Comments on: Talking the financial crisis up and down http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/ IT consultant, social democrat, ALP member and sometime writer. Australian Londoner. Sun, 06 May 2012 12:11:16 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Guy http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/comment-page-1/#comment-4150 Guy Sun, 23 Nov 2008 23:34:06 +0000 http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/#comment-4150 That's a fairly big question Matthew - that's basically a question of whether one considers capitalism generally to be effective as a system of global financial interrelations or not. What some call "greed", others would probably call entrepreneurialism, and I am sure that a lot of (in fact the vast majority) businesses out there who provide jobs for people and goods and services to the public would not be around if there was markedly less financial incentive to do so. So in short, it's certainly true that a certain amount of "greed" is required in order for capitalism to function. The challenge for legislators is to regulate and moderate that greed in ways that ensure that the underlying system upon which the world depends is stable, and furthermore that the benefits produced by the overall system are distributed in a fair and equitable fashion. It is a challenge that most governments have quite frankly not been up to. That’s a fairly big question Matthew – that’s basically a question of whether one considers capitalism generally to be effective as a system of global financial interrelations or not. What some call “greed”, others would probably call entrepreneurialism, and I am sure that a lot of (in fact the vast majority) businesses out there who provide jobs for people and goods and services to the public would not be around if there was markedly less financial incentive to do so.

So in short, it’s certainly true that a certain amount of “greed” is required in order for capitalism to function. The challenge for legislators is to regulate and moderate that greed in ways that ensure that the underlying system upon which the world depends is stable, and furthermore that the benefits produced by the overall system are distributed in a fair and equitable fashion. It is a challenge that most governments have quite frankly not been up to.

]]> By: Matthew Gee Kwun Chan http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/comment-page-1/#comment-4087 Matthew Gee Kwun Chan Sat, 22 Nov 2008 11:41:16 +0000 http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/#comment-4087 Is it greed or is it the system that facilitates greed that is the problem and once you fixed the system would it solve anything or would it cause more unforseen consequences? Is it greed or is it the system that facilitates greed that is the problem and once you fixed the system would it solve anything or would it cause more unforseen consequences?

]]> By: Guy http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/comment-page-1/#comment-4050 Guy Fri, 21 Nov 2008 07:59:00 +0000 http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/#comment-4050 <blockquote>Big greed? Little greed? A rose is a rose is a rose.</blockquote> Well yes, but it is looking at the moment as though greed (or shall we say "investment") is going to be the driving factor that gets the world out of this crisis - ironically enough.

Big greed? Little greed? A rose is a rose is a rose.

Well yes, but it is looking at the moment as though greed (or shall we say “investment”) is going to be the driving factor that gets the world out of this crisis – ironically enough.

]]> By: Caroline http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/comment-page-1/#comment-4005 Caroline Thu, 20 Nov 2008 01:41:05 +0000 http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/#comment-4005 I heard what's his name? . . . World's richest fellow . . . Anyway, he said "when people are fearful, be greedy and when people are greedy, be fearful". Certainly seems to have worked for him. He alone. We can't ALL be the world's richest. Big greed? Little greed? A rose is a rose is a rose. I heard what’s his name? . . . World’s richest fellow . . . Anyway, he said “when people are fearful, be greedy and when people are greedy, be fearful”. Certainly seems to have worked for him. He alone. We can’t ALL be the world’s richest.

Big greed? Little greed? A rose is a rose is a rose.

]]> By: Guy http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/comment-page-1/#comment-3982 Guy Wed, 19 Nov 2008 07:44:50 +0000 http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/#comment-3982 There are certainly a few mixed messages out there, aren't there? Just six months ago all the observers worth listening to were concerned about inflation, and the RBA was being encouraged by the conditions to hike interest rates. Now effectively the opposite message is being sent. Fundamentally it is of course the greed of certain investment banks and financial institutions that has to a great extent caused the crisis of confidence we are seeing now. Australia's stockmarket has apparently <a HREF="http://www.businessday.com.au/business/800b-lost-in-a-year-20081119-6ala.html" rel="nofollow">halved</A> its value this year, but this only means that the bargain hunters sooner or later are going to be out in force, reinflating things once more. BIg greed seems to have gotten us into this mess. It seems that everyone is relying on little greed getting us out of it? There are certainly a few mixed messages out there, aren’t there? Just six months ago all the observers worth listening to were concerned about inflation, and the RBA was being encouraged by the conditions to hike interest rates. Now effectively the opposite message is being sent.

Fundamentally it is of course the greed of certain investment banks and financial institutions that has to a great extent caused the crisis of confidence we are seeing now. Australia’s stockmarket has apparently halved its value this year, but this only means that the bargain hunters sooner or later are going to be out in force, reinflating things once more.

BIg greed seems to have gotten us into this mess. It seems that everyone is relying on little greed getting us out of it?

]]> By: Caroline http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/comment-page-1/#comment-3980 Caroline Wed, 19 Nov 2008 05:01:11 +0000 http://guyberes.com/2008/11/15/talking-the-financial-crisis-up-and-down/#comment-3980 Its just a vague feeling I get of late, that Australian corporate enterprise is continuing to pursue its goal of maximising profit no matter what the cost, with even greater vigour. While a few of the truly filthy rich worry needlessly that they've lost a few mill here and there and maybe aren't quite as well off as they were before. Those like me, with nothing, still have nothing and are none the worse off, indeed relatively speaking the gap may have actually shrunk a tincy, wincy, bit. What we can afford is dispassionate, philosophical speculation. Nobody quite knows what to do or how it will all unfold because mankind hasn't quite yet dispensed with his proclivity for greed--a conundrum. The market is giving us a sign that nobody is quite ready to accept. The message we are getting from the Govt', is certainly confused. We are to save. No. Forget that. We are to spend. I don't think encouraging people to clock up even more personal credit card debt is necessarily ever a good idea. Although come to think of it, its only the bank's money anyway. Heh. Its just a vague feeling I get of late, that Australian corporate enterprise is continuing to pursue its goal of maximising profit no matter what the cost, with even greater vigour. While a few of the truly filthy rich worry needlessly that they’ve lost a few mill here and there and maybe aren’t quite as well off as they were before. Those like me, with nothing, still have nothing and are none the worse off, indeed relatively speaking the gap may have actually shrunk a tincy, wincy, bit. What we can afford is dispassionate, philosophical speculation. Nobody quite knows what to do or how it will all unfold because mankind hasn’t quite yet dispensed with his proclivity for greed–a conundrum. The market is giving us a sign that nobody is quite ready to accept.

The message we are getting from the Govt’, is certainly confused. We are to save. No. Forget that. We are to spend.

I don’t think encouraging people to clock up even more personal credit card debt is necessarily ever a good idea. Although come to think of it, its only the bank’s money anyway. Heh.

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