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September 14, 2007

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Eddy P

"Recessions are a normal feature of capitalism and not a very damaging one" but "capitalism is not as stable and self-sustaining as it seems"?

Cleanthes

"Few are saying: "yup, I lost money; it's my own fault." The personal responsibility so beloved of rightist commentators when they write about sink estates seems lacking in the City too. "

No: that's just human nature shining through. It's not an argument against capitalism: the crucial point here is that the ones that DID take the risks, and didn't do their sums correctly, HAVE lost their shirts.

Whether or not they *want* to take responsibility, they just did. That's a feature, not a bug.

Mark Wadsworth

Why is this an "ideological crisis of capitalism"? I am still firmly capitalistic, which is why I don't invest in hedge-funds, for example, it's my money and I'm keeping it.

I see this pending house-price & debt bubble collapse as evidence in favour of Land Value Tax, which'd keep house prices low and stable. It's the tax system that is at fault.

Neil

"DID take the risks, and didn't do their sums correctly, HAVE lost their shirts."

No, they haven't. They just got bailed out by the Bank of England, who've lent them a big stack of money at a punitive rate that's *below* the market rate.

They haven't lost their shirt, more had it dry-cleaned on the house and thank you Sir, please come back again soon...

Neil

...and yes, before you say it, they only took such risks because they knew that the big bad Gummint would ultimately back them up, they can't be blamed, yadda, yadda, yadda, round in cicles ad infinitum...

ad

If recessions are a normal feature of capitalism, why should we expect any effect at all, ideological or otherwise?

pommygranate

Rating agencies, hedge funds, NINJA loans, mortgage crises, US housing crash, credit crunch etc etc.

If you want to be really worried about something, then take a look at China's latest and largest export - inflation.

http://www.usatoday.com/money/world/2007-09-11-china-inflation_N.htm

pommygranate

Rating agencies, hedge funds, NINJA loans, mortgage crises, US housing crash, credit crunch etc etc.

If you want to be really worried about something, then take a look at China's latest and largest export - inflation.

http://www.usatoday.com/money/world/2007-09-11-china-inflation_N.htm

Dipper

spot on Chris. The site of lines of Pensioners queueing outside Northern Rock to get their life savings out will mark a generation.

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