Reason Online, the online presence of libertarian political magazine Reason, is featuring a book review of Cory Doctorow's book, Little Brother. Little Brother re-imagines George Orwell's classic, dystopian novel, Nineteen Eighty-Four, as a modern cyberpunk thriller for a young adult audience.
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Member since:2005-11-11
"On this side of the pond - well, in NL at least - we look with amazement towards what's happening in the US. People receiving mortgage and loans even though they aren't credit-worthy?"
What you seem to be missing out on is that it is the government's fault so many non credit worthy people got mortgages and loans. You've been given the links in this very talk section.
Here's another from 1999:
"Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits."
- http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A057... (the pressures alluded to in the article were painted as a positive thing)
OK yeah, maybe it looks a little weird to you to see us happy to leave companies out to dry when they fail. For us it's the flip side of being able to take risks and get ahead. People losing homes a: maybe shouldn't have tried to get them in the first place (but were free to try, a good thing) and b: were encouraged to do so by government pressure on financial institutions. The blame is split between freedom/risk taking, which we like (and hey, it's worked pretty well for us for the most part), and the government. Hardly any surprise then that it's the government that gets most of the flak.
Edited 2008-09-26 02:27 UTC
Member since:
2005-06-29
Exactly my point. I don't get it!
On this side of the pond - well, in NL at least - we look with amazement towards what's happening in the US. People receiving mortgage and loans even though they aren't credit-worthy? Shady practices in the financial world? The country's largest banks in financial troubles? Isn't there anyone regulating and overseeing the financial industry over there?
In NL, all banks and financial institutions are under strict regulation by the state, and they are strictly monitored, because we realise that without a solid, trustworthy financial structure, your economy is in serious danger. If people lose confidence in their banks - simply put - and withdraw their money, the whole economy will collapse.
This is what is happening now in the US. The financial system is collapsing, and had the government controlled it much more tightly, this would have never happened.
Why do you think that so far, this large financial crisis left NL more or less untouched, even though we have one of the most outward-facing (and thusly supposedly the most affected) economies in the world? Exactly - because our system of monitoring and controlling the financial institutions in order to foster confidence is working.
People who advocate no governmental meddling at all (Libertarians) should take a long hard look at the world, and realise the countries which have the lowest crime rates, the best monetary distribution, the most equality, the least amount of people living below the poverty line, and the happiest people are welfare states.
Like I said on my weblog today, show me one example of a libertarian governmental model working out better for citizens than a welfare model as seen in most European countries. Just one.