Wall St was down 94 overnight, its biggest fall in a month, while the local market is down 66.
Faris: Capitalism cannot be beaten
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My economic qualifications are confined to a DNS in year 12 which puts me way ahead of most US congressmen. Anyway, my view (FWIW) is that the US financial crisis will resolve itself satisfactorily, probably in the short term. The Left are correct in describing this as a crisis of capitalism – but the truth is that capitalism will survive. This is not 1929 and nothing like it. I expect a variant of the bailout legislation will be passed by Congress shortly. In the same way that Republican representatives voted against it because of the perceived opposition in their electorates, the impact of the failure of the bailout legislation is plain for all to see. That will change their minds provided the new bailout can save their face. This is not so much a problem inherent in capitalism but one in the structure of US government. This type of crisis needs prompt and decisive action which the US political structure prevents. Despite the fact that Paulson, Bush, McCain and Hussein Obama all support bailout, the issue has been left for decisions by elected US politicians. I support democracy but this demonstrates its limits. Other countries have a more unified leadership system, especially ones that adopt the British system. In Australia, it would be a bipartisan decision with effective power in the executive, not the ranks. The test for these propositions is to imagine that Australia had the US presidential system. In that event, the question of a bailout would be decided in the Senate by Senator Fielding — a frightening thought for all. So the Left should not open the champagne just yet. It should get back to more serious issues like global warming, which apparently Rudd and Garnaut are going to fix by the public ceasing to eat f-rting animals like cattle and sheep in favour of eating nonf-rters like kangaroo. The whole world is crazy. |
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10 Comments
In his general misunderstanding of the effects agriculture has on global warming, Peter Farris repeats the common error that methane is excreted in farts. Methane is an odourless gas excreted out the other end in burps by sheep and cattle. Methane is a most potent greenhouse gas. Kangaroos do not produce methane. Neither do chickens.
Peter
Two statements in your article - ‘this is not 1929’ and ‘I support democracy but it has its limits’ are marvellous, simply marvellous. Why? Because the second comment is word for word what people - Churchill, HG Wells, countless others - said about the government of signor Mussolni, as the great depression took hold. You may not like him, but old Musso makes the trains run on time etc etc. Mussolini was loved by the right because his politics of brutality and force were sufficient to distract from economic woes by an impressive show of will.
You are not incorrect to say that the problem is one of amrican governance, but if you think this is a mere surface disturbance, then you’re barracking. In one way it’s less than 1929, in another more, because the gears are totally ground up, there ain’t nothing left to throw into the mix.
Meanwhile we all remember your idea that Australians should have their religion stamped into their passport ’ ‘Jew’ etc - and we eagerly await your solution for something beyond the ‘limits’ of democracy.
For Gawd sake you commenters. Lighten up! Everyone knows Faris would prefer an argument over a hot dinner. Dr Stanton should know this more than most, nutritionist and all.
For mine, what I enjoyed was the exasperated last bit about the world ‘is crazy’. No Pete, it’s much more scary for you than that … its changing.
Gee folks, hard stuff dished out here. Peter is entitled to his learned opinions and for want of SOME BALANCE in this email rag I totally enjoy his contributions whether I agree with them or not. Without Christian Kerr’s input to spice things up, Crikey has looked in danger of appearrinmg more like an enviromentalist lefty political hack rag, you know, like New Matilda.
Actually, Peter, it isn’t at all like 1929. In 1929 the USA was a net creditor nation. Now it is the leading net debtor nation and has been since around 1988. In 1929 the small part of the market that is the stockmarket recovered to reasonable levels fairly quickly within less than a year after a longish disruption. The unemployment rate (the people that pay taxes and consume goods made by real capitalists) took over 10 years and needed a world arms race and war before full recovery. Perhaps you should go back to school and read harder. Real capitalists own the means of production, they don’t move other peoples’ funds around as though it was a useful contribution. The USA hasn’t produced much for years. They have exported, outsourced and sold off most major manufacturing. You could start here for helpful definitions of the harder concepts. http://www.investopedia.com/terms/c/creditor_nation.asp
Responsible governments do not leave foxes (or blithering idiots) in charge of the chicken houses.
This is the result of years of corporate incompetence, corruption and greed. Incompetence, corruption and greed don’t have borders of political, religious or ethnic origin. Sadly they affect everyone that is not wealthy with unbiased largesse so you can leave spiteful racist comments somewhere else thanks.
That’s it. I can handle Faris’ inane commentary on legal issues, but giving him a soapbox to opine on a topic that by admission he knows nothing about makes Crikey’s depth of contributors look pretty poor. The Hussein Obama reference is such infantile dog whistling that I have to assume Faris included it to provoke exactly this kind of reaction for his own entertainment, either that or there is a serious intellectual bankruptcy going on here. I’ve been edging towards not renewing Crikey for some time now, this is the coup de gras. If I need extremist and ill considered nonsense on serious topics I’ll stick to Fox News.
Peter Faris: If someone wrote an article for Crikey pointing out the astonishing cock-up which occurs in the legal system; you would ridicule that person with high moral cant, because he/she didn’t know anything about the law. Having admitted that you know f*ck-all about economics, you proceed to embark on your usual fundamentalist, far right-wing ravenings of anything/anyone who doesn’t share your politics. What insight have you brought to people who may be anxious, gloating, joy, or in despair re the current financial woes. Started, I might add, be the equally far right-wing capitalists of the good old USofA. Venture capitalists sodden with greed and contempt for anyone who isn’t as bent as themselves.
You have imparted nothing of interest to anyone, except, perhaps, someone who is looking for a fight. In you efforts to gain centre stage you merely display yourself as a petulant and bored seeker of attention.
Peter,
Any reasons for the “Hussein Obama” when listing the names of some people involved, why use his second name and then last, why not put Sydney McCain there too? Or are we trying to be inflammatory?
This is something I’ve see from the Obama is a secret Muslim crowd in the states..
The USA is a civilisation in continual slow decline…it’s been hijacked by the rich, it’s system of national government is 230 years old….and showing it .
Eisenhower’s declaration of the sociological canker open to a society unduly influenced by its military industrial elite…greed is STILL NOT GOOD…would Dick Fuld even understand what he’s been part of ?
US society has been hijacked by Straussian zealots…. as has Islam….
Why did Peter Faris include Barack Obama’s middle name in this article? He used surnames only to refer to the others: Bush, Paulson and McCain. Was he trying to imply something about Obama? I would love to know his reasons. I doubt they are innocent.