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 The Economy
Is there any solution to this economic crisis?
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The Economy team
Today President elect Obama has announced his economic team. Looking foward!
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nf7mate
25-Nov-08, 10:06
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The Free Market
I haven't lost my job, but a friend of mine at church has. He is quite skilled though, so it should not be difficult for him to find other work. Also, he wisely had saved six months of his income in case this happened.
The only real solution to any economic problem is the free market. Government intervention seldom helps, and often makes matters worse.
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Obama economy
Where's the change? Obama's appointing a bunch of retreads and has-beens from the last two Democrat administrations--no new blood there. The Carter Administration presided over the worst economy in the country since the depression with double-digit everything. The Clinton Administration survived on the good fortune of the continued prosperity produced by the Reagan revolution. It looks to me like the Obama Administration is likely to produce no change at all--simply a return to the same tired Marxist bromides of wealth redistribution. It looks like we're returning to the Bad Deal that FDR promised would rescue us from Great Depression. What it actually did was turn a routine economic downturn that typically lasted no more than a year or two into a 12 year depression. With change like that--well, keep the change. nf7mate has it right. The economy thrives with a free market unhampered by the intervention of bureaucratic commissars.
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kingofpawns
07-Apr-09, 04:47
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It looks like no one here has the slightest idea about what they speak. The fundamental problem
is that we are facing a complexity catastrophe in the world financial system. This is basically
the result of every major bank in the world becoming tightly couple with every other bank through
exotic financial instruments such as credit default swaps. This means that the failure of one or
two major financial intuitions can lead to a complete collapse of the world financial system. Obama's
people understand the fundamental problem the trick is to weaken the connections. This is a very
complicated problem, but I think they are on to a good solution.
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nf7mate
14-Apr-09, 11:54
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Complexity catastrophe?
Are you alluding the four C's? (complexity, chaos, catastrophe, cybernetics)? If so, feel free to elaborate. I've never had a conversation with a proponent of Complexity Economics. I enjoy studying economic theory, and align myself with the Austrian School. Simply put, the marketplace is driven by supply and demand. Much of economic policy is an artificial manipulation of the relationship between supply and demand, which is always to the detriment of some. Viva laissez-faire!
We may disagree on some topics, kingofpawns, but I assure you I know what I speak about. I assume you do as well. Keep in mind that there are hundreds of economic theories and just because someone doesn’t hold to the same one as you doesn’t mean they don’t know what they are talking about.
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Blaming who?
The present administration is facing all these financial disasters for only one reason: the last administration was a failure and lead the country to chaos.
The Obama cabinet is not blame for our misfortunes, it was the Bush era (8 years) that took America to its downfall. The Bush-Cheney will go on History as the worst leaders this country had.
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nf7mate
15-Apr-09, 12:41
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Bush and the economy
The Bush-Cheney administration was bad for plenty of reasons, not the least which was their affect on the economy. They spent so much money that the government didn't have, irresponsibly raising the deficit when we already have an astounding Federal debt, much of which was to fund a war and a subsequent occupation of a nation that posed no threat to the US. There are plenty of other reasons to say Bush-Cheney was bad for America, but this thread is about the economy and I'd like to stay on topic.
Most presidents in the past 100 years have been bad for the economy, some worse than others. It seems they think the only solution to any problem is more government rules and regulations, printing more money that is not supported by any hard assets, and more government involvment in the marketplace.
My choice for worst president ever for the economy: Woodrow Wilson, who is responsible for the US income tax and the Federal Reserve Act.
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