I started a thread like this in another forum and thought I would do so here as well. I am a strong believer in free market capitalism and I want to hear from all of you who the doubt the theory. I especially want to here from all of you Keynesians and Obama supporters because it is your policies that made this crisis so bad in the first place and it is your policies that will make it worse.
So go ahead, as me something.
Great thread MYP. Thanks for posting it. OK here is my question. US citizens have voted a 1.2 trillion bail out package, without having a finite list of toxic assets put in front of them. Recently Citibank posted profits and also mentioned that it may not be needing bail-out money. So if this is to continue, obviously that 1.2 trillion needs to be reduced? I'm not hearing anything about reducing the bail-out package. In fact recently there was a report (that caused the stocks to spike again) that Obama was going to invest 1-trillion in toxic assets of banks. Where are those toxic assets, and why do we not have lists in front of us to actually see what they are? Why is there not a Committee in place to investigate those toxic assets, as how are we to know that the bail-out will only be limited to toxic assets, and not a general bail-out of banks? Then finally, when these bail-out packages were in the process of being voted on, Obama was campaigning everywhere how it was supposed to benefit the citizens of the street in the end by sending money their way, to stimulate the economy Keynesian style, what I see is (1) bail-out of Big Banks, "as is", with the exact same management in place, no Watch Dog committee to check these "failed banks" out on behalf of those who voted the 1.2 trillion bail-out package (2) assistance with housing loans, but limited to popular press statements, very short on nitty gritty which are supposed to get the loans and how will it will be assessed. Also which institutions will be doing that, smaller banks or only those big one that are being bailed out? (3) what about the rest of the economy .... and I'm not talking big business, as it would seem that all of the bail-out seems to be focussed on BIG business only, but the small businesses and the people in the street are rarely mentioned these days. I would like to hear your views as I get the feeling that there is a great need for a BS detector these days to scan through all of the media reports, almost as though we are being duped, the same greedy people responsible for those toxic assets in the first place (including big banks, Government and financial institutions), are still playing the same games and a good result may be a recession of a recession in the end.
Just the FAQs, sir/madam.
1) What is free market capitalism? What are it's goals, beliefs, ideals?
2) What sort of system do free market capitalists want to create? How would it differ from our current system?