2008/08/21

Hmmmm

Kenneth Rogoff, former chief economist of the International Monetary Fund, is n ot optimistic about the American Economy and bank stability...

Rogoff told a recent financial conference in Singapore that the worst of the global financial crisis is yet to come, and that a big U.S. bank will go bust in the next few months.

"The U.S. is not out of the woods. I think the financial crisis is at the halfway point, perhaps," says Rogoff.


I don't know..but I do agree with this:

"The only way to put discipline into the system is to allow some companies to go bust," Rogoff says.

"You can't just have an industry where they make giant profits or they get bailed out."


Capitalism is a great economic system...provided the government lets the system work.
Part of the Capitalistic system is opportunity..for success and failure. There are no guarantees for success but government intervention is a guarantee for failure of the system.

Blogger (3)

Blogger Hammer said...

If they do get bailed out make em pay it back as soon as they post a profit.

Did chrysler ever pay back that billion the government gave them in 1980?

 
Blogger GUYK said...

Yeah, in fact they did Hammer..actually the government didn't 'give' them the money..the government backed a loan for them. Chrysler paid it back within a few years.

 
Blogger George said...

Hey Guy, I wrote your wise ass up over at my blog....

 

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