[wdvltalk-social] oh sh*t

[joseph harris]

Michael wrote:
My remedy:
1.Leave the housing market alone, it is self correcting.

---HUH? the market is not self balancing, nor does any 
market work without regulation. And the housing market has 
been distorted by crooks, vagabonds, gamblers and assorted 
misfits. If it is left alone there will be about 1 in five 
households on the streets in the next three years. The 
sub-primes and the gathering collection of newly-sub-prime 
are a smallish, but very important, part of the financial 
sector and have sucked liquidity out at a very fast rate.

---The housing bubble has been long and big, big, big...

2.Demand that banks disclose all level 2 and 3 tier
assets and counterparties, and let the cards fall where
they may......

---But in the current economic world the retail sector of 
banking is vital; that  must be saved or replaced. By 
nationalising everything in sight it has neither been saved 
[i nthe sense of being functional] nor replaced by some 
credit buffer that would stop unneccessary business 
closures.

---However there is a lot of pain to come, and if the 
headless chickens continue as they are the cards will fall 
into a world sea of massive debt which will need 500 years 
to repay. Higher taxes anyone?

---Economically the problem is that the world is all on the 
same path, and no one is holding the end of the rope!

Joseph


----- Original Message ----- 
From: "joseph harris"
Sent: Wednesday, March 11, 2009 12:29 AM
Subject: Re: [wdvltalk-social] oh sh*t


[Yor other missives noted]

You will have noted that that view of the US was anticipated
by some years with a SciFi in 1997!

Mark you my experience of many Americans is that anything to
the left of Vlad is full bloodied communism, while they see
Vlad himself as a Socialist. ;-)

On the actual situation vis-a-vis finance/economics, there
was never an intelligent alternative to nationalising all
retail banking in mid-2007 in the US and UK and leaving the
rest of the financial casino to drown in its own gambling
debts.

'Intelligent' meant there was no hope of it being followed,
and we are now another £4-5trillion deep in the hole where
Gordon the Unready and Barack the Voice are still digging.
The bubble(s) became so inflated that we may well settle to
a world GDP around 1/3 of the 2006 peak.

In light of the current political headless chickens flapping
around it is instructive to re-read Alice in Wonderland and
Through the Looking Glass.

Joseph




-- 
Internal Virus Database is out-of-date.
Checked by AVG.
Version: 7.5.557 / Virus Database: 270.11.7/1983 - Release 
Date: 4/03/09 07:41

_______________________________________________
wdvltalk-social mailing list
wdvltalk-social at wdvltalk-social.org.uk
http://www.wdvltalk-social.org.uk/mailman/listinfo/wdvltalk-social

(This is via the new sever, lyla)