The Sickness that is Contemporary Capitalism

[Fear ón Srath Bán]

There is no more graphic an illustration of the rot at the root of the body financial and societal in today's world than the obscene bonuses that are to be paid to every single employee of Goldman Sachs at year-end.

Barely one measly solitary year after the taxpayer/citizen/subject/child saver/browbeaten labourer bailed Goldman Sachs out to the tune of 10 Billion (Sterling) pounds, it's about to reward its gamblers with its largest ever record bonuses, which will average around the €400,000 mark per employee. This largesse, while unemployment climbs (still), manufacturing declines (still), and consumer sentiment remains in the doldrums (still), is nothing short of an obscenity. An obscenity gladly and weakly facilitated by just about every Western government, what with their pathetic pleading with, and pandering to, the financial institutions to take it easy on the rewards, not to be too showy. 

They (the financials) were/are, however, obviously and obliviously so important that they couldn't be done without, so important that whatever it would take to guarantee their survival would be furnished unquestioningly but... "please, if you really wouldn't mind, just go easy on the ostentatious displays of gratuitous glee as a result of your fortuitous betting, sorry, forecasting, on the correct movement of the markets! Thank you so much, so very kind."

We have our own version of this grotesque socialisation of debts and privatisation of profits here of course, in the spectre of NAMA, which depends on a reinflation of the property bubble to break even, or at least not to incur hideous penalites for the ordinary Joe, i.e., it depends entirely on what got us into this mess to get us out of it. Is there a more stupid approach to tackling this crisis?

And what are we doing? Nothing. We're letting them get away with it, the whole f**king shebang. An idiot like Lenihan at the helm, who's called it wrong at just about every turn, and we haven't the balls to turf him out to fcuk. Not that the Brits or the Yanks are any better. We'll deserve all we get.

http://www.guardian.co.uk/commentisfree/2009/oct/16/goldman-sachs-bankers-bonuses

[Farrandeelin]

But what can we do unless there's an election? A revolution would be nice but that'd only f**k up the economy even more so.

[Tony Baloney]

It's not just the Irish government. The thieving f**kers in the banks have no shame and know that the various governments are toothless tigers. The big banks absolutely ruined thousands of people and left people destitute, yet they see fit to reward themselves with more than the life savings of many of the people they screwed over. c***ts.

[Bogball XV]

you just don't understand Fear, these lads are the best in the business, their bonuses are based on the long term wealth they've created for the shareholder and the wealth they've created in the economy as a whole!! 

[Fear ón Srath Bán]

That's the question Farrandeelin, not having voted Joe Higgins out of the Dáil might have been a start.

Could a revolution have been any worse though? Say, for example, that post-NAMA, property prices plummet even further (and there's nothing concrete to suggest they won't), then we are all saddled with a millstone of personal tax ad infinitum. At least with a revolution, there's a ground zero, and a clean start, though admittedly there'd be a little too much blood.

Just listening today on some of the figures that were being bandied about in relation to salaries that are currently being paid to a very privileged few here, i.e., hospital consultants, Professor Brendan Drumm, etc., and the mind boggles. We are so far out of touch, so far. And Harney, who to listen to you'd think never put a cent wrong, and whose husband (Brian Geoghegan) was a director of FáS when they were at their most profligate... 

It's so far out of kilter that I'm not sure any kind of remedial measures will cut it. But that's not just here, that's the whole of this bastardisation of capitalism. It's going to take something really radical, not just a readjustment.

[Fear ón Srath Bán]

you just don't understand Fear, these lads are the best in the business, their bonuses are based on the long term wealth they've created for the shareholder and the wealth they've created in the economy as a whole!!

Sorry BBXV, now I get it. D'oh! 

[Rossfan]

Ars€hole Lenihan has lost any bit of credibility he might possibly have left with "his " speech to a Business gathering last night.
I presume IBEC wrote it for him .
Big uncontrolled,unregulated,un monitored business and their FF cheerleaders got us into this mess and Gobsh1te Lenihan expects them to get us out of it as he deflates the economy by promoting(and implementing) the low pay agenda.
How the fcuk do they expect people who have massive FF inspired mortgages to take pay cuts left right and centre and then be in a position to save the economy by buying goods and services?

