You don’t suppose that the world recession that has caused so much misery, austerity and chaos was caused by Thatcher and Reagan do you?
Is it possible that the deregulation had something to do with it?
Or the selfishness and greed?
The ethos that making a quick buck by selling worthless shares and bonds might have created a catastrophe in waiting?
It all started with the collapse in the housing market and banks. Worthless mortgages were repackaged and sold on. It became like a chain letter. All the people along the way took their cut and passed it on. At the end of the line was the ordinary guys who had to pick up the tab. The bankers got their bonuses. The public got the cuts, job losses and paid those bonuses.
Where did it start? I think it started with deregulation and the ethos of greed. Cutting corners and taking risks to make themselves rich the bankers created a bubble that was getting bigger and bigger. There was nobody there to oversee it and pull the plug because it was not properly regulated. Am I wrong?
I believe it was Thatcher and Reagan.
Drawn here out of the blue – the article intrigued me as I firmly believe neither are responsible for the mess that we are in today.
If one looks at what Reagan and Thatcher had to do with what they had I would have sworn they were on drugs to do as well as what they did.
To err is human – everyone makes mistakes – no one perfect – but one comment that Thatcher made was pure perfect sense in that socialism does not work – sooner or later you run out of other people’s money.
Reagan well – he sacked all the neo-cons in his government- brought in a brilliant budget but was hanstrung by defense spending.
At least they jointly brought about the collapse of the Cold War – a defining point in world history.
Anyway your point deregulation- history shows that it was Bill Clinton – repeal of the Glass Steagal Act – orchestrated by none other than government officials (Rubin for one) who were born and bred through Goldman Sachs. Go read Matt Taibi at Rolling Stone magazine for his original essays on the octopus in 2009.
That repeal in itself unleashed the US bankers to allow proprietary trading – they together with Greenspan (lower interest rates) and the Credit Rating Agencies created the 2008 financial crisis.
No one has fixed it.
So to my mind we will crash and burn again – shortly – and then mad max will be unleashed.
Yes mad max – why not?
Governments are incompetent and politicians corrupt – we will either f₽₽k them off with anarchy or invite them back stronger – that middle path we appear to have surrendered.
Anyway – enjoyed reading your blog – takes me back a few years.
Thanks for that intriguing input. Makes you think doesn’t it? There has to be a better way of governing the world! Best wishes Opher
Certainly is – one without the Wolfowitz doctrine – cheers
Yep – maybe a group of experts rather than politicians!