RE: Federal Reserve Loan/Bailout documentation released
April 2, 2011 at 8:01 pm
(This post was last modified: April 2, 2011 at 8:04 pm by Oldandeasilyconfused.)
A coincidence?
Australia has some of the strongest banking regulations in the developed word. Sub prime loans were not permitted here,nor did our any of our other financial institutions buy the bad debts.
Australia was the least effected of all developed countries.
I find it fascinating that governments everywhere immediately turned to a classic Keynesian response, and bailed out the banks. Under a laissez faire system, they would have all been allowed to fail. A world depression would probably have followed.
My position on the role of government is pretty much opposite of that the Libertarian. I reject the cult of individualism,believing the greater good (ultimately survival of the species) is more important than any individual*. This notion seems to me to be the basis of realpolitik, and all human behaviour writ large.
As usual,Void and I may need to agree to differ.
*the single exception to the rule is of course if I happen to be the individual concerned.
Australia has some of the strongest banking regulations in the developed word. Sub prime loans were not permitted here,nor did our any of our other financial institutions buy the bad debts.
Australia was the least effected of all developed countries.
I find it fascinating that governments everywhere immediately turned to a classic Keynesian response, and bailed out the banks. Under a laissez faire system, they would have all been allowed to fail. A world depression would probably have followed.
My position on the role of government is pretty much opposite of that the Libertarian. I reject the cult of individualism,believing the greater good (ultimately survival of the species) is more important than any individual*. This notion seems to me to be the basis of realpolitik, and all human behaviour writ large.
As usual,Void and I may need to agree to differ.
*the single exception to the rule is of course if I happen to be the individual concerned.
