The Gods that Failed

[John Simkin]

Larry Elliott and Dan Atkinson have just published The Gods that Failed. This is what the publisher says about th book:

In Britain and the United States a very strange sect has seized power. They believe that we can all reach financial paradise, if only certain sacrifices are made. There must be deregulation, there must be privatization, and markets must be left unmolested, the better to perform their magic. Democratic governments, unions and professionals will all have to accept that there is no alternative. Meanwhile job security, affordable houses and decent public services must wither away in the white heat of financial engineering. A new class has been presiding over this wonderland – the New Olympians. Since the late forties they have been planning their next move in mountaintop meetings that would make Ian Fleming blanch. Now private jets take them where they want to go as they tell the world the good news. But, in the wake of the Northern Rock collapse and the credit crunch, good news is in short supply. In this hilarious and shocking expose Elliott and Atkinson reveal the dogma that has brought us to the brink of disaster, and show us how to escape from the coils of faith-based thinking. The New Olympians have already done huge damage on both sides of the Atlantic. Miners, farmers and industrial workers have so far suffered most. But as market forces bear down on health, education and the professions, the middle classes are starting to feel the squeeze. Markets are not magic. Debt is not freedom. The Gods have failed. It is time to live without them.

http://www.amazon.co.uk/Gods-That-Failed-M...0210&sr=1-1

[Maggie Hansen]

Thank God I'm an atheist.

The 'market' is the most irrational place I know.

[Mark Stapleton]

Larry Elliott and Dan Atkinson have just published The Gods that Failed. This is what the publisher says about th book:

In Britain and the United States a very strange sect has seized power. They believe that we can all reach financial paradise, if only certain sacrifices are made. There must be deregulation, there must be privatization, and markets must be left unmolested, the better to perform their magic. Democratic governments, unions and professionals will all have to accept that there is no alternative. Meanwhile job security, affordable houses and decent public services must wither away in the white heat of financial engineering. A new class has been presiding over this wonderland – the New Olympians. Since the late forties they have been planning their next move in mountaintop meetings that would make Ian Fleming blanch. Now private jets take them where they want to go as they tell the world the good news. But, in the wake of the Northern Rock collapse and the credit crunch, good news is in short supply. In this hilarious and shocking expose Elliott and Atkinson reveal the dogma that has brought us to the brink of disaster, and show us how to escape from the coils of faith-based thinking. The New Olympians have already done huge damage on both sides of the Atlantic. Miners, farmers and industrial workers have so far suffered most. But as market forces bear down on health, education and the professions, the middle classes are starting to feel the squeeze. Markets are not magic. Debt is not freedom. The Gods have failed. It is time to live without them.

http://www.amazon.co.uk/Gods-That-Failed-M...0210&sr=1-1

Sounds good.

[Guest Stephen Turner]

Adam Smith, David Ricardo, Friedrich Hayek and Milton Friedman...Godheads.

And one mustn't forget Generalisimo Pinochet, for his role in turning Chile into a freemarket petrie dish, at the behest of those good ole Chicago boys.

[Evan Burton]

As I have said on many occasions: I am a financial numpty.

This makes me feel a little less stupid (though only a little.. )

Edited July 28, 2008 by Evan Burton

[Craig Lamson]

As I have said on many occasions: I am a financial numpty.

This makes me feel a little less stupid (though only a little.. )

The market works just fine as long as the failing are allowed to fail. That sadly is not the case at this point in time.

Edited July 28, 2008 by Craig Lamson

[Maggie Hansen]

As I have said on many occasions: I am a financial numpty.

This makes me feel a little less stupid (though only a little.. )

The market works just fine as long as the failing are allowed to fail. That sadly is not the case at this point in time.

Markets always fail. It is built in. And they are never permitted to operate freely. They are alway manipulated by someone. It is better that they are managed in the interest of the greater good than the benefit of a small clique.

[Craig Lamson]

As I have said on many occasions: I am a financial numpty.

This makes me feel a little less stupid (though only a little.. )

The market works just fine as long as the failing are allowed to fail. That sadly is not the case at this point in time.

Markets always fail. It is built in. And they are never permitted to operate freely. They are alway manipulated by someone. It is better that they are managed in the interest of the greater good than the benefit of a small clique.

