But a world of difference between him and, well, some others. Das Erste followed with nice reporting on Krugman's prize. "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
The package is to be financed by making higher debts, but (Swedish model) the eventual purchased stocks are to be sold later if the economy turns around. *Lunatic*, n. One whose delusions are out of fashion.
(Don't have ARD, sadly, and they don't live-stream) *Lunatic*, n. One whose delusions are out of fashion.
i wish i could understand the language better, i'd make a better post. "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
But the Beckmann-Merz thing was awesome. Given the MSM format... That they gave a voice to Schumann was powerful, and he was prepared. "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
I'm trying to watch the Beckmann-Merz video right now, but streaming broke off repeatedly. *Lunatic*, n. One whose delusions are out of fashion.
Merz does submit that the FED followed a policy of cheap money leading to the mortgage crisis, and that there are systemic problems in the US financial system -- and claims he said so a year ago (Beckmann: "Why has no one listened to you?"), and points at Basel II ("you surely don't know what's that").
Well said: Merz praises the Euro and claims the crisis would have been worse without.
Defends German bank CEOs (and gets nervous going into it: calls Beckmann Beckstein...) as good managers...
Beckmann pushes him on greed ("they don't care about common good"), Merz recounts the dogma: 'core of market economy: manage greed to work for the common good'. Beckmann: "So if the finance system must be saved by the state, your world must be truly disturbed, where are the market's self-healing forces you believe in?" Merz goes on by suggesting more/better regulation.
Beckmann still pushes him on the responsiblity of managers, Merz claims there is a full-range manager liability in Germany -- Beckmann: "But it failed."
(cont.) *Lunatic*, n. One whose delusions are out of fashion.
Merz goes on about economic cycles, Beckstein: "but what if profits are always privatised and losses socialised?", but Merz wiggles free.
Beckmann pushes him, if he is so a big financial expert, why doesn't his party use his talent? "You have to ask others about that"... for further minutes Beckmann grills him about the relationship with Merkel.
Merz goes on about state spending, mentioning the healthcare and retirement funds, Beckmann: "Your solution: private, private, private?"
Beckmann: "Where have you invested your own money? Derivates? Have you been risk-loving?" Merz: "Nnno, I bought stocks, and sold them at the right time... eeeh... and even re-purchased some..." [big smile] Beckmann pushes him on about the losses of small investors.
(cont. with Geißler & Schumann) *Lunatic*, n. One whose delusions are out of fashion.
Schumacher: problem was that more than 50% of banking happened beyond the regulated system, which came because the regulators' independence was no more due to personal.
Schumacher: "Hank Paulson was boss of Goldman Sachs." Merz: "But the problems started before Paulson!" Schumacher: "Yes, but before Paulson, there was Bob Rubin, who also came from Goldman Sachs."
Schumacher quotes Walter Eugen an ideological founder of German social market economy: "The problem is nor abuse if economic power, the problem is economic power." Meaning, the ballooning financial world gained too much power over politics.
Merz tries to tell Geißler that Germany's success in his time in the eigthies was because of supply-side economics, he counters (in the tone of an old teacher) that that was combined with an extension in the social systems, which wasn't done in the East after Reunification.
Schumann criticises the €20 billion earmarket for actual pay-outs for from credit guarantees (e.g. for failed credits) -- who pays for it, why everyone instead of those who created the mess via a special tax?... and compares the sum to the annual payout for all receivers of the combined (and reduced) social and long-term unemployment benefits under Harz-IV: €22 billion. Merz counters: the state debt payments are even higher, we leave this behind for our children -- Schumann: "We also leave behind the wealth created by investing those credits!"
Geißler says it would have been nice if Merz et al would have talked two years ago like he does now...
Schumann returns to the point about too much power in the hands of financial CEOs just from the size of their paychecks (where the top 20 hedge fond managers with their annual renumerations of €600 million[!] are far above even the boss of Deutsche Bank), and attacks Merz as part of the problem in his law firm serving the private equity companies, Merz sweats but says his voters know where he works, but then a long controversy follows about his earlier legal protest against parliament's demand to publish his clients.
Geißler: he thinks it depends on whether new regulations stop banks from "re-starting the gambling". Emphasizes internationality, he is not against globalisation but wants "politics to get on eye level again" with economic players.
In a clip from an earlier show, former chancellor Helmut Schmidt criticises the G7, says it's not enough and China, Brazil and others should be involved, Merz needs forced to agree. He also denies he'd disagree with Geißler's leftist thematisation of Harz-IV taking away a few euros more from poor people while HypoRealEastete's manager will go into retirement with €34,000/month.
