Wednesday, March 11, 2009
I think capitalism will be different, and the financial system will be dramatically different. It�s already dramatically different. Again, if you look at the scale of adjustment and restructuring in the financial system, it�s already happened. It�s profound in scope already. So if you just look at the system today relative to what it was through three years ago in terms of the institutions that existed then, and their basic shape has changed dramatically. And there�s going to be more changes ahead. But I think it will emerge stronger. This will clean out a lot of the excesses and bad practices, and those that don�t get cleaned out just by experience and knowledge now, better regulation oversight, better rules to the game, enforced more cleanly, we�ll fix.Tim Geithner, on Charlie Rose last night.
The capitalist economy is on the verge of collapse. Capitalism as a system has failed. ... Unfortunately, emptying the economy of moral and religious values and imposing completely profiteering mechanisms has caused numerous economic and social problems.Mahmoud Ahmadinejad, this morning.
Side note: What's Geithner doing on Charlie Rose? Doesn't he have more important things to do, like, oh, maybe a banking plan? It's still incomplete.
UPDATE: Worthwhile discussion of the socialism between Harold Meyerson and Russ Roberts.