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OT: Has capitalism failed the world?

From Al Jazeera, of all places...

Former financial regulator Lord Adair Turner discusses the role of banks, the politics behind austerity, and capitalism.

...

It seems that mistakes made in Wall Street and the City of London are paid for by people around the world, but can we govern greed within the realm of capitalism or is it all just money down the drain? Is austerity really needed? Can we trust the banks?

...

concluding?

"I think we, as authorities, central banks, regulators, those who are involved today, are the inheritors of a 50-year-long, large intellectual and policy mistake." Lord Turner

Well, Ed?

Reply to
Richard
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What is this? Am I Answer Man today?

I have no freaking idea. I just *read* The Economist. I don't write it.

Reply to
Ed Huntress

If you are answer man, lets stick to the important stuff.

Do you think yellow tail fishing is better by marker 20 than sombero light?

karl

Reply to
Karl Townsend

Omigod, Sombrero Light! I haven't heard anyone say "Sombrero Light" for over 40 years.

Jeez, I do miss the fishing down there. It was like a fantasy for a kid with a fishing obsession.

Right now, I'm just hoping to get out for some more local fishing. We had a great striper year, and I missed most of it.

So, how's it been in the Keys?

Reply to
Ed Huntress

Well, yeah, you seem to be the main proponent of Laissez-faire capitalism around here. I was curious to see what you might think about such claims.

After all, "Lord" Turner?

Reply to
Richard

In your fantasy-world

Around where, exactly ?

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Reply to
PrecisionmachinisT

Moi? Capitalism, yes. Laissez-faire, not so much.

From your quote above, I have no idea what he's saying. So I looked at the Al Jazeera story, and I still have no idea what he's saying. What's the 50-year policy mistake? Apparently it's in the 47-minute video interview. No thanks.

Whatever it is, it sounds more philosophical than factual, and my eyes usually glaze over at those kinds of things.

Reply to
Ed Huntress

Kind of like mine do with the current economic philosophy? :)

Reply to
Richard

Well, the economic "philosophies" are taking a beating from new trends in economics, which tend to focus on data and a lot of mathematical analysis, rather than guesswork about human behavior under different economic regimes. It's still a mixture of the two but if you stick to the facts and the data, the philosophy is less likely to be confusing.

At the same time, behavioral studies are becoming more scientific in their application to economics. We're getting a better handle on motivations, incentives, risk-response behavior, and so on. I think most of the ideologies in the field are going to be historic curiosities before very long.

Reply to
Ed Huntress

I'm "up Nort" this time of year. My heart is in the keys and I'm counting the days till the next trip. last winter was another great year, like always. Keys fishing spoils you, no where else comes even close.

Karl

Reply to
Karl Townsend

I agree. It's definitely the most exciting and varied fishing I've ever experienced.

Reply to
Ed Huntress

;)

Reply to
Richard

Hey, Karl, here's an interesting photo of Sombrero Light that appeared in National Geographic yesterday, with a story of which it's a part:

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Reply to
Ed Huntress

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