We cannot continue along the same lines.."This sort of capitalism is a betrayal of the sort of capitalism we believe in."... the goal of the emergency summit was to "build together a capitalism of the future together."
Richard Ebeling, writing in the American Institute for Economic Research (AIER) disagrees implying that Sarkozy is only offering socialism dressed as capitalism.
The same politicians, bureaucrats and central bankers whose “pro-active” interventions and monetary expansion created the housing and investment bubbles, now claim they are the ones to “solve” the imbalances and distortions they blame on the market.
Central to the debate is just how much better can the State run the economy - by any standard not at all.
Its all bad news from New York;
ALBANY - Gov. Paterson grimly declared yesterday that New York faces a historically unprecedented four-year, $47 billion budget deficit, $20 billion higher than projected just three months ago - and will need some form of federal bailout.
"In order to address these issues, as New York is really the epicenter of the national crisis of finance, we're going to need federal assistance," said Paterson , as he presented a six-month report on the state's current budget.
Proving that a good politician is not necessarily a good manager
With the state’s finances souring, Gov. David A. Paterson in July took an important step to control the spiraling costs of government: a hiring freeze for state agencies.
But since the July 30 freeze was declared, 31,684 people have been hired by agencies, according to a Buffalo News analysis of payroll records provided by the state comptroller’s office.
The records do not include hiring at hundreds of state authorities whose payrolls are not maintained by the comptroller.
and then there's California;
The meltdown in the housing market and slowing California economy are likely to create a shortfall in the state budget next year of as much as $11 billion, according to estimates made Tuesday.
In response, Gov. Arnold Schwarzenegger has asked department heads to stop spending what they can today and prepare for bigger cuts next year, according to legislative sources.
Frustration with the State has led local councils to call for the abolition of the government;
Councils across New South Wales have backed a push by Lake Macquarie Council to abolish the State Government.
The councils' motion, calling for a two-tier government system, was yesterday passed unchallenged at the Local Government Association Conference in Broken Hill.
"It costs the Australian people over $2 billion per year to have the three levels of government, and there is a lot of duplication between State and Federal Government," he said.
With all this wasteful unproductive spending by Governments you have to wonder when they will finally default - their only resource being the taxpayer and the printing press.