Big mess about whether warnings were heeded in Europe (Merz claims Basel II was just about that, Schumann says it was late and not regulating hedge fonds et al.)
Schumann all Keynesian: throttling of investment should be stopped with big state investment programme, especially in energy sector, and prevent jump of joblessness.
Geißler: "The capitalist system IS - NOT - the sytem of the future. That must be said to the people." *Lunatic*, n. One whose delusions are out of fashion.
I guess the takeaway point is that the framing window is certainly in flux. Given what J wrote about Gideon Rachman on the FP, here's an example where the lies couldn't take hold in a large media showing. The show also made me glad to be in Germany. "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
From a rhetorical poit of view, I saw Merz clearly forced into a corner and outclassed (then again, it was 1:3). Beckmann, Geißler and Schumann brought up almost all the important points and talking points on the issue. As you say, the framing is on the move when moderators talk stuff like Left Party leaders in parliament and Merz has to nod in agreement.
On the other hand, all three tried to get Merz on speaking up about the structural problems earlier -- but couldn't really nail him. But this is important: had Merz realised the gravity of the problem, it wouldn't have been something for a book or drawn-out Basel-II negotiations, but loud proclamations to the media that something must be done, now.
On a more general level, what lacked was a real confrontation: in the end, Merz's posture was "but I want those things, too, don't put things in my mouth!". I had liked if at least Beckmann had actually read Merz's book and confronted him with a selection of his own theses, in addition to burning general neolib talking points and scoring minor points like Rubin being of Goldman Sachs too.
Finally, a small detail: in the beginning, there was a semantical debate cut short by Beckmann about the word "Neoliberal". In fact the same debate I recall having with Martin when he was fresh on ET: Merz reminded people that half a century ago, just the inventors of social market liberalism called themselves "Neoliberal". Curiously, despite his age, Geißler was obviously unaware of this (e.g. Beckmann saved him from embarrassment), and couldn't answer that "Neo"-anything descriptors are repeatedly re-used for the newest versions of whatever even if totally unrelated. *Lunatic*, n. One whose delusions are out of fashion.
Please? In the long run, we're all dead. John Maynard Keynes
LOL, Merz infected me, too... *Lunatic*, n. One whose delusions are out of fashion.
Herr Mertz?
Beckmann?
And why is the former being handed his head by the latter a good/bad thing?
*Lunatic*, n. One whose delusions are out of fashion.
Would that debates like this occur during the amurkan presidential Wahlkampf. "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
I'm sometimes surprised that the US contains quite a number of her most prominent critics, e.g. Noam Chomsky. It seems just that most media managers are full of fear to risk to invite people, who are far off the main stream. Some of the stronger critics make kind of comedy - like a king's jester, who dares to say, what others aren't allowed to say. Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
Well, yes, on the issues, it's more that his party moved right on the economy (starting already under Kohl). However, in his Cold Warrior years, he did include leftist intellectuals and even SPD figures in his attacks (presaging the Red Socks campaign) -- while presently, he not only dared to be on the same platform with them, but AFAIK he is an advocate of a pragmatic approach to the Left Party.
RAF (I think it is Bader-Meinhof gang in English
Yes, but I often emphasize that that's a misnomer. The phrase was coined by the Bild tabloid (the German equivalent of the Sun), but Meinhof was only the speaker for the first generation (Baader's girlfriend Ensslin was the real co-leader), and the activity of the Second and Third Generations was much more serious and bloody. However, it was pointed out to me that the real name RAF was probably not used because that acronym is already in use: for the Royal Air Force of the UK. *Lunatic*, n. One whose delusions are out of fashion.
Also: by calling Baader & co a gang, Bild also tried to underplay their importance -- but RAF became a 'professional' terrorist organisation with international contacts and a bloody trail, and with this term, English-speakers may not fully contemplate how serious Germany's experience of terrorism was. (At least, the warmongers accusing Europe of cluelessness and cowardice over terrorism displayed such ignorance.) *Lunatic*, n. One whose delusions are out of fashion.
The CDU old man on Beckman was Heiner Geissler. And no, it is not at all surprising that Geissler and Merz have different opinions about some issues. Geissler, who is a member of attac, is economically far left in the CDU - but was as some others, who today critisise some elements of the actual system strictly against the USSR.
It is not totally clear why Merz left, but probably not only the inner party personality power struggle, but as well the issues were too far away of his vision. Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
