Can capitalism survive?

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QuantumPion

Diamond Member
Jun 27, 2005
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Like I said it depends on the level of regulation and fairness.

lately we've been moving toward less regulation... remember Graham-Leach-Bliley?

So the example of monopoly was apt.

Never said that a central planning model wasn't as harmful.

You name one act to repeal an old law and make the claim that we are moving towards less regulation? That's quite a blind logical leap there. In fact We've been increasing regulations at an exponential rate. There have been something like thousands of new EPA regulations just in the last couple years. Not to mention Obamacare, Frank-Dodd, etc. We have transformed from a rule of law society to a rule of bureaucrat society.
 

gingermeggs

Golden Member
Dec 22, 2008
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I don't follow. You'll have to nuance your definitions before I give you this first causal relationship.

Nature made exploitation a rewarded practice. All other economic and political systems made it a reqarded practice too. The only difference is some other political-economic systems require one to obtain political favor in order to exploit. (Our current state capitalism also bestows many more exploitation opportunities on the politically connected too, of course. That much is obvious.)

So your saying the difference between say china and the Usa is china didn't give the car keys to bankers....Yet!
 

Ninjahedge

Diamond Member
Mar 2, 2005
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Those regulations have been relaxing many of the standards, especially financially, we have to follow.

Siting things like the EPA when we are talking about capitalism in general is a red herring.

As for Obamacare, that watered-down piece of poo only threatened the obscene profit margins of health insurance companies. Don't even get me started on that crap.
 
Oct 16, 1999
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Thought this was relevant:
TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.
http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html
http://www.nytimes.com/2012/03/15/b...an-sachs-hits-a-wounded-wall-street.html?_r=1
 

gingermeggs

Golden Member
Dec 22, 2008
1,157
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I don't believe for a minute Smith is a good guy, I reckon he's carted off with lot's of bonuses, cashed in his shares and probably a lifetimes worth of incomes from poached clients that he'll "clip" in the future.
After 10years with those thieving bastards, he'd be set for life, maybe he'll become a yoga teacher or something bullshit like that.
Wonder what bonuses scored over the 2007/2008 tax year?
Hedge funds were setup to help farmers originally, this behavior(from 1980's onward) has probably changed the societal landscape of the world for a century at lest.
 
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Ninjahedge

Diamond Member
Mar 2, 2005
4,149
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OK, so if a guy earned money he can't criticize anything?

K.

You are focusing on the person and not the message. Are you trying to do the same thing that Wall Street is now doing, discredit the messenger so that the message gets lost?

BTW, there is another thread on this story in particular, so we may want to try and get back to the OT....