Do they know its credit crunch time?

11 comments on “Do they know its credit crunch time? ”

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1. RedLogix 1

   15 February 2009 at 10:15 am

   I have long argued that if a society cannot afford to allow an enterprise to fail, then by definition it should be publically owned. Money supply is an essential public infrastructure, as is water, electricity, roads, telecoms and the like.

   A publically owned and controlled banking sector is probably not hugely less prone to failure than the current system, but if and when collapse does occur at least we would not finish up ‘privatising the gains and socialising the losses’ as we are right now.

   The correct answer is the abolition of privately held banks, and all creation of money supply to be a function of central govt. That would be a revolution worth having.
2. stalins ghost 2

   15 February 2009 at 10:25 am

   Privatise housing too!!!!!!!!
3. stalins ghost 3

   15 February 2009 at 10:26 am

   Nationalise housing too!!!!!!!!
4. Tane 4

   15 February 2009 at 11:27 am

   Ghostie you might want to change your username, we moderate for the word “Stalin” to keep out right-wing trollls so you’ll find yourself caught in the spam filter every time.
5. Redbaiter 5

   15 February 2009 at 11:52 am

   Hey that’s pretty funny for a left wing site. Free of the usual sneering condescending smugness that typifies most of the so called humour that comes from the left. I like the way it takes the piss out of the supercilious pseudo liberal fuckwits who starred in the original.

   Thanks for the smile.
6. Redbaiter 6

   15 February 2009 at 11:58 am

   “I have long argued that if a society cannot afford to allow an enterprise to fail, then by definition it should be publically owned”

   Yes Redlogix, gummint owned ‘enterprises” whether they’re banks or electricity supply networks, never fail. Check out the S*vi*t Union, or for its modern day equivalent, California. You pitiful reality denying m*r*n.
7. Redbaiter 7

   15 February 2009 at 12:00 pm

   Jesus mother of god, what for chrissakes is triggering the filter in that?? I put asteriks in everything I thought you might interpret as “inappropriate”
8. RedLogix 8

   15 February 2009 at 12:35 pm

   RB,

   For pity’s sake man read the post before commenting on it. You selectively quote my first para, and then ignore my second where I explicity acknowledge the fact that publically owned institutions can and do fail. You used to be better than this sort of schoolboy howler.

   Morever in the context of this crisis, it is highly plausible to speculate that more conservatively run public institutions may well have avoided the gross and excess risk that has turned a relatively minor problem with US sub-prime mortgages into a global meltdown.

   And Cailfornia is failing because successive polly’s have outbid each other promising more services and lower taxes to the point where they have simply bankrupted their own state with their own venal stupidity. (Helped along by lots of venal gullible voters who kept on voting for it of course.)
9. Redbaiter 9

   15 February 2009 at 12:49 pm

   “For pity’s sake man read the post before commenting on it. You selectively quote my first para, and then ignore my second where I explicity acknowledge the fact that publically owned institutions can and do fail.”

   I read it, but I couldn’t factor it into my comment as it is self contradictory rubbish.

   ..and I’m not commenting on the rest of your worthless opinion for the reason that its pointless trying to debate with some damn fool whose vision of reality is almost completely defeated by the red mist that envelops his brain. California voters, the m*r*ns who elected the dumbf*ck RINO Schwarzneggar, are among the most ‘progressive’ in the States, and the idea that the state’s sorry end is the result of any right wing ideas is so far detached from reality its is utterly and completely insane.
10. RedLogix 10

    15 February 2009 at 1:14 pm

    I read it, but I couldn’t factor it into my comment as it is self contradictory rubbish.

    That’s feeble. Even you know perfectly well what I mean. Or are you determined to turn into a dribbling parody of even yourself? Because that’s plain sad.

    All enterprises whether private or public can and do from time to time fail. Let’s go with a simple version. Imagine that you have a company supplying water to a city. There is only one good economic source locally and these dudes have a natural monopoly. Of course they run their business day to day quite well, charging what the market will stand, for a product that customers will buy, with the honorable purpose of maximising their shareholder’s profits. All well and good.

    But lying in a filing cabinet somewhere is an engineer’s report detailing how even a mild earthquake could put vital plant and equipment out of commission. The Board chooses to maximise short-term profit and ignores the recommendations. Hell there hasn’t been a quake here for a hundred years. And then of course one day it happens and the water goes off. The bill to fix damaged plant runs into hundreds of millions, and the company has not the resources or capacity to fund it. The city MUST have the water, and soon… so the taxpayer/customer base finishes up bailing out the company to get the plant up and running ASAP.

    What has happened here is pure theft. The company directors and shareholders pocketed and spent the profits in the good times, but pushed the losses onto everyone else when inevitably the bad times arrived.

    Now of course a publically owned water supply utility could have equally made the same mistake over the engineering risks involved, and need the same injection of funds post-quake…. but at least no gross theft of public money’s would have been involved.

    As is happening right now in the banking business. (With RB’s blessings no doubt.)
11. northpaw 11

    16 February 2009 at 11:16 am

    defeated by the red mist that envelops his brain sayeth RB of RL..

    Dude, tryest thou thine brain cells without blood and its vapors thereabouts..

    Helpfully, howse about you substitute an ‘a’ for the first ‘e’ in yo name here. That way we’ll all get the greatest benefit of yo irradiating power/s.

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