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Last update - 11:38 19/09/2008 It's you, stupid By Yossi Sarid Tags: Israel, banking crisis Between the writing of this column and its reading, yet another investment bank could go belly up and file for bankruptcy. Yet another bank could go the way of all paper and lose 95 percent of its value. It's not the economy, stupid. It's the economic system. The economy plummets from time to time, but the real disaster is the economic system. The hogs sit on their hoards and crush their victims beneath their weight, but those who get squashed are invisible, transparent - human dust that scatters to the winds, their cries drowned out in the din. Only now, as the neo-liberal hogs are turning on those who bred them, are the defects and ills of the system being revealed. Now even those who had money to sink are sinking. So what do you want, you lumbering dinosaurs, with that socialist economy of yours? For us to be like Cuba? North Korea? Is that what you want? Advertisement No, not really. What we would like to see is an economy that is a little more responsible and a little less wild, an economy where not every greedy, conniving opportunist is king, an economy that does not revolve around "eat, drink and be merry, for tomorrow we die - and bring everyone down with us." Even the free market is not a jungle. Justice is not a charity ball. There is such a thing as solidarity in the world, not just competition. A little more Europe, a lot less America - that is what we are proposing. We believe that prevention is better than a cure. Because when these high-flying corporations fall out of the sky, it is our heads they fall on. The U.S. administration is expected to rush to their aid. Who else is better qualified to pick them up when they fall in the night, as the lights burn bright in the windows of Wall Street? Yet who is the good uncle who bails them out in times of trouble? Not Uncle Sam and not Aunt America. It's you, stupid - the taxpayers of the world. It is you who are asked to make haste and open your pocket, to close the black hole that has opened up and threatens to swallow everything, including you. Public administration is, of course, considered bad as long as the capitalist ocean is at high tide and the sharks swim around freely. But when the tide ebbs, these man-eaters lose their sense of direction. They are helplessly dragged toward shore and it becomes our job to return them to the deep. All of a sudden, it is okay to nationalize a giant bank or an insurance company that has lost its assurance. Suddenly, "nationalization" is no longer a dirty word but a pragmatic necessity. Those slinking out of their heavily curtained Volvos today, afraid to be seen in their ignominy, are yesterday's whiz kids, the great financial geniuses, the magicians of the stock market. But don't pull out your hankies: They retreat to their mansions, bought with your banking fees, and the bonuses and stock options that you granted them, or drop into their penthouses by golden parachute until the tempest blows over, or until the next crisis erupts. This past week, I heard an Israeli bank manager being interviewed on the radio. There is nothing to worry about, he explained. Israel is an island of stability and prosperity, far from the eye of the storm. Inanities flowed pleasantly from his lips. Do not be taken in by the sweet talk of people with vested interests. Those who dream of being "like America" and long to be part of the American dream could end up on the rubbish heap when that dream is dashed. Bookmark to del.icio.us   Laid to rest Mother, grandfather indicted for murder of 4-year-old Rose Pizem. Friendly address Obama pays tribute to Olmert, looks forward to working with successor.   