Instead of allowing capitalism to fix the problem, the feds made it worse. They gave more money to the very institutions and managers who had proved they couldn’t be trusted with it.
We don’t want to rehearse the whole sequence of events that got us to where we are. But it’s important to understand what happened.
All Posts Tagged With: "capitalist"
How a Deficit in Capitalism Helped Engender the Financial Crisis
The Real Crisis in Capitalism
The Financial Times led off its series on ‘Capitalism in Crisis’ with a wandering piece that attempted to outline the problem. Unfortunately, the FT writers don’t seem to understand what capitalism is, let alone what is wrong with it. They say they are “rethinking capitalism.” But it doesn’t appear that they ever thought about it the first time.
January 12th, 2012 | Bill Bonner | 1 comment | Continued
Socialist Pigs
One need only look to the recent goings on in Australia, your editor’s country of birth, for a glimpse into the real world outcomes of this ideological struggle. Kevin Rudd was last week ousted from Prime Ministership after a botched attempt to impose a “super profits” tax on the most productive sector of the Australian economy – the mighty mining sector. We provided a few details in Thursday’s issue:
July 1st, 2010 | Joel Bowman | 33 comments | Continued
Government Takes Away Almost Two Billion Dollars from Telstra’s Market Cap
The move we refer to is the forced breakup of Telstra’s retail and wholesale businesses. It will separate Telstra’s physical network from the services side of its business. The Minister announced legislation to achieve the split yesterday – and he did not make it in the form of a request.
September 16th, 2009 | Dan Denning | 4 comments | Continued
The New Capitalists Were Not Real Capitalists
Of course, as long as stocks went up, the new capitalists didn’t mind or notice that the financial industry took advantage of them. They completely misunderstood what they had gotten into.
May 5th, 2009 | Bill Bonner | 0 comments | Continued
The Outrage Over AIG and Their Bailout Money
Under pressure, AIG revealed what it did with the bailout money. It came as no shock to us to discover Goldman Sachs at the top of the list of recipients. Goldman’s main man was in the room with the feds – the only representative of Wall Street – when the decision was made to rescue AIG. What’s more, the feds’ main man at the time – Hank Paulson – also used to be the top honcho at Goldman.
March 18th, 2009 | Bill Bonner | 1 comment | Continued
A Time of Contradictions, Paradoxes and Oxymorons
The socialists are the only ones protecting the free market, now. Americans are scuttling it with every chance they get. The stocks of capitalist companies are going up in communist China…but in America, they’re going down. Since November, the Shanghai index has outperformed the S&P by 75%.
March 6th, 2009 | Bill Bonner | 2 comments | Continued
The Last Capitalist in America
Will the last capitalist in America please turn out the lights? How surreal. Less than ten weeks to go remain in the most entertaining presidential election campaign in recent decades. Yet right here in the United States of America, capitalism is reeling. It’s under attack by a bunch of socialist bankers and the politicians whom they’ve purchased to represent their interests…
September 9th, 2008 | Dan Denning | 3 comments | Continued