Can they not see that the era of Harney/Ahern/McCreevy economics is over and will not be coming back.?

[muppet]

The financial  crisis has demonstrated to politicians, bankers etc how the general public will bend over repeatedly no matter what they do.

Why should we be surprised when they reward themselves for our apathy?

[Fear ón Srath Bán]

The financial  crisis has demonstrated to politicians, bankers etc how the general public will bend over repeatedly no matter what they do.

Why should we be surprised when they reward themselves for our apathy?

I agree muppet. What cure for this malevolent malaise en masse?

Regardless of how obeisant we prove to be repeatedly, and then again some more, not even mutt the hopelessly dense dachshund will hang around for his master's boot when all it does is kick him.

[Cúig huaire]

Aherne and Cowan followed the Blair and Brown model all the way to virtual ruin.  UK is able to handle the ruin better because of its size.

Both economies were built on property bubbles and financing the "boom" with proceeds from taxing the financial markets.

Whilst the Irish econonomy was certainly built on or around the "property bubble", the same could not be said for the UKs econonmy. Although their econonmy isnt in great shape at the minute, it is in a much better position than our own. The UK economy may start to grow again pretty soon, while an end to recession in this country isnt going to happen any time soon. Certainly not before 2011 at the earliest.

[Fear ón Srath Bán]

Aherne and Cowan followed the Blair and Brown model all the way to virtual ruin.  UK is able to handle the ruin better because of its size.

Both economies were built on property bubbles and financing the "boom" with proceeds from taxing the financial markets.

Ah TYP, but there was a difference, a key difference. A difference they kept trumpeting... that because the south was in the ECB it wasn't like the British boom-and-bust, and could never be; we were part of a much bigger currency and economical circle, so the same rules didn't apply, couldn't apply. It was all based on a much firmer footing. So they said.

Was all bollix of course. Just like what Lenihan said just over a year ago about Irish property being in a sound position and in no danger of collapse. Just like what Lenihan said about NAMA, yesterday.

[Cúig huaire]

Was all bollix of course. Just like what Lenihan said just over a year ago about Irish property being in a sound position and in no danger of collapse. Just like what Lenihan said about NAMA, yesterday.

While I dont like the idea of NAMA, no one has come up with an alternative, other than just letting banks, builders and the property market go to the wall.

[Maiden1]

As my dad says 'the world is ill divid'.  The banks can hedge/gear/speculate ..  if it goes right, make massive fortunes with massive bonuses and if it all goes tits up the ordinary people will bail them out.  Not sure many other politicians would do much different.  In some ways that is what Capitalism is all about, being ruthless, keeping up with all the others who are doing the same thing or get left behind, making as much as possible as quick as possible.

[Bogball XV]

Was all bollix of course. Just like what Lenihan said just over a year ago about Irish property being in a sound position and in no danger of collapse. Just like what Lenihan said about NAMA, yesterday.

While I dont like the idea of NAMA, no one has come up with an alternative, other than just letting banks, builders and the property market go to the wall.

virtually any suggestion would have as much sense to it as one undepinned by the notion buying an asset from someone at its 'long term economic value'  
I presume the NAMA business plan started off with "Once upon a time in far away land......."

[Fear ón Srath Bán]

Was all bollix of course. Just like what Lenihan said just over a year ago about Irish property being in a sound position and in no danger of collapse. Just like what Lenihan said about NAMA, yesterday.

While I dont like the idea of NAMA, no one has come up with an alternative, other than just letting banks, builders and the property market go to the wall.

Not true Cúig, and whilst I'm no big fan of the Blueshirts Fine Gael in general, I think they had a better idea here. And I agree totally with Joe Stiglitz: http://www.ireland.com/home/State_squandering_money_Stiglitz/maxi/fast/news/irnews/240022

NAMA is madness, and the only rationalisation offered is that we can't let the banks go down and that there's no alternative. Yet, one of the major beneficiaries is the Anglo-Irish, which the State fecking owns, so the State is crucifying itself (i.e., us) to pay itself. In fact, almost half of the amount that's being bled is for State-owned institutions - http://www.irishtimes.com/newspaper/opinion/2009/0922/1224254981979.html

Is this a Flann O'Brien novel that we're all going to emerge from (because it's even more ridiculous than the idea of humans and bicycles merging into one)?