions he suggests we ask of all powerful people:

What power have you got?

Where did you get it from?

In whose interests do you use it?

To whom are you accountable?

How do we get rid of you?

Edited at 2008-09-18 03:54 pm (UTC)
Thursday, September 18th, 2008 | 07:55 pm (UTC)
Anonymous
On the outside looking in. They have more CCTV cameras than the rest of Europe combined with 1/10 the population. The crime rate is insane there and people get arrested at pizza parlors for being there too long while feral kids pillage the streets. The place is insane. You are not allowed to defend yourself and the average wait time for the police to get to your house is 45 minutes to two days or more.

The place is a cesspool. Of course they put up a smoke screen for the tourists just like we do here.

--RT
Saturday, September 20th, 2008 | 12:49 am (UTC)
Anonymous
As you just heard, we (meaning real tax payers) have to bail out more bailed businesses.

--RT
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