The fact that the word Neo is placed in front of any terminology to label is done to antagonise and to give reference to the NAZI, connotation; - The fact of the matter is , that Liberalism is the Useless idiot subscriber , and the ruminant measure socialism uses to further degrade social values and defininitions of that standard .

Forget the Neo Cons or Neo Liberalism- all that would be is a terminology to create an existence of a dissident entity that differs from the Lo-Bo Dec’s – Lobotomized decadent Moron’s , or total Useless Idiots beyond reprieve ;-
It is all Idiots spherical , and it is the only Right and left – Juxtaposed to right and wrong-
Lying and thievery ;- mass misappropriation of public moneys with intent to cripple a Nation is not the definition of Politics ;-
That is an act of War against a sovereign Country.
It use to be called treason once, now it is called Labour politics.

Themistocles you said:

"Greenspan might be a doubting Thomas about "the self-correcting powers of the market" but paradoxically he still remains a strong believer in them....It is always intellectually foolhardy to quote one out of context."

I am always willing to link to an article that tells the whole story. My point is not lost. If Greenspan is taking a second look at his faith in the free market perhaps we should all take a second look and question some of the premises from which the anti-regulation groups base their beliefs.

I was not offering Greenspan as a convert. He is too immersed in the laissez-faire dogma to see the basic flaws in a religious-like faith in the market to self-correct or self-regulate.

It is always amusing that the anti-regulation lot depict the Left in a Brothers Grimm fairytalesque style of evil-doing "dangerous thinking" yet are blinkered to the extremes of the equally concerning and radical unfettered market.

What is wrong with some middle ground? It is not altogether unsurprising that the consequences (and blatant excess) of the system under a wholly unregulated market has not generated more pause for thought on this issue.

Splendid essay Greg.Wholly agree with most of your valid points. Kevin's oxymoronic thesis in the " Monthly " is his second faux pas gaffe since insulting his Chinese host, whilst serving with DFAT as a staffer. Even then, this scnook harboured aspirations way beyond his intellect.

The juggernaut trio Bernarke, Paulson and US Treasury have already spent a staggering $ 34 B to revive the economy. The $ 7.2 trillion bail-out is leaking like a sieve with most recipients baying for more. Obama's $ 77.5 T stimulus will not staunch the harmorrhage which is on the brink of bankruptcy. It's unlikely the US Treasury will have enough printed money. Ironically, Moody's and S & P's AAA credit rating is being revised in light of the latest unemployment figures, burgeoning deficit and worthless Treasury script, nobody wants to buy. The US economy is in a tight spin. Bill Gates predicts the recession might hopefully emerge 2012. He's tipping eight million will lose their jobs; 70 % will default on their homes. Social security going bazonkas. Imploding. In a nut shell, misery and total dependence on taxpayer's purse strings, exacerbating ten fold. The second Obama stimulus will only scratch the surface. It's developed into a cess pool with no bottom is sight. Ultimately, there just wont be enough green-backs to shore up the growing deficit.

What happend to the American Dream ?

Well, 2009 has already been written off as a loss. Politicians are running the Govt,and the behemoth Bureaucrats are running the Fed Reserve. Bush and Co, rewarding the greedy risk takers who made brainless decisions, willingly choose excessive debt to climb the social ladder. Alas, the calvary..oops the American taxpayer is a'coming to the rescue. They simply haven't arrived at a solution. They are rewarding the wrong people. They have lost sight of the fundamentals.

Schizoid Kevin, sheets the blame for the Global crisis on neo-liberal Western Economies over a 30 year time span. Same old theories FDR,Keynes and the Marshall Plan. Quote: "..social democratic Govt must raise to the further challenge of developing a practical policy response to..

the crisis etc." His espoused doctrine is a regurgiated facsimile of stalwarts Whitlam, Hawke and Keating. Zilch for originality Kev. His jaundiced outlook dosen't take into acount a $ 20 B surplus from JH / Costello, and the fact Peter took a decade to redeem $ 100 B deficit Labor's trio saddled Aust with.

Rudd's December defacto $10.4 B stimulus to soothe the chutzpah pensioners and welfare mums didn't go far enough. It didn't revive the Retail Industry, instead it was squandered on the gaming and alcohol beverage Industry.His other ponzi schemes to bolster the Auto, Building and Banking etc bebefited ACTU unionist and Corporate Flyers who created this unholy mess, with dubious loans, hedging, short selling, and lack of transparancy ! It didn't solve unemployment, company earnings, ASX shares, bankruptcies, loss of confidence etc.

Glen Steven's RBA's CEO, was urging Aust to spend, spend and get yourself into hock, to save the Nation ! What does it say about Aust top bureacrat ? The sheer irresponsibility of an Economic guru, tasked with the Nations wealth. His much acclaimed independence has been compromised and he should walk the walk. He was mouthing exactly the Swan spiel. For months Swan was tipping interest rates falling, bewailing the RBA and 4 Pillar Banks for not passing int rates to customers. The Banks grudgingly obliged only after Rudd imprudently extended a blanket guarantee backed by the RBA. His rhetoric labels him an amateurish economic charlatan, with minimal street cred.

No one except the Banks knew the full extent of their bad debts and shonky deals including the Madoff scam and fall-out. They are still in limbo because none have been audited by reputable independent third party Auditors. It' happening in the US, UK and leading OECD Nations.

The RBA announces Annual growth, inflation, employemnt figures etc. These announcements have been revised 15 times, with rates plummeting. RBA's lack of foresight, economic nous, and the falling Oz dollar, plus the choice of bed-partners, does not bode well.Generation X,Y and Z notwithstanding. RBA's street-cred is in tatters.

Jacinta

Interest rate cuts are a load of crap.

Every small business person knows their interest rates are rising ... if they can refinance.

Cutting home loan rates while sticking up business loan rates will do a number of things ... create small business closures, lower employment and cause mortgage defaults. So much for our solid banks. They with their opportunistic gouging along with Hugo Rudd's handouts are making things much much worse for us all in the long run. Most of the billions in Rudd's throwaway splurges, have no doubt, will mostly end up in the banks, who are hoarding cash in fear of a further international credit crisis.
Hugo Rudd's cash throwaways allow consumers to reduce bank mortgages, bank credit card debt, and other bank debt. Any extra money spent in retail will be used by business to reduce bank debt or meet bank margin calls.

Why are the idiots so bloody stupidly short-sighted?