Comments on: Hangover Nation

By: Maggie

Maggie — Thu, 12 Feb 2009 01:55:31 +0000

Thanks, Gerry. You said it far better than I did. I still think nobody has a clue about how to get us out of this mess.

In the meantime, though, I will hug my secure job, plant my vegies, invest in chooks and hope to deity that we can avoid being thrown out of our house.

In chooks we trust.

By: Gerry

Gerry — Tue, 03 Feb 2009 03:41:38 +0000

I have to say I do not see the source of your issues with Maggie. I took the basis of her comment to mean that given the Titanic has hit an iceberg that something has to be done rather than stand around watching.Not sure that crashing it into another iceberg is the answer to being seen to do something, not sure what is, but they think they are launching some lifeboats and maybe they are.Pretty expensive lifeboats though.
I don't see much value with textbook economics (let alone philosophies within those textbooks)from anyone at the moment, as they were not written to cover a system that has gone well beyond any reasonable tipping point.They had great relevance before I agree but having been ignored and taken us over the edge. I guess the other issue is what would people on this forum do if they were the Treasury secretary and had the full power and responsibility to make decisions right now. Doing nothing not being a real option in that position.

By: John

John — Mon, 02 Feb 2009 18:07:19 +0000

Maggie,

This is hardly the place to have a full out debate on Austrian Economics, but I will say that it has been proven right time and again while others have failed. Austrian economists predicted this whole mess years ago, just as they did with the Great Depression before any hint of it arrived.

By: Ross

Ross — Sat, 31 Jan 2009 05:29:52 +0000

Better still Richard Goers, why not catch up with our Watcher7 for coffee!

By: Pete

Pete — Fri, 30 Jan 2009 06:49:11 +0000

Moderator dropped the comment. Which is weird because I was saying nice things about them.

Basically I said that you make a good point and everyone's point of view should be considered carefully. This is a site for cynics so I guess you have to expect that here.

So far these articles have helped me avoid the pain in the markets that everyone else has been suffering, so for that I am grateful.

As for the future, no-one can be certain, but I prefer the reasoning I get here, than anywhere else.

By: Maggie

Maggie — Thu, 29 Jan 2009 09:12:12 +0000

I look forward to it, Pete. Hope the moderator is kind and lets it through unscathed (might wish it hadn't, though, LOL).

By: Pete

Pete — Thu, 29 Jan 2009 04:22:57 +0000

I posted a reply Maggie, but it is waiting moderation. It will probably be released in a week or so haha

By: Maggie

Maggie — Thu, 29 Jan 2009 04:09:37 +0000

No, I'm not a sycophant of Keynes, but you obviously are of Dan and Bill.

So, Bill-Dansian economics states that failing=resolution+recovery.

What if the last two parts of the equation don't happen, and the first part predominates?

I'm not defending current or past governments/economic policy of any persuasion - as you say, they have their own agendas. All I'm saying is it's healthy to be sceptical and to question everything. Lack of it got us into this mess.

By: Pete

Pete — Thu, 29 Jan 2009 01:07:57 +0000

Good friend of Keynes are you Maggie?

Whoop, more sarcasm.

That is just Bill's way. And Dan's way. And Mogambo's way. Its a way of making these seemingly boring or pessimistic topics more readable. And it totally appeals to cynics(!) like myself.

In fact, it is a newsletter 'for' cynics, people who aren't willing to just accept the advice of supposed experts, government officials or mainstream media and would instead prefer to listen to solid reasoning (with an Austrian flavour).

You will need to change your perspective on these matters before your questions are properly answered. My best suggestion is to start with articles on this site from 2007 and keep reading to the present.

Understand this though - Governments are not the people, and do not always act in the interests of the people. There will be immense social/economic pain and suffering, in which Governments may choose the short road or the long road (guess which one we are on?).

By: Maggie

Maggie — Thu, 29 Jan 2009 00:43:14 +0000

This website is completely frustrating. Many are the articles with a cynical, sarcastic flavour. Efforts to control the financial meltdown are picked apart, sneered at and denigrated.

Many countries are trying their utmost to survive the crisis, because they know the costs are high if they fail - complete and utter chaos.

Then in comes the Daily Reckoning, saying let them fail. But at what cost?

How does anyone know that "letting them fail" is as good a panacea as any current financial paradigm?

Hmmm?