tag:blogger.com,1999:blog-830201814627063938.post4786299139930639982..comments2024-03-22T11:05:30.869+00:00Comments on Financial crisis? <br>It's a pyramid, stupid.: Even more uncomfortable truthUnknownnoreply@blogger.comBlogger12125tag:blogger.com,1999:blog-830201814627063938.post-9795280724023812012009-11-11T06:31:16.091+00:002009-11-11T06:31:16.091+00:00Oh dear! I think this rather proves my point!
Typ...Oh dear! I think this rather proves my point!<br />Type in "Bear Sterns prosecution" into Google and see what happens. These two guys were caught red-handed with their fingers in the till, consciously promoting a pyramid scheme. Surprise surprise they get to go home. The prosecution made a clear case but the jury did not convict, even after it was made fully clear it was pyramid and the two accused knew it was. What does that tell you?schweikhttps://www.blogger.com/profile/10769870139568212878noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-18410807625975694742009-11-10T09:03:45.312+00:002009-11-10T09:03:45.312+00:00readein, it is not the purpose of this blog to deb...readein, it is not the purpose of this blog to debate ideology, but I admit you hold views which should be debated and are indeed shared by many. The point I am trying to make is that in the context of this financial crisis ideological debate shifts and argument from common criminality to social philosophy. This helps the bankers to escape justice as there is no chance of prosecuting anybody for holding capitalist's view. However there is a chance, if only theoretical, that social pressure can lead to prosecution for pyramid scheme purveying (i.e. common criminality).<br /><br />So you will hate my comment so my apologies as no insult is intended, but on a pragmatic level, your criticism of capitalism (irrespective of the fact whether correct or not) helps the bankers. Pragmatically people who make arguments like you do are financial world's best friends.<br /><br />(There will be time for having arguments of a type you make once pyramid purveyors are properly dealt with through the legal system.)<br /><br />Best<br /><br />Greg<br /><br />PS. Read this: New Labour: a cunning project of Old Labour - http://gregpytel.blogspot.com/2009/09/new-labour-cunning-project-of-old.htmlGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-30848777443203497932009-11-10T07:41:19.657+00:002009-11-10T07:41:19.657+00:00Prisons all over the world are full of those who c...Prisons all over the world are full of those who could not succeed in the educational system and the underpriviledged. White collar crime goes unpunished practically everywhere and in all but the most exceptional circumstances. As it will this time.schweikhttps://www.blogger.com/profile/10769870139568212878noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-70285705957171975772009-11-09T22:10:31.147+00:002009-11-09T22:10:31.147+00:00readein, you wrote: "I bet the bankers don...readein, you wrote: "I bet the bankers don't think they are committing serious crimes."<br /><br />Prisons all over the world are full of such people.Greg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-65721270059174967292009-11-09T21:24:02.808+00:002009-11-09T21:24:02.808+00:00I bet the bankers don't think they are committ...I bet the bankers don't think they are committing serious crimes. I bet they think they are just playing the game the way it should be played: with the gloves off and if you fall for the con, then the more fool you. I know someone who did this kind of thing for a living and this IS the way they all think. It's been going on for centuries and they keep getting away with it. Read your history. No-one will be prosecuted because they are all in on it.schweikhttps://www.blogger.com/profile/10769870139568212878noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-23106871661686203922009-11-09T20:00:53.687+00:002009-11-09T20:00:53.687+00:00readein, this is the kind of argument that I want ...readein, this is the kind of argument that I want to avoid. It is ideologial debate between left and right, socialism v capitalism etc. The point I am making is that pyramid schemes are highly illegal under any civilised jurisdiction. Hence the bankers were commtting serious crimes. And this is regardless of ideology.<br /><br />Making ideological arguments simply helps pyramid purveys. So your arguments are likely to achieve results opposite to your expectations.<br /><br />Best<br /><br />GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-49543369762230700222009-11-09T18:28:49.518+00:002009-11-09T18:28:49.518+00:00But if you think (as I do) that capitalism per se ...But if you think (as I do) that capitalism per se is to be equated with common criminality (someone getting rich by exploiting someone else with fewer advantages/less desire to exploit) then your argument does not stand up and yes, those other crimes like kidnapping etc are also a part of the same paradigm. Don't get me wrong: I like your blog and its good to point out that what has been going on is the running of an enormous pyramid scheme, but why stop there? Take your thinking a bit further, what have you got to lose? By the way, the politicians will not be prosecuting the people responsible because THEY are some of the people responsible, and many of them actively profited from the pyramid, which is why it is still going on as we speak. They will all sell their buy-to-lets before the magic £225 billion of QE is reached before calling time. Then the fun will start.schweikhttps://www.blogger.com/profile/10769870139568212878noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-386289443855810552009-11-08T14:53:42.991+00:002009-11-08T14:53:42.991+00:00Thanks for reading my blog. Pyramid schemes are ex...Thanks for reading my blog. Pyramid schemes are explicitly made illegal in the capitalism. They are as much of capitalism paradigm as robbery, blackmail or hijacking for ransom.<br /><br />It only suits financiers (regulators and politicians that supported them) if the debate over this crisis is reduced to ideological arguments between (broadly) left and right (anti-capitalist v capitalist).<br /><br />This crisis is a result of common criminality: in the same way as robbing a shop has nothing to do with a capitalism (or socialism), running pyramid scheme is a serious crime.<br /><br />Best<br /><br />GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-34451119774143712572009-11-08T14:41:43.425+00:002009-11-08T14:41:43.425+00:00readeian,
good point, i believe you're utterly...readeian,<br />good point, i believe you're utterly right but that's the point, things have gone too far<br /><br />put crudely (if you can forgive me Greg), it's one thing getting f*cked in the arse, it's another thing getting fisted...<br /><br />the extent of the criminality of the banking sector is now beyond reproachfla56https://www.blogger.com/profile/15368604517295278613noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-49623172164280316302009-11-08T13:17:48.279+00:002009-11-08T13:17:48.279+00:00But aren't pyramid schemes merely a natural ex...But aren't pyramid schemes merely a natural extension of the capitalist paradigm? If capitalism did not exist, there could be no such thing as a pyramid scheme. We are all participants in the same criminality, just to different extents.schweikhttps://www.blogger.com/profile/10769870139568212878noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-38226265868357587602009-09-14T14:08:23.694+01:002009-09-14T14:08:23.694+01:00Dear Stephen
Thanks for reading my blog. I absolu...Dear Stephen<br /><br />Thanks for reading my blog. I absolutely share your comment. Incidentally the purpose of my blog is not only to present my analysis but also to inspire a public debate on the current crisis.<br /><br />Best<br /><br />GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-51209380031544121082009-09-14T13:53:06.954+01:002009-09-14T13:53:06.954+01:00As the co-writer of the BDO "Time to break th...As the co-writer of the BDO "Time to break the silence" paper, I have much sympathy with the comments above that the c.£175 billion deficit projected in the budget for both of the next two years might turn out to be too optimistic. The key theme in our paper is that a public debate is required well before the general election is announced as some tax increases are more damaging to the economy than others.<br /><br />Stephen Herring<br />Senior Tax Partner, BDO Stoy Hayward LLPAnonymousnoreply@blogger.com