Bush has called for his financial crisis summit to support free market economy.
It seems he is in a minority but what should the world do?
Free market seems to have the best rewards and now unfortunately the biggest risks.
It is no easy matter we could slow the growth very much if the rewards are not there.
While Bush could not win a raffle if he bought all the tickets is he right on this?

Free Market yes or no?

NOOOOOO NOOO NOO NO NO No no no nono nononononono nooooooooooooooooooooooo!!

The debate reduced immediately to false dichotomy: unfettered free markets vs socialist intervention. Markets are great at delivering products and services, but when it became a global casino for traders using non-existent money, the market suffered the fate of any institution that's run by unsupervised gambling addicts.

We will hear much more about free market vs? in the next 6 weeks.
I am not pushing socialism, in fact do not think it can help here.
But we will see change must see it.
Loans must be backed by collateral and the American system seems doomed.
Rewards for betting on shares falling are madness surely.
A great number have borrowed big money to invest in shares surely a bad practice.

Dear Belly,

According to a recent article in The Age,
The leaders of the US, France and the
European Commission will ask other World
Leaders to join them in a series of summits on
the global financial crisis, beginning in the
US soon after the November 4th Presidential
election.

Although Bush has stressed that any steps to
prevent future crises must maintain and
strengthen the free market, French President
Nicolas Sarkozy and European Commission
President Jose Barroso have issued a joint
statement in which they press for stiffer
regulation and supervision for cross-border banks,
a global "early warning" system and an overhaul of
the International Monetary Fund.

The Age tells us that the talks may also encompass
tougher regulations on hedge funds, new rules for
credit rating companies, limits on executive pay
and changing the treatment of tax havens such as
Cayman Islands and Monaco.

From The Age article,
it sounds as if things will be better controlled,
with Bush out of the picture. Let's only hope that
he won't be replaced by McCain and Palin. Which
would be a global disaster.

we have a word
for the ‘deregulation’ of society
we call it - anarchy

we recognize that anarchy is bad
because the most ruthless and violent
claw their way to the top
and use further ruthlessness and violence
to keep themselves there

what on Earth makes anybody think
that deregulation or ‘freeing’ of the market
has any different result?

Rob I am not to sure if you understand free market is what we have now.
It bought us to this, not just American housing loans but years of uncontrolled investments of money not backed by real value.
In things that had far less real value than on paper.
The question is what will replace it?
Will it work?
The impending meetings will be interesting.

...annnnnd there you have it.. SANCHO has already FOUND some truth :)

He is actually making some sense there.

Told ya.

There's no such thing as a free market. In 100% capitalism the market is controlled and regulated by the rich and powerful. In 100% socialism the market is controlled and regulated by governments, some elected some not.

In both cases, the market suffers intervention, control and regulation. The only difference is, that the intervention, control and regulation comes via different philosophical perspectives.

As I said, there is no such thing as a free market.

Good point rw.

So the question really should be; a market controlled by greed and vested interests or one controlled by a government that is properly accountable to its constituency and which will deliver a much better distribution of wealth, better safety nets and better protections against runaway capitalism including obscene profits for some companies and obscene incomes for some CEOs?

OF COURSE we want the latter.

So how do we get it?

By the way, welcome to OLO rw.

"free market"
is an endocentric noun
not an adjective
and a noun

such a basic mistake
coming from people
of such eloquence
can only mean
deliberate misinterpretation

what?
in the hope
that no-one would notice
the 'error'

America has always called it free market, so have we sins and all.
Socialism is a dream , most who want it know most never will.
The question is what will be the new economy?
We can hope it will be better fairer and more honest.
But if no change comes we are in trouble.
The sub prime event was just a part of the problem, most knew it had to come.
We here in Australia live in grossly over priced homes.
Some can not afford to pay for them.
Living on credit, the very idea the economy needs us to spend money we do not have , is no option.

free market [the term is a joke]

we have govt subsidy [sociaslism] serving big buisness NEEDS/wants and LOVE of money with endless grants to auto industry ,mining industry, chemical industry ,law , drug and imprisonment industries

its all about protecting the ecomony
[its the ecomnomy stupid?]

we have compulsory supper [to underpin the stockmarketeers by steady supplying the fiat currency for their speculation [gambling-income to prop up the stock market gamblers]

we pay gst, petrol tax , smokers tax ,[the drug war tax raises 65 million each year in qld alone ,plus provides work [and steady income for lawyers judges police and jailers]as govt criminalises human activity

http://www.prisonplanet.com/smokers-to-be-banned-from-becoming-foster-parents.html
#
http://www.prisonplanet.com/parents-to-be-fingerprinted-by-nursery-schools.html
so we soon will see the carbon tax here
[but will we be ALLOWED free acces to facts?]

