Not my question, the Beeb’s. The reflex never fails, does it? These have your say things are a joke when the question more or less determines the whole structure of debate. One question, which some would consider moot, means that reasonable answers to that question will inevitably tend to fall within the BBC’s comfort zone.
Financial crisis: Is it time for stricter regulation?
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Some sense among the cacophony of idiocy:
http://mises.org/story/3108
If the BBC had any sense of impartiality or objectivity whatsoever they would have courted opinion from economists who hold the view that government intervention is ALWAYS to blame for these messes. Their economic reasoning is sound enough that it should be part of the debate. Economists like George Reisman have shown consistently and brilliantly that the free market, unfettered by state intervention, is simply the best way to ensure continued economic growth and to minimize the impact of such messes as the one we’re seeing now.
And yet the BBC, which has a moral responsibility to present all reasonable sides of an argument, simply acts as if an entire field of thought does not exist.
Instead, these Islington-coddled coke-snorting state-funded champagne socialists use current events as a platform for their mind-numbingly hypocritical crusade against “greed” and “excess”.
Someone who makes hundreds of millions auctioning dead animals in tanks of formaldehyde: “not greedy”.
Someone who makes hundreds of millions by being economically savvy and taking the kind of financial risks which have enabled our economy to grow to the level where Islington-coddled coke-snorting champagne socialists can celebrate the selling of dead animals in tanks of formaldehyde for millions: “greedy, evil bastards who should be imprisoned for life”.
What makes it even worse is that prominent conservatives are doing nothing to stick up for freedom and liberty as the left takes aim at it – they’re too politically spineless to challenge the BBC-brainwashed minds of the masses who succumb to the steady, constant stream of misinformation and blame all of their problems on “unfettered greed”, without ever once stopping to think that without greed, we’d be no better off now than we were 100 years ago.
Another misconception about US politics that the BBC’s US commentators can discard: that a Republican Government is so ‘free market’ that it is not willing and able to intervene in the US economy, and to ‘nationalise’ even, Freddy and Fanny, and AIG.
Someone tell me if I’m wrong, but aren’t there comments on other posts to the effect that GWB wanted better regulation of Fannie and Freddie, but was stopped by the (Democratic) Congress ?
Laban
Here is a link about Bush wanting better regulation of F. Mae and F. Mac – 5 years ago :
http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credit-crisis/
And here is a new link I found this morning – McCain trying to promote a bill in 2005 to tighten up their regulation – he obviously could see the mess developing. Now who was in charge of the Senate by then ?
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
Tie that in with Obama gouging more financial contributions from F Mae and F Mac than any other Senator bar the chairman of the Banking Committee and you can have some fun !
How about the BBC helping to preciptate the collapse of Northern Rock last September ? – they arguably amplified the story that helped start the run – and ran dramatic headlined film showing depositors outside a branch trying to get their money out. I happen to know the branch where they filmed the depositors, I walk past it every day, I helped one of my kids to arrange a mortgage at that very branch. And one of my friends had quite a lot of money on deposit through that branch.
The BBC were camped there, the queue was iniitially very small but that was not how their Economics Editor breathlessly reported it each night. And he was NOT stressing the plain fact that virtually all depositors were safe.
Yes, the Northern Rock had grossly over-expanded, was borrowing short and lending long too much, but it might have been more responsible of the BBC to have kept their traps shut while Northern Rock was taken over without undue fuss through actions already in hand.
The Northern Rock collapse was arguably the beginning – its repercussions sent shockwaves through the financial system.
Here is a press reference referring to the BBC’s reporting, which many regard as extrmely irresponsible.:
http://tinyurl.com/6x72ao
Laban- that’s right. In 2003 there was a bill aimed at tackling Fan and Fred and it was neutered principally by Democrats.
Jason,
Agree, the BBC has only one economic point of view in its reporting locker: the degree to which any industry is state regulated.
Alas, the major parties in all of Western Europe only offer the same economic philosophy which has plagued Britain since WW2 – the mixed economy.
And it is so ironic when the BBC ask: is more regulation needed!
Er, yes, more of the same please! It works so well! LOL
As already mentioned, why isnt the BBC reporting on this?
http://hotair.com/archives/2008/09/17/mccains-attempt-to-fix-fannie-mae-freddie-mac-in-2005/
Is it possible the complete and utter lack of reporting is simply due to “The One” ™ being caught with his little snout in the trough? I mean, we cant go around telling the truth about our hero can we Al Beeb?
I am absolutely disgusted by the complete LACK of reporting of facts from Al Beeb on this matter!
Mailman