The WHYS vote

On today’s World Have Your Say (it’s a TV special by the way) we’ll be discussing the dreaded ‘R’ & ‘C’ words . . . for now though . . we want your vote!

26 Responses to “The WHYS vote”

    October 23, 2008 at 14:17

    i think it is a very real possiblity that the world is heading towards a recession…

  2. October 23, 2008 at 14:39

    It is frightening that it is a Global Financial Crisis because it looks like both socialism and capitalism are being dealt a blow. When banks can refuse to carry on business as usual and the people have no say in the matter, it is tyranny.

    Prices have risen to compensate, they are not going to come down and merchandise is being down sized. When the people have no money to live their life for their work, they will eventually do anything their government throw at them. They will allow any crime their government wishes. The majority of all major business and their suppliers will be controlled if not already and government stock shares will dominate the market if not outright owned by the government.

    Only a very few will be rich as long as they allow the money to flow the way the government wishes. They exist only because the workers need the idea that there is always a hope of advancing and the achievement of their dreams are possible.

    The whole worlds social structure changes and lesser beings become the world’s citizen and populations come to a unconscionable sadistic demise. Humanity and the love for life is being taken away and their is no longer the will to strive and advance civilization

  3. 3 Pangolin-California
    October 23, 2008 at 14:49

    The share of energy available to each person is now in decline to rising populations and declining or stagnant food and energy production. Simply printing more dollars to represent the same bushel of wheat and barrel of oil shared by more people doesn’t solve the problem that inequality causes conflict.

    We are at the part of the board game where one player has all the properties and money and the other players are looking for something else to do. For most of the player in this game this is no fun anymore. The player with all the money demanding we all keep playing the same game by the same rules is just a jerk.

  4. 4 R. Gabrielle Berry
    October 23, 2008 at 16:29

    I don’t know how to say this politely (or even if I want to try) but I blame the United States for the mess the world has come to – financially and otherwise.
    Financially, the persons who should have been providing oversight went AWOL, allowing banks to make loans to persons who not otherwise qualify (i.e. subprime). What’s worse, the financial institutions did not have the capital reserves to cover the situation should the debt(s) default, which is what happened.
    When crisis occurred, the knee-jerk reaction was bail-out, which is like bailing out very bad kids because the parents don’t want their parenting to look bad. In this case; THE PARENTS WERE INDEED BAD (AWOL).
    Injecting capital at this point will not offset the trillions of dollars that have been lost in stocks, production, jobs, etc. This bespeaks to me of recession. The Government hasn’t got a clue how to fix what it has done; it needs a strong injection of financial wizards (probably from private industry).
    And lastly, if you look to the IMF and World Bank…well…look no further than the damage these American institutions have done throughout ther world by forcing artificial economies on poor countries and stripping the poor land bare.

  5. 5 Syed Hasan Turab
    October 23, 2008 at 16:45

    This is un-equal distribution of money among countries & among people.
    Just few corporate’s are running the show with negative attitute with Govt & fellow Society members in a legal manner’s by way of claiming bonuse’s & maximum fring benifits.
    Under the same circumstances we need to buildup an effective Govt monitering for future cure to prohibit the crooks, other wise we will face Bailput Birthday ever now & then.

  6. 6 Ogola B
    October 23, 2008 at 18:35

    The financial situation should now drive towards the businessman, the politician and the tax payer. what about the stock exchange business, what do they have in stake for this period?

  7. 7 Pangolin-California
    October 23, 2008 at 19:11

    As a US citizen I blame the United States also. Since I was working in real estate at the time of the last, fatal run-up of real estate speculation I can confirm peoples beliefs about insane lending and real-estate fraud.

    The thing is; it was the relatively wealthy that pushed the boom rather than the poor. A doctor or lawyer with a good income could, and did, buy multiple properties with little or no money down or proof that his/her portfolio of properties were actually providing the income needed to make them good investments.

    At a higher level real estate investment groups built giant developments of $300K houses without any proof that there were jobs available to support buyers. Banks started writing sub-sub-prime mortgages in order to clear their construction loans.

    The whole thing was giant Ponzi scheme where everybody told themselves they would cash out before the bottom fell out.

    Guess what……

  8. 8 Bert
    October 23, 2008 at 21:30

    Ditto. I also blame primarily the US real estate sector for starting this avalanche. But I marvel at how many people lazily blame the rich CEOs or capitalism.

    I’ve no love lost for CEOs and their insane incomes, but clearly the blame here goes to the govt propping up Fannie Mae and Freddie Mac with govt-backed loan guarantees. And the common wisdom, pushed for multiple decades, if not more than a century, that everyone should own their own home.