i feel god has sent clear sign'ss
http://www.prisonplanet.com/snow-blankets-london-for-global-warming-debate.html
Kinda ironic [but what with this new distraction about carbon?>
http://www.prisonplanet.com/australia-to-enforce-mandatory-chinese-style-internet-censorship.html

its ALL about the e-con-oH-my [and giving govt cash subsidy to big buisness] think of the billion dollars govt GIVES big pharma

its sold to us by fear [its only smokers , its only speeders , its only drinkers ,its only druggies ,only for criminals [hoons][why isnt polution TRUTH made criminal?]

well now its only carbon producers[only those who breath] thats right now we are taxed to breath [why?]bigbuisness is colapsing they need solcialised subsidy from govt to gain yet further income streams

[that the free? LUNCH market set's the price and the subsidy

which media is telling you this ?

its in process of getting shut down
[see 2 de link]

if we REALLY have a trouble with carbon/free market [let this FREE mraket pay ITS OWN WAY
hell people its a NEW tax for a new subsidy
get it?

A bit of a strange post one under God? I did not find anything to agree with in your post.
Superannuation however is one of my party the ALP s best inventions ever.
Just think the employer puts 9% in your account as part of your wages package, in time all who can work become self funded retirees.
A huge fund is slowly formed within Australia and less borrowing over seas is one result.
It the economy stupid? so you thing some one me maybe is stupid?
Ah well I find the constant intrusion of Gods, we have many, into threads of concern.
See growing numbers of us do not believe laying our problems at the feet of a fable will be of any use.

In life the only constant is God and his word . Everything else is always changing . Gods principles are set in concrete but we are not . IN the O.T. we had the law which was to hard to keep .In the N.T. we have grace and the Holy Spirit . Be lead by the Spirit and don't be set in concrete by the religious observance of the law . today is a time for stratigies not rigid obedience to a law . First and foremost Gods word is living for the letter killeth but the spirit gives life . Long term goals give you the big picture short term goals and stratigies are how you handle your day to day life never loosing sight of your big picture .If you see a future you have a future for faith is the substance or the big picture of things hoped for .Faith moves the hand of God . So in answer to your qustion NO for there are many ways to skin the cat BUT my way may may not be your way . Politicions take avery short view because of the next election is their constant worry .

belly [you find super 'the best invention' ever]

so i need to keep it simple for you

ok govt subsidises OUR super [right?]
so HOW MUCH govt [tax payer] money we poured into this super so far ?

you cant see this is a GIFT [subsidy]
[employers can claim it back in tax ,thus a govt subsidised gift to the stockmarket.

every week a cash injection that DISTORTS free market principles with govt funds because it is compulsory ,as well it was MEANT to be a pay increase we diverted to prop up the ''free?market'

if our cash is staying in house [au]how come the au$[wage/super dollar] is the 5 th MOST traded currency [most of our super goes into overseas speculation's ,

reveal this huge fund 'growing 'in australia
how come govt needs top create its own fund
why dont big buisness save itself

i too am concerned about others [not only intruding their godlessness into every debate but complaining about those that do , but we have had these distractions between ye and me before

your failure to understand even a single point reassuring
i understand yours perfectly
#
but it is such that god confounds the wise with the fool
only a fool would believe the free market is really free

Dear one under GOD , jESUS taught and preached the kingdom of God . When he held a coin in his hand he said whose face is on the coin ,Then he said give unto ceazar what is due to ceazar .money is part of the kingdom of the world to get it into gods hands you must Pay a 10 tenth .If God has ypur hip pocket then he has your heart . For Jesus said where your money is there also is your heart . There is nothing wrong with money it is only a vehicle of exchange . It is what motivates you that is where the problem lies . Christians are called to be blessed then to be a blessing . Please don't only see the negative side of money for God is a very big God . A christians job is to be a sign post on the road of life pointing a lost world to Jesus . We need to be the salt of the earth and have something the world wants when the world sees us or they have no interest in becoming a citizen in the kingdom

While thread is now dead, I came home from a few days away to find it infested with God botherers.
It is sad one under God makes claims that are a failure to understand the subject.
And I note you use insults including a reference to my ability to understand.
It lowers the standard of your post to so readily resort to such.
I honestly, truly, believe Christians, Muslims, Jews any religions followers have a right to their views.
But invasion of every thread with cult like quoting over and again sections of the particular fable being quoted is annoying.