1.   i have been predicting the banking collapse for 5 years 12:07  |  v.hardman 19/09/08   2.   You, Sarid the Meretznik, are right and I, the Capitalist, wrong! 12:20  |  S 19/09/08   3.   The American dream just made a "crash landing"...... 12:36  |  Swiss (Dino) 19/09/08   4.   Little correction to my # 3 13:21  |  Swiss (Dino) 19/09/08   5.   Only in your socialist dreams. 13:35  |  Lori 19/09/08   6.   #3 dino back in dreamland once more 13:52  |  v.hardman 19/09/08   7.   The American dream turned into ... 14:01  |  Edith 19/09/08   8.   america sinks... so does israel 14:15  |  ravi 19/09/08   9.   Liberal Lefties as Bush, Thatcher etc. are to blame. 15:25  |  Andreas 19/09/08   10.   #1: Wow, finally some sense from Mr Hardmann. 15:27  |  Andreas 19/09/08   11.   Lori, for twetny ifve years they were playing with . . . 15:29  |  Zev Davis9 19/09/08   12.   # 6 v.hardman 15:34  |  Swiss (Dino) 19/09/08   13.   It is not the `economic system` 16:01  |  Mark Lincoln 19/09/08   14.   Democratic societies are at fault. 16:05  |  John Allen 19/09/08   15.   The American Dream 16:10  |  Shmuelshachor 19/09/08   16.   Shmuel, its not that at all. 17:09  |  Zev Davis 19/09/08   17.   Yossi, Amen! 17:19  |  David 19/09/08   18.   socialist, islamic dream! NO thanks i`ll keep the american dream 17:23  |  ralph 19/09/08   19.   American Democracy is the worst type of government 17:43  |  The Equalizer 19/09/08   20.   ISRAEL DOES NOT NEED "AMERICAN DREAM" 17:54  |  DENNIS MI VI 19/09/08   21.   The American dream isn`t "American" nor a "dream" 18:01  |  Fortuna Benmayor 19/09/08   22.   It`s not about Cuba vs USA, but about our planet earth, kids. 18:04  |  Fortuna Benmayor 19/09/08   23.   Zev, The gold standard has been gone for years. 18:25  |  Lori 19/09/08   24.   I Told You Where There Is Money... 18:33  |  Yosemite 19/09/08   25.   Trickle-Down Economics 18:38  |  Jeff Northridge 19/09/08   26.   Yosemite # 17 So Where Is The Money? 19:56  |  Jeff Northridge 19/09/08   27.   Socailism for the Rich, Capitalism for the Poor 20:23  |  Max 19/09/08   28.   Fortuna Benmajor # 17 & 18 The Trashing Of The Planet 20:48  |  Jeff Northridge 19/09/08   29.   For Jeff Northridge # 26 22:43  |  Fortuna Benmayor 19/09/08   30.   #18 dennis the menace and the us market and finance 22:45  |  v.hardman 19/09/08   31.   Banking on America. 23:45  |  Stephen. 19/09/08   32.   America has become communist 00:09  |  Mark B. 20/09/08   33.   Propaganda 01:08  |  Amos 20/09/08   34.   Jeff Northridge-trickle down 02:19  |  examiner 20/09/08   35.   #26 Jeff Northridge-on sterilisation 02:41  |  examiner 20/09/08   36.   Soon no more aid for Isreal 02:48  |  Joe 20/09/08   37.   To Zev Davis on #14 03:42  |  Shmuelshachor 20/09/08   38.   to Zev on #11 04:01  |  Shmuelshachor 20/09/08   39.   Ideally, a system of capitalism and socialism works best... 05:51  |  Smadar 20/09/08   40.   BROTHER, CAN YOU SPARE A DIME? 05:53  |  Mark of Lewiston 20/09/08   41.   Evaluating the smelly heap 06:24  |  allang 20/09/08   42.   THE END OF AMERICAN ENTERPRICE 12:45  |  indrajaya 20/09/08   43.   #32 Mark B.-more like National Socialist 13:48  |  examiner 20/09/08   44.   #32 Mark B.-more like National Socialist 15:33  |  examiner 20/09/08   45.   The Greed of Private Capitalism 15:49  |  Anonymous 20/09/08   46.   the american economy 16:01  |  Anonymous 20/09/08   47.   Having confidence in america 16:21  |  Anonymous 20/09/08   48.   Guess Who Mark - Mark of Lewiston 16:37  |  Mark Lincoln 20/09/08   49.   