Thursday, November 29, 2007

Roubini sobre a Crise no Mercado Financeiro

"The lesson of this sad and sleazy episode is that when profits are privatized and losses are socialized we get sleaze capitalism and corporate welfare that becomes public bailout of reckless lenders. All this from a US administration that hypocritically praises every other day the virtues of private markets capitalism. For all of us who do truly believe in free market economies where a variety of public goods are provided by governments and the financial sector is properly supervised and regulate this is not a capitalist system but rather socialism for the rich".

2 comments:

  1. Yeah. Success, against what most want to make everybody believe, depends a lot more (if not completely) on the quality of human resources rather than of the chosen political system.

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  2. Max,

    I disagree with you. Do you really believe that the former Soviet Union was filled by idiots?

    The political system decides about freedom, and freedom is the cornerstone of capitalism. Of course that you can argue that capitalism brings liberty and democracy. If this is the case, then we agree on it.

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