Thursday, October 02, 2008

You Can't say we weren't warned.

So this is the way cowboy capitalism ends, not with a terrific bang, but a taxpayer bailout.

For years, a small group of experts complained that finance companies were pushing ruinous payday loans and high-interest mortgages like crack cocaine but hardly anyone listened. And those who spoke up were loudly dismissed by the powers that be as ignorant of the self regulating powers of free markets.
Last night the U.S. Senate passed a $700 billion financial market rescue package, loaded with inducements for the House of Representatives to approve, this followed the House's rejection of an earlier version. I think all the wealthy countries of the planet have played some part in this mess we find ourselves in today, UK included.

This has all been said before many times over, and I am no expert so here is a little friendly financial humour to help us through the crisis.

  • The Dollar bill has been redesigned..

  • Corporate accountability..

"The great thing about democracy is that it gives every voter a chance to do something stupid". Art Spander.


Raúl said...

me gusta mucho tu blog lo visito a diario visita el mio y si t gustadeja un comentario de si t gusta o nos enlazamos los blogs

Ilene Springer said...

This is good, Steven. I love your blog and your thoughts on Malta and I can't wait to meet you and Gill.