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ORIGINAL: EternalHoH

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ORIGINAL: willbeurdaddy


They do need his sage advice.

As long as they do the opposite.

Such wonderful prose from a financial parasite that is part of the problem, and not a part of the solution.

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ORIGINAL: EternalHoH

Its not about simply making a contribution to the economy (hell, all those sub-prime mortgages accomplished that much - look at all those construction jobs and bank profits that came from them), rather, its about making a positive contribution rather than a destructive one.

There are people out there whose everyday contribution to the economy does more harm to it than good.

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ORIGINAL: tweakabelle

It seems both Europe and the US are suffering the same economic problems - unemployment, mountains of debt, static economies, lack of growth etc. Both have pursued the same neo-liberal policies for decades now - since Thatcher-Reagan. Australia has been saved from a similar fate only by a boom in raw material exports to CHina.

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ORIGINAL: ClassIsInSession

Deregulation, lower taxes, smaller government, welfare cuts, etc has been the economic mantra on both sides of the Atlantic. Adopting these policies has been responsible for the current mess. The greed and avarice of investors and business circles has exacerbated these disastrous policies. These policies were supposed to lead to economic prosperity and jobs for all. They have failed - failed utterly, failed obviously and failed universally. Where are the jobs? Answer: China or India. Where's the prosperity? Answer: the wealthy are wealthier than ever, the poor are jobless, the working poor are worse off than ever.

Usually when policies cause problems, the smart thing to do is to change them. Yet, from the Right, all we hear is more of the same. "Smaller government, lower taxes for the wealthy, cut welfare, free business from regulation" etc - the very policies that have caused the disasters besetting both sides of the Atlantic are proposed as solutions to the problems they've caused. By any standard this is sheer insanity. That Willbur advocates them is all the confirmation most people should need.

Actually I will have to disagree with this. There is far too much regulation in this country, which causes companies to export their work to countries that don't regulate things, like China. I'm sure you often buy on price so why would you expect a CEO to act any differently? It's obvious to me you've never actually run a company, because compliance with just the tax laws makes doing business in the U.S. a headache, and even now, states are trying to figure out how to collect sales tax from companies doing internet transactions, so that every company will have to fill out 50 separate tax forms quarterly.

I would be the first to agree we need to bring production and agriculture back to the United States but the way to do that is to cut policies that give trade subsidies to China and India, reduce regulations that make doing business in the U.S. cumbersome and close federal departments that heavily encumber doing business here.

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S&P cuts Italy ratings one notch, outlook negative


Sept 20 (Reuters) - Standard and Poor's downgraded its unsolicited ratings on Italy by one notch to A/A-1 and kept its outlook on negative, a major surprise that threatens to add to concerns of contagion in the debt-stressed euro zone. The single currency skidded over half a cent to $1.3606 after S&P said the cut reflected its view of Italy's weakening economic growth prospects.


Italy's fragile governing coalition and policy differences within parliament will likely limit the government's ability to respond decisively to the challenging domestic and external macroeconomic environment, the agency said.


"In our opinion, the measures included in and the implementation timeline of Italy's National Reform Plan will likely do little to boost Italy's economic performance, particularly against the backdrop of tightening financial conditions and the government's fiscal austerity program," said S&P.


The move from S&P came as a surprise as the market had thought Moody's was more likely to downgrade Italy first. Moody's last week said it would take another month to decide on its action.


The downgrade came as Greece struggles to meet demands from lenders for yet more austerity measures.

Full article here
http://www.reuters.com/article/2011/09/19/italy-sp-idUSL3E7KJ36920110919