Tuesday, September 18, 2007

An unwritten rule of capitalsim - they write the rules

After the financial events of the last few days many people are left in wonder at the situation where those people who have earned huge incomes (in various forms) for many years telling all us ordinary folk - for which I will include politicians for now - that the power of the economy is best left to the unfettered private finance, and all will be well.
Keep away you state/politicos as we knows wots best.

Now it seems that state support, and semi nationalsition of debt, (I am sure it is not described as such in our Treasury announcements) is best for all.

In my younger days I would have ranted and raved at such situations but I now just accept that one unwriten rule of our system is that they will at critical times re-write the rules to suit them. And it is probably in all our best intererests that the economy on which we now depend for so much does not throw an even bigger wobble.

No doubt someone has today been cashing in as some investor confidence was restored and share prices increased - will that be handed to us the taxpayers who underwote the cheque called "confidence" ? I somehow suspect not.

1 comment:

hafod said...

Strange, isn't it, how business is always moaning about red tape and government interference. Not today they ain't.

Just remember the Golden Rule of Capitalism: They who have the gold, make the rules.