Comments on: Perspective: Why ‘Market Fundamentalism’ Has Failed

By: So, are you a closet communist? « Blogocrats

So, are you a closet communist? « Blogocrats — Tue, 24 Feb 2009 05:05:43 +0000

[...] Perspective: Why ‘Market Fundamentalism’ Has Failed Minsky argued that the Great Depression represented a failure of the small government, laissez-faire economic model, while the New Deal promoted a highly successful Big Government/Big Bank model for financial capitalism. [...]

By: Capitalism didn’t cause crisis: Turnbull « Blogocrats

Capitalism didn’t cause crisis: Turnbull « Blogocrats — Sat, 17 Jan 2009 01:39:23 +0000

[...] Perspective: Why ‘Market Fundamentalism’ Has Failed The current crisis just as convincingly represents a failure of the Big Government/Neoconservative (or, outside the United States, what is called“neoliberal”) model that promotes deregulation, reduced supervision and oversight, privatization, and consolidation of market power in the hands of money manager capitalists. [...]

By: adrianofnowra

adrianofnowra — Mon, 27 Oct 2008 21:24:25 +0000

# 40. John McPhilbin | October 16, 2008 at 7:48 pm

Adrian

I’ve heard of a Michael Keane at UTS

And the record for the longest time to reply goes to…. me!

That must have been him I heard in a Radio National interview. Apart from your good self, nobody I have heard on this matter made more sense than this bloke.

By: briarbrinigh

briarbrinigh — Mon, 27 Oct 2008 20:07:17 +0000

Wonder article. It really helped me a lot. This post clears lots of my doubts and concepts. Thanks for sharing the information.

By: John McPhilbin

John McPhilbin — Thu, 16 Oct 2008 08:48:22 +0000

Adrian

I’ve heard of a Michael Keane at UTS

By: Adrian of Nowra

Adrian of Nowra — Wed, 15 Oct 2008 09:03:02 +0000

John Mac, do you know of Stephen Keane of the University of NSW.

Heard an interview with him on the way back to Nowra from the airport. He’s made more sense than just about anyone else I’ve heard on this matter.

By: John McPhilbin

John McPhilbin — Wed, 15 Oct 2008 06:48:51 +0000

Here’s another concern – Credit Default Swap
http://blogocrats.wordpress.com/2008/10/14/the-55-trillion-question-will-this-be-the-next-disaster/

We don’t even know whether this thing will explode just yet, and what the potential fallout will be.

By: John McPhilbin

John McPhilbin — Wed, 15 Oct 2008 06:44:54 +0000

“The problem I see with the population weaning themselves from a buy now, pay later mentality is comparable with heroin withdrawal.

First there has to be a stop to supply then a harsh readjustment to a different lifestyle…this package is just encouraging more abuse by prolonging supply.

Nothing will be learnt.”

Exactly Scaper, it’s simply delaying the inevitable need to get cleaned up. Detox = De-leverage

By: scaper...

scaper... — Wed, 15 Oct 2008 06:20:42 +0000

John,

The problem I see with the population weaning themselves from a buy now, pay later mentality is comparable with heroin withdrawal.

First there has to be a stop to supply then a harsh readjustment to a different lifestyle…this package is just encouraging more abuse by prolonging supply.

Nothing will be learnt.

By: John McPhilbin

John McPhilbin — Wed, 15 Oct 2008 06:09:21 +0000

I still stick by my sanity saving approach which has led me to look at the whole problem in more general terms, simply because there is no avoiding the pain brought about by our addiction to debt:

We will, in my opinion, continue getting ‘snapshots’ that are aimed at providing greater hope and optimism about the economy and our wealth status. I’m just hoping people take a more realistic view of what is really happening. Nobody wants to see a major panic or excessive pessimism, however, we’ve had well over a decade where it seems nothing could stand in our way.I personally think that our average wealth will decrease (taking away previous gains through heated housing and stock markets), credit card spending will have to slow significantly and therefore consumer spending will decline, and housing prices will continue to fall. For how long? anywhere from between 18 months to 5 years – seriously (and the 5 years is a conservative guess). The problem that some people are not seeing clearly is that many of us are leveraged to the hilt with debt and we now need to start shedding much of the excess debt we’ve been carrying – this could be a lengthy process.