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Discussion in 'Politics, Religion, Social Issues' started by AhmedFaisal, Apr 3, 2010.
Probably because such a plan would be labeled "socialism" here.
That actually sounds like a pretty good idea. It's always smart to protect yourself from a disaster up front rather than waiting until the disaster is in full swing.
Of course, this would never fly in the US. The same people who were against the bailouts would be against this. I know that doesn't make any sense at all, but there it is.
As to why this is getting no coverage in the US, it's because we have too much other important stuff going on. Sandra Bullock's husband was cheating on her, you know, and we need to know as much about that as we can.
Theres no reason any one bank should be as big as they were, and I don't think that would have been possible without government intervention in the housing market to start with.
The American public is more concerned with Kate Gosselin than real news.
It's down right communism I'd say!
Seriously, I really support this, I've been hoping for ages the Robin Hood Tax campaign get's going, especially after Gordon Brown shunned it as only a "formidable online effort" at best.
That's why this country needs a few more 9/11s. Nothing gets the American public's attention unless gas prices go up a nickel or the latest Rugrats Movie DVD gold edition isn't available at Wal-mart.
People jumping from 100 stories up? Yeah, they got their attention. For about a year.
So by no news coverage, you mean that major American newspapers and analysis magazines like the New York Times, the Wall Street Journal, and Businessweek failed to mention the topic?
I was going to say...
I remember seeing something about it recently, but I just couldn't remember where. It was the WSJ. Reading the WSJ (paper edition) everyday gives you a lot of knowledge that you don't even remember where you got it from.
The authority already exists to require a higher percentage of cash reserves against losses. That is now underway in the US, with discussion as to what percentage is enough.
The Dodd bill is being touted by Congress, although few in the investment world see it as efficacious in any meaningful manner.
Outside of the readers of the WSJ and a few papers' business sections, not all that many people pay attention to fiscal matters and monetary policy. "Booooorrrring!" You can't really understand that stuff if you think in ten-secnd sound bites and slogans. Or, apparently, two-year election cycles.
There was no real need, actually, to bail out the big investment banks. The only reason it was done (IMO, and many others) was due to the incestuous inter-relationship between Wall Street and K Street, through numerous administrations.
Recommended reading: Matt Taibbi's articles in Rolling Stone about Goldman Sachs and about JPMorgan. And if you don't think the Dow is manipulated, Google for "Plunge Protection Team". As to manipulation in the precious metals market, read the GATA website's commentaries, particularly with this recent episode of the whistleblower's spilling the beans.
So many things are labelled as socialism there that I wonder, whether those people do actually understand the concept.
Or communism, for that matter.
Of course not. If they did, they would understand that market theories, such as capitalism or communism, can't be applied to market realities...Oh well...
To also be fair I thought it wasn't being agreed until May. And its perfectly possible we will veto the plan in May - when we may have a new government.