Greece bet
Dan H, Greg Webb and Gaaprules on record.
This is still the tip of the iceberg. It’s a problem of financial deregulation pure and simple. The guys and gals who predicted the first crash have been saying all along nothing is fixed and the worst is yet to come. We were warned years before the first crash of the dangers of these financial weapons of mass destruction. Here I was laughed at for my ignorance and still people defend the need for allowing Wall Street to be turned into a casino. What is happening in Europe can no longer be blamed on Barney Frank.
Greece will blow up the world when it’s people are given the choice to default and hopefully most of the pain will fall onto the jack asses who created and pushed these toxic financial products. Unfortunately, many unsuspecting people will suffer and many criminals who work the system will get out with billions. Human civilization will have effectively been held back 20 or 30 years of real progress because we let these jerks run the show.
Allowing them to fail IS important but prevention is always the best medicine. There were never and prospects of bailouts through all the boom and bust cycles prior to the Great Depression. The only thing that controlled them was good regulation.
The solutions are simple enough as much as the Wall Streeters would try to convince you otherwise. The Hayekian view that we should not try to control markets because they are too complex is bunk and is dangerous. Like going to a faith healer for your cancer. We are living the results of too much of that mindset. There are plenty of smart people who DO have good and simple ideas to make the system more stable. We had a stable system and tossed it out. Separate commercial and investment banks and simply impose tougher capital requirements are some of the obvious fixes.
Anyway… the Greeks are set to change the world…. hang on… it’s such an unnecessary growing pain but civilization will be better for it.
November 2, 2011 at 4:44 pm
- “Greece will blow up the world ”Yes, allowing their $309 Billion economy to fail will collapse the world. Right.To put that in perspective, Walmart had revenues of $422 billion last year.
November 2, 2011 at 5:07 pm
- Dan, perspective is not something Muirbot understands. You know how spell-check can’t account for context?
November 2, 2011 at 7:21 pm
- How much was Lehman Bros economy?
- Anyway.. you are both on record saying it’s not too significant…. watch and see!
posted by muirgeo @ Wednesday, November 02, 2011
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