    Bad enough that individuals who had no business qualifying for a mortgage got approved. But check out the size of new homes being built. To me, this is proof of the economic machine having had its natural control loops cut. And that was caused by too much govt intervention, not the other way around. Bad intervention. The kind of intervention that convinces people to ignore what anyone with a brain would know are sound fiscal poilicies.

  9. 9 Tom D Ford
    October 23, 2008 at 21:37

    We’re currently in a recession in the US and I have confidence in the long term as long as we can get Conservative Republicans out of power.

  10. 10 1430a
    October 24, 2008 at 02:06

    Hello everyone,
    well regaining the same confidence as couple of years ago is quite impossible,but they can try to decrease the loss in confidence.They need to make people believe that after weeks of crisis now they can put their money somewhere ‘safe’.
    The other question:’Is recession inevitable?’-Well we I don’t think the conditions are so bad that recession is inevitable.There are a few more weeks to observe the condition.If they don’t show any sign’s of improvement,then I guess the recession is not far.But this will not only hamper the American economy,but the world’s economy.India is launching rockets to the moon,but I think soon we will have to make our way to live there because living in Earth is becoming very suffocating.

    Thank you

    P.S: Hey Ros good luck for the show.

  11. 11 roebert
    October 24, 2008 at 06:20

    Obviously the models and systems that led to this disaster need to be revisited with a reforming and regulating vengeance. Anti-social greed must be reigned in by setting clear parameters and criminal greed must be defined and criminalized, with suitable legislation. The other aspect that has played a role here, i.e. pyramid-scheme fraud, should be identified wherever it has and can occur, and legislated out of all future systems.

    The bail-outs will restore confidence if it can conclusively be shown that such drastic (and extra-systemic) measures need never be taken again because the same possibilities for (greedy and deceptive) human error have been eradicated. These remedial measures should come primarily from the EU because the US has shown itself too often to be an untrustworthy auditor and assessor of its financial institutions.

    There will be purging losses, which represent only the loss of whatever money was not there in the first place. There will be leaner times, but at least there will be trust in whatever is really there in terms of real capital and real market value.

    Dealing with reality in a frank way will restore confidence. Declaring real bottom lines will draw realistic investment. The process will be slowed down, but at least it won’t amount to dealing with a frantically inflated balloon of zero value.

    That, and putting a stop to the Iraq war, will bring much balance back into the world.

  12. 12 Joel, Chicago
    October 24, 2008 at 07:10

    With all due respect to Mr. Galbraith (and his father), the root of the problem with international capitalism has little to do with bad loans. These were simply the trigger. The fundamental problem is the global shift of investment from production to finance. Because the rate of profit in production has fallen, investment has flowed away from it and into phony schemes to create wealth in the financial sector.

    However, financial institutions do not create value; value can only be created by human labor. In short, the enormous wealth created by financial institutions does not represent any real value. It is entirely hollow.

  13. 13 Jerry in Indianapolis, IN, USA
    October 24, 2008 at 07:11

    Yes, there is a scenario under which a repeat of 1929-1942 could occur again.
    If John McCain were to be elected and his ultra-right wing Republicans are returned to Congress, then they would try and continue their governing philosophy which has led to the current problems.
    The result would also be the bankrupting of the US Treasury and an attempt to install ‘a Unitary Presidency’ which is a euphemism for one form or another of dictatorship as the economy degenerates to that of petty feudalism.

  14. 14 Ted in Chestertown, Maryland USA
    October 24, 2008 at 07:15

    Nobody in the media, including the BBC, is talking aout the next crisis on the way! I’m talking about the blackhole created by $62 trillion in Credit Default Swaps (CDS) which are totally unregulated & opaque. Go on line & read the blogs by economic experts & they are saying CDS are a tsunami which will make the sub-prime crisis look like a ripple on a pond. Why aren’t you talking about this?

  15. 15 Rajan in Nepal
    October 24, 2008 at 07:21

    World economic recession is not only going to affect the developed and developing countries but also the third world countries as they heavily depend on the former countries for almost everything they have to do with their economies.Nepal government has proposed a huge increment in its budget mainly relying on trust upon the ODA from developed world. Surely this is going to put pressure on dwindling economy of the country. Inflation is going to rise affecting mainly the poorer section of the people. Really the days ahead are going to be harsh especially for the poorer of the poor.

