Arjay, your last post, wise words....

They blame the market and capitalism but it were the lax and stupid policies of the middle/left which caused the problems.

No self respecting right winger would dump money into providing home loans for people who could not meet the repaymentrs and then let them post hack the key when they could not finance their obligations...

As every leftie is quick to tells us, the right is just not like that.

Arjay

"Pelican ,the laws and regulation were all there,however no one enforced them."

The laws and regulations were most definitely not there. What planet have you been living on?

Thanks to years of relentless lobbying by US banks, not to mention huge political donations, regulation that had for decades ensured America's financial strength and stability has been systematically stripped away.

Laws preventing predatory lending, for example, still existed in several key US states as late as 2004. The banks didn't rest until they'd finally succeeded in having the last of them dismantled, which then gave them the freedom to exploit a whole new market of borrowers, and set in chain the events that have culminated in the current subprime debacle.

Many other long standing banking Acts have been incrementally relaxed over the years too as a result of persistent lobbying by the banks.

It was much more than poor enforcement of laws, as you claim. The laws were no longer there. And it's why people like Pelican, myself and millions of others are calling for a thorough re-regulation of the banking system.

Col,

A wise rightie also knows that we work to live, not live to work. Unless you actually like to live to work, that is. But any imbalance eventually reaches the point where it is unsustainable anyway.

All sides have merits and demerits - the left counterbalances the right in a complex relationship of good and bad energies, while the middle wants to live a balanced life. What's the matter with that? The relationship between right, middle and left is like the game of rock, scissors, paper I reckon. Each sometimes wins but not always. The right represents pragmatic upbuilding, the left fairness and idealism and the middle provides balance and solidity. The system, overall, is the perfect blend to provide everything that society needs.

If you think you're being hard done by, join the queue. I think all of us - left, right and middle - are in some way shape or form.

Think you might be being a bit harsh towards politics in relation to the GFC. Its not about politics its about the flow of money. The "supply chain" to industry, commerce, consumer products, insurance, everything, depends upon the funds being pumped through the pipeline. The finance industry is the heart that pumps the money, if that stops or even slows down everything gets sick. The choices for any government are few and stark. 1) Replace the fauly heart (government buys bank). 2)Repair the fauly valve (secure/guarantee funds on deposit) to encourage the heart (bank) to start lending (pumping)again, and/or 3)Increase demand within the pipeline by giving money to consumers and governmet investment in infrastructure (creates jobs, circulates money, increases spending or debt reduction)Unfortunately for the "Polies", they have to get the right balance based on Australia's specific circumstances. Not a task I would relish myself.

Arjay and Col
I am not advocating shrinking into socialism. I must seem to be picking on the Right because it is the Right that has the strongest influence in politics today.

If it was the Left I would equally be having a go at any mismanagement policies or corrupt practices. I am trying, but failing to avoid left/right politics and look at solutions that might be inclusive of ideas from both sides to avoid extremist dogma from either end of the politcal spectrum.

Arjay, I agree that the NSW government is a debacle but I don't see the NSW government as thinking from the left. The ALP in Australia hasn't been Left for sometime. I never thought I would see a time when a Labor government would be advocating the selling of public assets, particularly vital ones like utilities. Some in regional areas now in foreign ownership.

Spindoc,"The finance industry is the heart that pumps the blood."That is a very long bow.The finance industry is only the oil that lubricates the engine.It is only the medium of exchange.The finance industry in the past has fed off it's own expectations and created this mess.

It is the economy of tangible production that satisfies needs and wants of real people,is what really matters.