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To: Mike Johnston who wrote (88209)	10/30/2007 2:24:08 PM
From: 10K a day	Respond to of 110194

> The lessons that will have to be learned ( relearned) by Wall st, academia, media and analysts all the way down to J6P are following:< It's too late. We already taught the rest of the world how to print money. I don't think you can stop it now. [developing countries] don't need us now until they boom and bust too. It's like the end of the [global printing] bubble when all the garbage starts flying. Will happen here too i bet.

To: Mike Johnston who wrote (88209)	10/30/2007 2:38:03 PM
From: benwood	Read Replies (1) \| Respond to of 110194

Mike, that is a very tall order <g> Seems like in history, those concepts aren't embraced until an economy is beaten down by socialism, e.g. USSR, and then they think there's just no lunch, or at least, no line that might turn out to be for a lunch. It will take a revolution in thinking and a revulsion of the duplicitous and self-serving media (for the very, very few at the top of the pile who benefit) before people start to educate themselves. Hunger and hopelessness will be catalysts.

To: Mike Johnston who wrote (88209)	10/30/2007 3:10:10 PM
From: CalculatedRisk	Read Replies (2) \| Respond to of 110194

I don't want to get into a lengthy debate, but socialism is the government control of the means of production. The setting of overnight interest rates is a form of regulation. It's fair to argue that Greenspan used the regulation incorrectly, or even that this type of regulation is unnecessary, but it confuses the argument when you label it "socialism". IMO labeling all regulation socialism makes it difficult to have a rational discussion. There is no question that the Federal government (especially the Fed) ignored the rampant speculation and fraud in the mortgage industry. This was a lack of proper supervision and regulation - not too much.

To: Mike Johnston who wrote (88209)	10/30/2007 4:03:52 PM
From: bart13	Respond to of 110194

"The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery." -- Winston Churchill Oligarchy: Government by a few, especially by a small faction of persons or families. Plutocracy: 1. Government by the wealthy. 2. A wealthy class that controls a government. 3. A government or state in which the wealthy rule.