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Inspired Contributor
Choisya
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The Economy, now and then.

[ Edited ]

Historyismypassion wished to start a discussion on the economy so here are a couple of starters. 

 

Vermontzy asked where it all started and this 2007 BBC piece posits:

 

'At the heart of the dollar's decline have been problems in the US housing market, caused by the Fed increasing interest rates in order to slow accelerating inflation.

The increases have led to higher borrowing costs, triggering an increase in the number of people defaulting on loans, especially in the sub-prime mortgage market.

The sub-prime sector specialises in lending to people with poor or non-existent credit histories.  

This, in turn, has spread to global credit markets, as many of the sub-prime mortgages were repackaged and sold on to European and UK banks as investment assets.'

 

 |
Shoshana Zuboff of Business Week writes of 'Wall Street's Economic Crimes Against Humanity: The financiers at AIG were awarded millions in bonuses because their contracts were based on the transactions they completed, not the consequences of those transactions. A 32-year-old mortgage broker told me: "I figured my job was to get the transaction done... Whatever came after the transaction - that was on him, not me." A long list of business executives have reaped sumptuous rewards even though they fractured the world's economy, destroyed trillions of dollars in value, and disfigured millions of lives.'
 

 

Stella M. Hopkins of The Charlotte Observer writes : 'As Credit Markets Froze, Banks Loaned Millions to Insiders. Banks nationwide hold $41 billion in loans to directors, top executives and other insiders, a portfolio that experts say should be stripped of secrecy. Insider lending to directors is particularly troublesome because it could cloud the judgment of people charged with protecting shareholders and overseeing bank management, the experts say. At Charlotte-based Bank of America, those loans more than doubled last year, to $624.2 million - the biggest dollar jump in the country. The largest of them likely went to three directors or their companies.'

 

 

 

In this interview, Dr Rhavi Bhatra, a socialist economist at the Southern Methodist University, suggests some solutions based on 'New Thinking on the Economy' which are perhaps worth consideration.  'Socialism' may be a bogey word to many Americans but perhaps socialist babies should not be altogether thrown out with the capitalist bathwater? 

 

 

 

Message Edited by Choisya on 03-24-2009 04:42 AM
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L_Monty
Posts: 900
Registered: ‎12-30-2008

Re: The Economy, now and then.

This might be a simpler and more fun way of processing it. It's actually a really good video.


The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
Distinguished Wordsmith
Everyman
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Re: The Economy, now and then.

Headline:  The Governor of the Bank of England has told the government to stop spending any more money on stimulus.

 

 

_______________
I think, therefore I drive people nuts.
Inspired Contributor
Choisya
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Re: The Economy, now and then.

That is a really excellent little video Monty - I have circulated it worldwide!  Thanks. 
Inspired Contributor
Choisya
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Re: The Economy, now and then.

[ Edited ]
There are some comments on the British economy and stimulus package in The Guardian today - see also r.h. column editorial comments.  The Governor of the Bank of England has advised a cautious approach to any further discretionary measures (stimuli) to boost the economy as there has already been a £20bn package.  The Independent has a breakdown of the figures involved.     
Message Edited by Choisya on 03-25-2009 05:50 AM
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Everyman
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Re: The Economy, now and then.

This video is perhaps worth listening to, because it could just as easily be said of our country than of England.  Except that I don't think we have a single politician in either the house or senate as articulate and plain speaking as this.
_______________
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Everyman
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Re: The Economy, now and then.

If this chart doesn't scare Americans, I don't know what will.  Even with all his gulf war expenditures, Bush at his worst didn't come close to the deficits Obama is planning for us and, more to the point, our children and grandchildren to have to pay off. 

 

"By congressional estimates, annual spending on basic government services -- programs other than defense and entitlements -- would rise by more than 10% in fiscal 2010 under the $3.6 trillion Obama plan."  Meanwhile, the private sector continues to languish, with growth at two or three percent at most.  More and more of our economic wealth is going into the hands of government instead into wealth-producing uses.

 

This is change all right.  But is it change in the right direction?

_______________
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Everyman
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Is there a disconnect here?

Obama says he is "heartbroken" over the plight of the homeless. 

 

Yet at the same time he wants to tax the flow of dollars to organizations that help the homeless, which will almost certainly reduce the resources they have available to aid the homeless and hungry. 

 

But of course that makes sense if he wants to ease out the charitable sector over time and replace it all with government programs, as is rapidly becoming the case in much of Europe.   Or perhaps he wants to nationalize and centralize volunteering, as Europe is planning to do.

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L_Monty
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Re: Is there a disconnect here?


Everyman wrote:

Obama says he is "heartbroken" over the plight of the homeless. 

 

Yet at the same time he wants to tax the flow of dollars to organizations that help the homeless, which will almost certainly reduce the resources they have available to aid the homeless and hungry.



This isn't even an honest description of what he's doing according to the link you provided. He's reducing the rate of deduction for wealthy individuals who make charitable donations. He's not taxing the flow of dollars to organizations that help the homeless. He's reducing the bonus that one sector of the economy enjoys from doing so. They can keep making donations, and they will still be rewarded for doing so. Moreover, that reduction does not apply strictly to charities for the homeless. It applies to all charities. For all we know, these people donate only to shady charities of limited value that ignore homeless people already. There is no causal link here.
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Historyismypassion
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Re: The Economy, now and then.

L_Monty,

 

Liked the video.  It really helps explain things.  Now if only I could email it to my professor.

 

 

Historyismypassion

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blkeyesuzi
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Re: The Economy, now and then.

That video was very helpful, Monty.  Thanks for attaching it!
Suzi

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