  16. 16 Raman in Michigan, USA
    October 24, 2008 at 07:30

    I’ve been in need of a car. Leasing seems to be a good option. But my question is, should I wait to lease the car? I’m getting mixed advice, and now I’m going crazy between what’s going on, and my need of a car. What do you think will happen with the U.S. economy??? As it is, Michigan’s economy is bad, and here I am – an architecture student about to graduate in December, but most likely I will have to move out of the state, to find a job. I’m not happy at all. It’s times like these I wish my parents were CEO’s of banks making $70 million profit a year.

  17. 17 Justin
    October 24, 2008 at 07:48

    I’m afraid the U.S. Government has acted to late! Why did they fail to see a recession was inevitable until after everything came crashing down? Will they continue to be pessimistic until a full depression has
    set in?

  18. 18 Prince in Lagos, Nigeria
    October 24, 2008 at 07:51

    What we are witnessing is the failure of capitalism. What is rational, reasonable, and right, is to change capitalism and not to help it revive.
    The push for bail out by governments to help capitalism regain life and resistance of change is ABSOLUTELY CORRUPT, and shows that capitalism is based on authoritarianism, nihilism and totalitarianism and, therefore, it is beneath the dignity of man as a rational, and an innately moral and spiritual being, and it is prejudicial to the destiny of man.

    The necessary, logical and alternative action is to allow the different nations of the world to practice the economics that are traditional to them, befits their sovereignty, independence, rights, freedoms, and dignity, and conduces to their happiness. I mean, in this regard, communalism or social brotherhood for Africans, communism for Eastern Europe, and social socialism for Asians.

  19. 19 Luci Smith
    October 24, 2008 at 09:04

    @ Raman in Michigan

    Get a bicycle!

  20. 20 Robert1987
    October 24, 2008 at 10:23

    @ Pangolin-California

    Its not the United States of America as a whole which is the problem its just certain sectors of business which is to blame for this financial instability problem which is faced by most if not all parts of the world.

  21. 21 selena in Canada
    October 24, 2008 at 12:47


    My son has moved temporarily to a city near you because of his job.

    He is living in a hotel and hiring cars on a weekly basis. He tells me he never would have believed it but hiring a car is cheaper than either buying or leasing.

    Perhaps that could be an option for you.

  22. 22 John in Germany
    October 24, 2008 at 13:56

    Here in Germany Heads are Rolling, a law will probably go through parliament where Managers will have a limit of 500.000€ which they can earn in a year, I hope this also includes any bonuses. If not, away we go again. No person is worth millions, not today nor ever. What a statement, if your in the same club you just vote yes for the whole Executive Board, the Dollar signs light up in their eyes, and the very good brains start working out methods of how to get the whole robbery passes the Control Gremiums.

    The greed has not gone away, it is in the parking slot to be taken out when things have cooled up a bit.

    Recession was created by these people (by the way women included) cant get it into my head that they don’t care a damn about Families falling apart, children being pushed into the poor status, and so on. Can You Ladies?????.

    Recession in Russia—–Strawberries 30 Dollars a punt, and they are going like hot cakes, and a young woman just not caring as long as she has the dollars.

    India Just shot a rocket up to the moon. How many hungry and dying has she to report about daily

    Most of us are not fooled by all the waffling going on, those that are want to be.

    Worried? Of course, for our Grandchildren not for us. and for the Souls of all of those greedies out there. Satan ain’t going to have enough room, And to the goodies you did your very best, but it didn’t work, Thanks anyway.

    John in Germany.

  23. 23 Annette
    October 24, 2008 at 18:25

    I have been watching this recession move toward us for the past ten years. Why is it now that everyone is suddenly saying the real estate market is to blame, or capitalism is to blame, or the US is to blame? Years ago home prices were going up beyond a logical limit, and as long as everyone was making money it was ok. Now that other commodities’ prices have risen to match them, it is no longer alright with people. It amazes me that so many people didn’t see this coming.

  24. 24 natalie sara
    October 24, 2008 at 18:47

    guess my country. first in SEA to go into a recession, technical recession, technically.

  25. 25 rick
    October 25, 2008 at 08:04

    All is ok here in oz. I was down to Kmart today and there was 10 lines of shoppers all waiting to buy Chineze crap and put it on their fantastic plastic. Slight slump in boat and SUV sales, other than that you wouldn’t know there was a problem.

  26. 26 faysal
    October 25, 2008 at 10:53

    Actually, I don’t know what will happen. People here are afraid of something that they don’t know, something that they didn’t experience before.
    Yet, talking as a third world’s member, and in order to be franc and honest, I think that we’re paying up the bill of the western world’s LUXURY..
    For those who have oil and gold it’s not a big deal, but what to do and what to say about these poors, who’re barely finding what to eat, hardly once a day??

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