Bit testy wasn't I?
Well yes hands up I was .
But not wrong threads are constantly invaded.
And we are asked to lean on God for every thing.
Just let it lie leave it alone God has his/her eye on it
Like the starving African nations murdering so many.
Like the middle east.
We however are not asked to think, just chant from that book.
Blindly except mantra and take no other action.
Worth while noting this crisis is man made.
And if we fail to fix it we are bound for real trouble.
Worth while also looking at why threads so often end up being diverted to animal welfare or religion.
Just maybe its because an audience is needed any audience even captured ones.

Dear Belly , The pendulum swings Left Then Right don't concentrate on the swinging pendulum or you will only get hypmotized , try finding the truth then you will find the balance . Right and Left are both man made phelosophies and as such are flawed .Only tested and proven absolutes never change . that is why when you fligh a plane you follow the pilots manual and you definately do not fly by the seat of your pants .

"hypmotized" and "phelosophies"?

Really Homer, (I mean Richie)?

I guess reading the 'good' book doesn't teach spelling any more than it does rational thinking.

Back to topic.

Look what our 'free' market has gained for us:

>>> The struggling Wall Street bank has set aside £7billion for salaries and 2008 year-end bonuses, it emerged yesterday.

Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million.

The size of the pay pool comfortably dwarfs the £6.1billion lifeline which the U.S. government is throwing to Goldman as part of its £430billion bail-out.

As Washington pours money into the bank, the cash will immediately be channeled to Goldman's already well-heeled employees. <<<

http://www.dailymail.co.uk/news/worldnews/article-1081624/Goldman-Sachs-ready-hand-7BILLION-salary-bonus-package--6bn-bail-out.html

Rightwingers believe there is a God BUT they twist and change the word of God for their own end usually for monetry gain and power .
Leftwingers usually believe there is no God and they twist and change the truth for their own end usually for monetary gain and power.
Then you have the truth . Jesus came preaching the Kingdom of God Claiming to be The way the truth and the light and he said to be great in his kingdom you have to be the Servant of all . Unless you lose your life you will never gain it . It has taken me 30 years to work out what that sentence meant . I am a slow learner . Bad things happen to everybody because this world is a dangerous place not because it is Gods will . He told the rich young ruler who obeyed the law to sell all he had and give it away . If the rich young ruler knew the law he would have known that you can not outgive God
for God pushes down presses down and runs the measure over when he gives back. His faith must have been in his money not in God . Sound familiar . He proved his word with miracles , signs and wonders and asked if they couldn't believe his word believe the signs . We get naught for we ask not .

"fligh" ?? !! ( :>#

I am a trade unionist, every inch of me.
And have the same Passion for it as those Christians who post here do for their wheelbarrow.
Just as much determination to promote my cause as any animal rights person here has too.
But I understand my product is not for every one.
I even tell some quote, its not worth it under your work laws I can do nothing for you end quote.
And I know[ why do so many not?]some who have been on my side of the line have done more harm than good.
Learned a very long time ago actions speak louder than words, and good actions recruit bad one the opposite.
If I invaded threads about totally different subjects to shout about union movement it would be considered a bit of.
Well it is a bit of track, trying to sell a product, a God in repeated quotes in unrelated threads each week.
Free market?
who knows what our future is, it will be harder for some but no God, man has many, can help we stand on our own in this and every matter.

Dear belly I am not trying to ram God down your throat . Eight years ago I went through dairy deregulation and lost my ability to provide for my family . I had 2 children in university whom I provided full support and because of the asset test I got very little Government support . If my children had of left my care they could have got government support But my pride wouldn't allow that , my choice . I chose to fully support my children and not make them work .My son graduated with honors in electrical engineering and also represented Australia in sport at university . Both wouldn't have happened if I had made another choice . I reach 65 in 3 weeks and as I am an invalid from a stroke I had intended to live out the rest of my life doing very little BUT God had other ideas .Last monday while meditating on the goodness of God these thoughts popped into my head , Get back out in the fast lane and start to live life to the full because the season has changed and there are oppertunitys every ware . Interest is coming down . Shares are cheap . and comodities are rockbottom .I Have a choice ignore the promting of the holy Spirit or roll with the flow .But I know while ever there is a light at the end of the tunnel I have a future . Learn to listen to the promting of The Holy Spirit and love ,joy ,and peace are your lot in life . Sistening to the wisdom of man usually leads you up the garden path .P.S. My daughter also graduated .