Wednesday, January 28, 2009

What they don’t like is governments going into deficit to help ordinary citizens

Financial elite have no shame

Let's imagine, for a moment, how different the public debate would be today if it had been unions that had caused the current economic turmoil. In other words, try to imagine a scenario in which union leaders – not financial managers – were the ones whose reckless behaviour had driven a number of Wall Street firms into bankruptcy and in the process triggered a worldwide recession. Needless to say, it's hard to imagine a labour leader being appointed to oversee a bailout of unions the way former Goldman Sachs CEO Henry Paulson was put in charge of supervising the $700 billion bailout of his former Wall Street colleagues. with comments by Canadians

Posted by troy @ 08:07 PM (880 views)
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3 thoughts on “What they don’t like is governments going into deficit to help ordinary citizens

  • It was always managers to blame in the past but they had a scapegoat in the few highly visible militant unions. All union members got tarred with the same brush.

    After all, it was the managers who let unions get away with what they did. If the unions had ever had any real power it would have taken more than Thatcher and her cronies to stop them. Only the miners and printers put up any real resistance. The rest folded like a house of cards in less than a couple of years.

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  • Totally correct observation that income tax cuts are _not_ the way to stimulate the economy at present, it is a ridiculous notion when people who are earning are cutting back on their spending and many other people are losing their jobs.

    However I tar union leaders with the same brush regardless of anything they have done because they run economic greenbelts which only serve to boost their members pay away from it’s fair value and, therefore, adds to the economic cycle – and all [often] with the delusion that they are agents of good.

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  • 51ck-6-51x, how do you know that you are not paying too much tax ? Where do you think most of it goes ? Aren’t you just following a blind argument in suggesting that tax cuts are bad ?

    Maybe we should pay more tax, after you.

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