2 ms·
A tiny white box is not the best way to go into depth into this, but a couple notes: 1. Putting neoliberalism to blame here is not exactly the case. It had its
by steveplace 18y ago
A tiny white box is not the best way to go into depth into this, but a couple notes:
1. Putting neoliberalism to blame here is not exactly the case. It had its moments (allowing certain banks to double their leverage ability) but there were plenty of regulatory screwups: Reducing Fed Funds rates to 1%, Fannie, Freddie, Sarbox, and several others.
2. Where is that 1.7T that those Americans own? This isn't like Ducktales where there is a giant building full of gold. It's the capital that drives our economic system. Of course some of them don't know how to allocate those resources, but its out there.
3. It's terrible the amount of human suffering to the scale that we have is tolerable today. But it's my belief that other economic systems will not do any better. Credit and liquidity affects everyone, including charities.
These discussions are better left to an hourlong discussion over several pints, but those are my thoughts.