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Newsflash: We got a global crash and escalating depression. Destroying Wall Street could hardly have made the crash worse, and it would have removed a significant part of the opposition to sane and responsible fiscal and monetary policy going forward.

- Jake

To you the difference between 10% unemployment and 30% unemployment may be nothing, but to me it's significant. Sue me.

by rootless2 on Sun Dec 20th, 2009 at 02:42:54 PM EST
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"The Bundesbank and the Spanish central bank have done about as good a job as can be done under the circumstances. The examples you pull out are due to the insane market fundies in our parliaments more than the regulators."

Snort. Look up "regulatory arbitrage" and "europe" in a search engine.

by rootless2 on Sun Dec 20th, 2009 at 02:44:55 PM EST
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Uhm, you have around 20 % unemployment at the moment if you count it the same way Europe does...

And you have no serious countercyclical fiscal policy in sight.

Breaking the banks might have gotten your unemployment up to 25 or 30 % for a year or two, but on the other hand you would have destroyed a significant part of the obstructionist opposition to the policies that could cut years off the depression.

Whether ten years at 20 % is preferable to one or two years at 30 % is, I suppose, a matter of taste...

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Dec 20th, 2009 at 02:49:34 PM EST
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I mean 25% unemployment in Europe after the collapse of the central banks of hungary, poland, and baltics. But I bet you think that those EU central bank regulators could have patched it right up.
by rootless2 on Sun Dec 20th, 2009 at 03:29:18 PM EST
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Hungary's problems are not nearly as serious as you think.

The Baltics are fucked because their politicians are neoliberal fundamentalists. No central banker in the world can save you from neoliberal politicians. (But no, the Baltic central banks have not impressed me.)

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Dec 20th, 2009 at 03:33:40 PM EST
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