End of an Era: Is Cowboy Capitalism Dead?

Lets face it, many us here know, at least intuitively ,that the current ‘free market system (or Cowboy Capitalism)’ has not only been responsible for the current global financial crisis but has has in many ways eroded of sense of community and values – in other words, democracy and all its supposed benefits have become a distant and seconday concern .

Soros understood the inherent flaws in “Cowboy Capitalism” when he wrote in Open Society – Reforming Global Capitalism :

Communism sought to abolish the market mechanism and to impose collective control over all economic activities. Market fundamentalism seeks to abolish collective decision-making and to impose the supremacy of market values over all political and social values. Both extremes are wrong. We need to recognise that all human constructs are flawed. Perfection is beyond our reach. We must content ourselves with the second-best; an imperfect society that opens itself open to improvement. Global capitalism is badly in need of improvement.

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Zogby poll back on track?


Lots of analysts went off the Reuters/C-Span/Zogby Daily Tracking Poll when it showed a narrowing in McCain’s favour. I tried to be a bit loyal because Reuters are one of the sponsors of Voices without Votes and in the spirit of even-handedness. Today’s figures bring some comfort to Obama supporters. Perhaps Colin the warrior has more weight than Joe the plumber.

New data from State polling seems to be all over the place but the national polls still give Barack a handy lead.

Kevin Rennie

Original post at Labor View from Bayside

Octo-POTUS Gadgets

From WIRED. Very clever.

BlogoFAQ

For any FAQing questions, use the tab above (next to “about”).

Nazi Flag – Free Speech?

While it may seem insensitive, apparantly there is nothing by law than can prevent an Adelaide man from flying a flag bearing the Nazi swastika emblem in his back yard.

I have some notion, illfounded or otherwise, that’s it’s illegal in parts of Europe, anyone care to clarify or comment?

Turmoil-enomics V

Overnight :

  • in the US, the US Federal Reserve chairman has asked for more money from the US congress to stimulate the economy
  • The Dow Jones was up 4.67%
  • China’s growth slowed to below 10% for the first time since late 2005
  • The Future Fund had a miniscule collapse in it’s value – a whopping 0.24%!

So – this is todays thread for any economic.

UPDATE:

The share market has opened more than 2 per cent higher this morning after world markets rebounded on news of increased government action to ease the impact of the global financial crisis.

At 10.13am (AEDT), the ASX200 had gained nearly 90 points to 4232, while the All Ords was 2.2 per cent higher to 4189.

ASIC this morning announced it had:

– extended the ban on shorting non-financials until 18 November, and

– extended the ban on shorting financials until at least 27 January (i.e. stocks in the ASX200 Financial Index).