Bankers Need To Recconect With Their Morals?

[Audley Strange]

Moral Bankers would destroy the economy by not giving debt to people who should not have debt,

That's actually not only not true, it's anti-regulation propaganda. "You can't fix it," that says. Yes, Audley, you can fix it, and we know how.

Well if I was an anti-regulation type of person, you might have had a point. However I'm not, what I was commenting on is that Moralists can't even agree on what's moral and that in a naive attempt to do good by being moral, they would be prone to the same sort of ethical catastrophes that most moralists have to confront.

And no we can't fix it. We can certainly tear it up and use the scrap to build something better, but the fundamentals of our economic system have it's own end built in.

[Gawdzilla Sama]

I blame Darwin.

you need a "post count +1" emoticon.

I could do word association or the word games if that was my intent. I don't if you seen me in full swing but I've done one posts an hour without breaking a sweat.

[Horwood Beer-Master]

...The problem this time was that they dismantled the warning system, which they never should have been permitted to do. They won't be again, when this is all over; every time they try we just point to this and the Great Depression. That's enough proof for anyone...

The Great Depression alone should have been proof enough for anyone.

It wasn't.

Humans is dumb.

...Ten years from now, the lessons from this financial rout will all be forgotten and the merry-go-round will be off again.

10 years? It was forgotten by some in 10 minutes. The banker-wanker-tory classes over here, and the tea-party muppits in the states, have already entirely convinced themselves that it was too much regulation - not too little - that got us into this mess.

Remember, we're just the naïve old "reality-based community" - our silly little judicious observations will be freely ignored by the great and the mighty.

[Schneibster]

That depends on whether we start listening to real economists or not.

I saw one of those, once. At the zoo. In the cage next to the unicorn.

I read one who works at Berkeley as a Professor of Economics' blog regularly.

[Schneibster]

That depends on whether we start listening to real economists or not.

define "real economist"?
problem is that bullshit ones come right out of the same schools, they just spout drivel to support the party line, and probably blind themselves to the fact they are not telling the truth.

No.

I don't know how it is in Europe, but in the US we have two claques: "freshwater" and "saltwater." The freshwater schools are by the Great Lakes, in Minnesota and Chicago and places like that. The saltwater schools are on the coasts.

[Clinton Huxley]

That depends on whether we start listening to real economists or not.

I saw one of those, once. At the zoo. In the cage next to the unicorn.

I read one who works at Berkeley as a Professor of Economics' blog regularly.

That's lovely, old chap. Thing is, whatever your position, you can find a "real" economist who will say, with the thunderous authority of his trade, that your position is the correct one.

[Schneibster]

...The problem this time was that they dismantled the warning system, which they never should have been permitted to do. They won't be again, when this is all over; every time they try we just point to this and the Great Depression. That's enough proof for anyone...

The Great Depression alone should have been proof enough for anyone.

It wasn't.

Humans is dumb.

They fought the fixes while FDR was putting them in place, and they fought the Keynesian economics that said how to fix it. They brought in Hayek when stagflation hit, and pretended that Keynes was all wrong and we needed this whole new Austrian thing instead. Then they went down to Argentina and tried their shit out, and it went down in flames. So they all ignored it and deregulated everything, and pretended it would be OK. In 2008, it crashed and burned. Now they're trying to pretend it wasn't them despite the proof having been splattered from hell to breakfast.

Instead, the real economists figured out what they'd forgotten to allow for, and moved on with neo-Keynesian economic theory, which precisely explains what just happened and how we could have avoided it, and what the fastest way is to fix it, including Greece. No one's listening, but there's a Nobel-Prize-winning economist blogging and writing a column for the New York Times who's been talking about it for years. His name is Paul Krugman.

[Schneibster]

That depends on whether we start listening to real economists or not.

I saw one of those, once. At the zoo. In the cage next to the unicorn.

I read one who works at Berkeley as a Professor of Economics' blog regularly.

That's lovely, old chap. Thing is, whatever your position, you can find a "real" economist who will say, with the thunderous authority of his trade, that your position is the correct one.

Unfortunately there are only a limited number who actually succeeded in predicting where we are now. And they won't. And people are starting to notice. I hear they had riots in London.

[Schneibster]

Moral Bankers would destroy the economy by not giving debt to people who should not have debt,

That's actually not only not true, it's anti-regulation propaganda. "You can't fix it," that says. Yes, Audley, you can fix it, and we know how.

Well if I was an anti-regulation type of person, you might have had a point. However I'm not,

Doesn't matter. You don't have to agree with it to be infected by it. Look at all the idiot "libruls" in the US who went along with the Libertardians and still do today.

You've been infected. I'd get rid of it if I were you; you can do what you like, it's no skin offa my ass.

what I was commenting on is that Moralists can't even agree on what's moral and that in a naive attempt to do good by being moral, they would be prone to the same sort of ethical catastrophes that most moralists have to confront.

Or we could start teaching ethics.

And no we can't fix it. We can certainly tear it up and use the scrap to build something better, but the fundamentals of our economic system have it's own end built in.

More propaganda. Yes, we can fix it, and in fact we must. Or billions will die. In the real world.

[Horwood Beer-Master]

That depends on whether we start listening to real economists or not.

I saw one of those, once. At the zoo. In the cage next to the unicorn.

I read one who works at Berkeley as a Professor of Economics' blog regularly.

That's lovely, old chap. Thing is, whatever your position, you can find a "real" economist who will say, with the thunderous authority of his trade, that your position is the correct one.

Unfortunately there are only a limited number who actually succeeded in predicting where we are now. And they won't. And people are starting to notice. I hear they had riots in London.

If you're referring to the riots back in the summer - I doubt most of those folks could even spell "economics"...

[Clinton Huxley]

There are enough economists, with such wildly diverging ideas, that for any particular economic scenario, you can find one who seemed to have predicted it. Doesn't mean they "have the answers", it just means they got lucky, once. And I couldn't care less about the Nobel prize - argument from authority.

[Schneibster]

If you're referring to the riots back in the summer - I doubt most of those folks could even spell "economics"...

Immaterial.

They're sitting in front of St. Paul's, too, and I hear they tried to go shut down the London Stock Exchange last week.

[Schneibster]

There are enough economists, with such wildly diverging ideas, that for any particular economic scenario, you can find one who seemed to have predicted it.

You don't know very much about macroeconomics, do you?

[Horwood Beer-Master]

If you're referring to the riots back in the summer - I doubt most of those folks could even spell "economics"...

Immaterial.

They're sitting in front of St. Paul's, too, and I hear they tried to go shut down the London Stock Exchange last week.

That's a different lot - I'd doubt any of them were involved in the summer riots.

[Schneibster]

The summer riots were students rioting over increased school costs, right?