> The scenario following the crash of 2008 differed entirely. In the United States, policy ambulances were on the spot immediately. Under Obama fraudulent banks and insurance companies and bankrupt automobile corporations were rescued with huge infusions of public funds never available for decent healthcare, schools, pensions, railways, roads, airports, let alone income support for the worst-off.
In the form of loans. Far from a perfect program, but from Wikipedia:
> On December 19, 2014, the U.S. Treasury sold its remaining holdings of Ally Financial, essentially ending the program. Through the Treasury, the US Government actually booked $15.3 billion in profit, as it earned $441.7 billion on the $426.4 billion invested.[2][3]
So they actually lost money compared to the treasury just not selling $426 billion in bonds.
Very rough calculation on my phone without looking up specific yields and dates: 5-year cost to the treasury for selling $426 billion in bonds is ~$443 billion (4% yield)
Wow, it's quite rare to see such politically advanced content here! My most hopeful part wonders if it's because tech workers are starting to realize what side of the class war they should be on
I think the whole two sides in a class war model is a bit dated. If you are thinking workers and owners of capital there is a spectrum between the Musks at one end and minimum wage workers at the other with most techies somewhere in the middle owning some property and or equity. The system should maybe be modified to make it fairer but the splitting into two side who fight each other thing doesn't really work.
I see three sides. Oligarchs like Musk, Thiel, Zuck, Gates. Fortunate people with a few million after 25 years of toil, and the large masses yearning to move up to a richer group.
>If a country can become prosperous just by printing money it will likely lose interest in producing actual goods. There could be a psychological dynamic at play here, but even in its absence there would always be a monetary mechanism.
>Does that mean ... no serious change in the existing mode of production can be expected?
The author is looking at traditional neoliberalism/Keynesian type changes but the huge change coming which he doesn't mention is AGI. I note the author is an 86 year old student of Marxism and probably not so up on that stuff.
Off-Topic: Most stories about politics, or crime, or sports, or celebrities, unless they're evidence of some interesting new phenomenon. Videos of pratfalls or disasters, or cute animal pictures. If they'd cover it on TV news, it's probably off-topic.
Readit News
> On December 19, 2014, the U.S. Treasury sold its remaining holdings of Ally Financial, essentially ending the program. Through the Treasury, the US Government actually booked $15.3 billion in profit, as it earned $441.7 billion on the $426.4 billion invested.[2][3]
https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
Very rough calculation on my phone without looking up specific yields and dates: 5-year cost to the treasury for selling $426 billion in bonds is ~$443 billion (4% yield)
Up to you to pick a side.
https://archive.today/latest/www.newstatesman.com/business/e...
>If a country can become prosperous just by printing money it will likely lose interest in producing actual goods. There could be a psychological dynamic at play here, but even in its absence there would always be a monetary mechanism.
The author is looking at traditional neoliberalism/Keynesian type changes but the huge change coming which he doesn't mention is AGI. I note the author is an 86 year old student of Marxism and probably not so up on that stuff.
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Can you explain why / point to HN guidelines etc.?
https://news.ycombinator.com/newsguidelines.html