Ah, so YOU and yours can manage it better. And what exactly is the "greater good"?

[David G. Healy]

As I have said on many occasions: I am a financial numpty.

This makes me feel a little less stupid (though only a little.. )

The market works just fine as long as the failing are allowed to fail. That sadly is not the case at this point in time.

Markets always fail. It is built in. And they are never permitted to operate freely. They are alway manipulated by someone. It is better that they are managed in the interest of the greater good than the benefit of a small clique.

Ah, so YOU and yours can manage it better. And what exactly is the "greater good"?

to determine the "greater good" as determined in rational democracy, its time for "the common mans LAWYER"

good benchmark for Iraq, too.... (below)

http://news.yahoo.com/s/csm/20080729/cm_csm/yborer

Edited July 29, 2008 by David G. Healy

[David G. Healy]

Larry Elliott and Dan Atkinson have just published The Gods that Failed. This is what the publisher says about th book:

In Britain and the United States a very strange sect has seized power. They believe that we can all reach financial paradise, if only certain sacrifices are made. There must be deregulation, there must be privatization, and markets must be left unmolested, the better to perform their magic. Democratic governments, unions and professionals will all have to accept that there is no alternative. Meanwhile job security, affordable houses and decent public services must wither away in the white heat of financial engineering. A new class has been presiding over this wonderland – the New Olympians. Since the late forties they have been planning their next move in mountaintop meetings that would make Ian Fleming blanch. Now private jets take them where they want to go as they tell the world the good news. But, in the wake of the Northern Rock collapse and the credit crunch, good news is in short supply. In this hilarious and shocking expose Elliott and Atkinson reveal the dogma that has brought us to the brink of disaster, and show us how to escape from the coils of faith-based thinking. The New Olympians have already done huge damage on both sides of the Atlantic. Miners, farmers and industrial workers have so far suffered most. But as market forces bear down on health, education and the professions, the middle classes are starting to feel the squeeze. Markets are not magic. Debt is not freedom. The Gods have failed. It is time to live without them.

http://www.amazon.co.uk/Gods-That-Failed-M...0210&sr=1-1

"Markets are not magic. Debt is not freedom."

tell that to Mastercard, Visa, Diners & American Express

[Guest Stephen Turner]

The market works just fine.

I actually agree with Craig here. the Market is doing EXACTLY what its supposed to do.

[Guest Stephen Turner]

The market works just fine.

I actually agree with Craig here. the Market is doing EXACTLY what its supposed to do.

If you mean creating fertile ground for a bit of what Naomi Klein termed "Shock Therapy", then I agree with you.

Then, Jan, we are in full agreement.

[John Simkin]

The market works just fine.

I actually agree with Craig here. the Market is doing EXACTLY what its supposed to do.

If you mean creating fertile ground for a bit of what Naomi Klein termed "Shock Therapy", then I agree with you.

There is an interesting story on pages 20-21 of the book. Angelo Mozilo, the chief executive officer of Countrywide, America’s biggest mortgage lender, took home $120 million in 2006. Even so, he complained about the government “over-regulating the industry”. On 10th August 2007, Mozilo had changed his tune when he called for government help because demand for its home loans had evaporated. He argued that the monetary authorities should step in with unlimited quantities of financial assistance.

[Craig Lamson]

The market works just fine.

I actually agree with Craig here. the Market is doing EXACTLY what its supposed to do.

If you mean creating fertile ground for a bit of what Naomi Klein termed "Shock Therapy", then I agree with you.

There is an interesting story on pages 20-21 of the book. Angelo Mozilo, the chief executive officer of Countrywide, America’s biggest mortgage lender, took home $120 million in 2006. Even so, he complained about the government “over-regulating the industry”. On 10th August 2007, Mozilo had changed his tune when he called for government help because demand for its home loans had evaporated. He argued that the monetary authorities should step in with unlimited quantities of financial assistance.

Exactly what does Mozilo's pay have to do with this John? Class envy?

[Dave Greer]

The market works just fine.

I actually agree with Craig here. the Market is doing EXACTLY what its supposed to do.

Market is as market does.