FED's Policies & Helicopter Ben

please quit lying about what progressives believe. quite frankly the fact you haven't been banned yet for your rampent trolling, personal attacks, and intelectual dishonesty is a sign the the mods aren't doing their jobs. progressives are against bail outs in general. but if its bail out or economic collapse we'll take the bail out. though you probably like that. ruins of societies are usually free markets with all the thuggery that entails.

 

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Outside of North Korea, there is no country that doesn't practice Corporatism. That said, if Corporatism was ended today, it's not like Sony or GM would end - it's only that the laws would change the way business are legally defined.

As for 'free-market' - I personally find Japanese to be much more distrusting of their government (and willing to toss out a PM once every few months if need be) compared with Americans. We were a nation based on rugged individualism. Not any longer. We're Cattle. We stand in our stalls and we lick the Farmer's hand for a pat on the head. Oh Gee... maybe the Farmer will let one of my calves be a dentist or a lawyer. We moo to our selves.

There are less regulations and it's much easier, IMO, to open a business in Japan. Not only that, Japanese are much more inclined to WANT to open a business. And the Chinese much more so than them. Not that Americans are all that bad - but, with all the red-tape and tax, who'd bother? You should see AU. If you live in Australia your can't even babysit without filling a few tons of paperwork and passing formal education. You know, because you're too dumb to conduct life as an adult - best to leave the thinking to your betters. Which is pretty much where we're headed in the USA.

 

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I´m not familiar with the TAG account insurance, but think large companies met payrolls via line of credit accounts. Holding money to cover checks in a zero interest TAG account does not seem to be as smart.

I posted that yes the TARP funds were repaid with interest BUT:

If and when the economy does recover (unemployment below 6% etc. and BLS defined labor force growing with population growth, not shrinking as now.) then I agree it could have been much worse to let the free market function - bad banks go under, etc. Now the surviving ones are much bigger than in 2007 when they were "too big to fail."

 

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north korea is no Corporatism its communist. corportism is more like fascism and libertarianism than communism.

no but their ability to abuse people would be less. of as you call it people would be less free.

forgive given how out of touch with reality if I don't place any stock in your personal opinions. oh you may very well be right but quite frankly the homeless guy under the overpass is more reliable than you.

No we still are. we have unlike you realized people shouldn't be punished for bad luck. we are or were until right wing pro corporate power pro economic power shills like yourself put into place policies that increased corporste power to a level unseen since the robber baron era. we need more progressive and social democratism to help labor power. we were going for a meitocracy which is anthema to most free market ideologies including libertarianism.

the average american thinks for himself far more than you do micheal. just because you disagree with them doesn't mean they aren't think for themselves. most people value freedom over rich people making money. someday when you grow up and understand the world as it really is and not your libertopia you will too.

you do in japan companies collude to determine market share? ie corportism

actualy its quite easy to open a buisness in the states if you have the funds.

I can't speak to Australia but given your tendency to be well wrong and flat out make shit up I'm feeling pretty confident its not like your portraying

only if the libertarians get there way. most lefties believe in thinking for them selves

 

I forgot to mention in post 63:

We can not go back and see what would had been the result of not making TARP and more recent bail outs, but we can look at Iceland. ALL three of its largest banks did fail (and No.4, if it exists, is tiny). The Government wanted to bail them out, but the people said NO!

As a percent of the economy, they were vastly larger than Lehman.* Now Icelandic economy is healthy and doing well. It always seems strange to me that those advocating the market place economy want government intervention, when it is banks that are in trouble. Much of US trouble is the switching the economy to "privatization of profit and socialization of losses" which tax payer will ultimately get the bill for.

* Had borrowed and badly invested funds more than several YEARS of Iceland´s GDP!

 

Bernanke enjoys 'fruits of hyper-regulated markets' with first post-Fed speech

Bernanke enjoys 'fruits of free market' with first post-Fed speech

Isn't that wonderful, our Central Planner in Chief is making $250K a pop, you know, not because this douche has the inside track on how to game the un-free markets and work the 'monetary' system, but because he's such a f*cking brilliant economist and has unpublished data on his new economic models. You see, Benny Boy is a very successful financier who has ran all sorts of world-class companies ... oh, but he isn't and hasn't. Nice to see he's cashing in.

 

Actually, no they don’t. Payrolls are normally paid out of working capital. If a company is borrowing money to make payroll they are in serious trouble or a startup. In normal times it might not make sense to keep money in noninterest bearing accounts, but at a time when the entire financial system was in jeopardy, it made a lot of sense.

http://en.wikipedia.org/wiki/Working_capital

Well the economy has recovered. The recession has been over since 2009 and the economy has grown every year since 2009. The unemployment rate has dropped from just over 10% to 6.7% and it continues to drop. Jobs have been added to the economy every year since 2009. Well some banks are larger, but not all. And some shadow banks have been spun-off like Ally Financial and become real banks. So there have been some major changes in the banking and finance industries including and not limited to more regulation and oversight (e.g. Dodd-Frank).

 

Except, the situation in Iceland wasn’t as rosy as you like to depict it and you cannot compare a small country with a population of 300,000 to a country with a population of more than 300 million. There are differences between a reserve currency and a non-reserve currency. They are not equal. And there is a difference between nationalizing 3 banks versus the many thousands of banks in the US especially when the US is only staffed for a normal close rate of 10 to 20 small and midsize banks every year. And there is a world of difference between a 14 billion dollar resource based economy (i.e. Iceland) and a 16 trillion dollar diversified global consumer based economy.

Additionally, Iceland’s central bank borrowed heavily, increasing its public debt by more than 5 fold – thanks to the International Monetary Fund. Iceland borrowed money heavily from the International Monetary Fund and it relied on its neighbors like The United Kingdom and The Netherlands to bail them out. And let’s not forget the 15% inflation rate and the 35% devaluation of the Icelandic currency. Interest rates went to 15.5%. And the bottom fell out of Iceland’s stock market. It lost 90% of its value. And let’s not forget, Iceland did many of the things the US did to protect retail banking customers (i.e. guaranteeing deposits).

 

You seem a bit hypocritical. Bernanke is earning a living in the free market. People pay big money to hear what Bernanke has to say. His opinion matters, because he is indeed a f*ckingly brilliant economist. Your inability to recognize that fact doesn't make it any less true. Instead of ruing the world as you imagine it, maybe you should take notice of reality. Maybe you should take notice that you are living in a fantasy world. Maybe you should replace fantasy with reality.