financial meltdown
Sep. 26th, 2008 11:37 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
miriam_eI hope all my friends in USA manage to weather this financial storm safely.
I've long disliked the insane dependence upon money these days and felt it to be exceedingly dangerous. Instead of feeling victorious at seeing the proof I can only shudder with horror and wish I'd been wrong.
Hopefully this period passes without too much damage to the ordinary folk. It would be nice, though, if this focusses attention on how much more of a threat the "greed is good" slogan is to life than terrorists. Terrorists never stood a hope of doing much damage, but obscenely wealthy corporate executives running scams could bring the entire country undone.
I've long disliked the insane dependence upon money these days and felt it to be exceedingly dangerous. Instead of feeling victorious at seeing the proof I can only shudder with horror and wish I'd been wrong.
Hopefully this period passes without too much damage to the ordinary folk. It would be nice, though, if this focusses attention on how much more of a threat the "greed is good" slogan is to life than terrorists. Terrorists never stood a hope of doing much damage, but obscenely wealthy corporate executives running scams could bring the entire country undone.
![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
Re: us economy
Date: 2008-09-29 02:51 am (UTC)It would be really stupid if they simply bail out the crooks, but then I guess we are talking about bush... stupid is as stupid does, and he's done plenty of stupid things.
Passing the bail-out money on to the people at the bottom sounds like a really cool plan. Greatest good for the greatest number and all that, and I think you're right, it would re-invigorate the economy and the banks. But I can't really see that happening. Seems to be this view in USA, and to a large extent over here too, that ordinary people don't deserve breaks -- only the rich and influential deserve help. Of course the rich generally don't need it, or they are the crooks who caused the problems in the first place.
It will be interesting to see how the fallout from this affects Australia. We copped it pretty badly when the Asian tiger economies crashed after they were fleeced by a few billionaires. Our previous prime minister tried hard to hitch our wagon firmly to the USA economy, which always scared me. Time will tell. I keep hearing talk that we're pretty well insulated from the worst, but that could just be lying politicians talking the situation up. We won't really know until the wave actually hits here. [sigh]
Got my fingers crossed for you.