Socialism comes to America 16:41  |  Mark Lincoln 20/09/08   50.   Twilight on the Hudson 16:50  |  Mark Lincoln 20/09/08   51.   Taxes are much higher in the socialistic countries 16:59  |  Anonymous 20/09/08   52.   Govt stopped short selling in financial stocks 17:05  |  Anonymous 20/09/08   53.   THE ISRAELI DREAM - That`s the American Dream 17:29  |  B`Galil 20/09/08   54.   Jeff Northridge Part 1 17:52  |  Yosemite 20/09/08   55.   B`Galil American Dream =World nightmare 17:52  |  world traveller 20/09/08   56.   #32 Mark B.-more like National Socialist 17:57  |  examiner 20/09/08   57.   Jeff Northridge Part 2 18:07  |  Yosemite 20/09/08   58.   Pandora`s Box 18:36  |  Yosemite 20/09/08   59.   more nonsense from the angry Yossi Sarid 20:00  |  rich 20/09/08   60.   Govt stopped short selling in financial stocks 20:36  |  Mark Lincoln 20/09/08   61.   National Socialism 20:38  |  Mark Lincoln 20/09/08   62.   I am long america 23:46  |  Anonymous 20/09/08   63.   Shmuel, its not the wages 23:46  |  Zev Davis 20/09/08   64.   Anoanymous, Scandanavians get a bang for their bucks 23:59  |  Zev Davis 20/09/08   65.   #1, thats U.S. "hope"... 01:25  |  Fritz T. 21/09/08   66.   "American Dream" not reality 07:57  |  PK 21/09/08   67.   To Yossi Sarid 08:14  |  Eldar 21/09/08   68.   Casino Royale - bailed out by the US Govt. 09:45  |  Albert Edelson 21/09/08   69.   Mortgage pain and John McCain. 12:31  |  Maureen Ann 21/09/08   70.   read barbara ehrenrich 14:06  |  Rob of melbourne 21/09/08   71.   Effects on Israel`s geopolital situation? 15:10  |  Giovanni 21/09/08   72.   United States of America, of thee I sing 15:42  |  Leeza Cohen Coleman 21/09/08   73.   America is Hell? 15:49  |  Amos 21/09/08   74.   Immigrants still prefer the US vs Eurabia 16:20  |  ace 21/09/08   75.   Why don`t you try shnorring to your socialist countries bedfriend 16:54  |  no It`s u stupid 21/09/08   76.   Deregulation = 17:24  |  Mark Lincoln 21/09/08   77.   Mark of Lewiston 18:03  |  Danite 21/09/08   78.   Mark Lincoln#48 18:07  |  Danite 21/09/08   79.   Right Yossi 18:13  |  Danite 21/09/08   80.   Danite 19:35  |  Mark Lincoln 21/09/08   81.   Needed: Clinton opportunism 19:44  |  Bronxite10 21/09/08   82.   ace, got some news for ya` 19:53  |  Zev Davis 21/09/08   83.   AMERICAN ECONOMY MUCH WORSE THAN REPORTED 19:55  |  DENNIS MIVI 21/09/08   84.   American 20:31  |  U.S. economy 21/09/08   85.   US Economy 21:32  |  Mark Lincoln 21/09/08   86.   Hey yanks go with the Israelis and take over the Iran oilfields 21:59  |  get out of the mess 21/09/08   87.   Worth pointing out 22:07  |  examiner 21/09/08   88.   Danite - COMMON GROUND 23:09  |  Mark of Lewiston 21/09/08   89.   Who do you trust? 00:32  |  American 22/09/08   90.   Paying the Bill - Mark of Lewiston 00:34  |  Mark Lincoln 22/09/08   91.   To DENNIS MI VI of London 00:38  |  Israeli 22/09/08   92.   Sheering the Lambs 01:05  |  Mark Lincoln 22/09/08   93.   Unintended grumbling 01:30  |  allang 22/09/08   94.   allang - it depends 02:35  |  Mark Lincoln 22/09/08   95.   # 90 Mark Lincoln 02:59  |  allang 22/09/08   96.   Mark Lincoln, greatly aprreciate your posts 03:00  |  Mark B. 22/09/08   97.   `bankruptcy law` 03:04  |  examiner 22/09/08   98.   Re#42 is a Fool 03:17  |  Thundercloud65 22/09/08   99.   allang - the last time 03:31  |  Mark Lincoln 22/09/08   100.   Mark B. 03:42  |  Mark Lincoln 22/09/08   101.   examiner - not likely 03:45  |  Mark Lincoln 22/09/08   102.   Thundercloud - America and Rome 03:50  |  Mark Lincoln 22/09/08   103.   Bush wants to bail out foreign banks as well 03:56  |  Mark B. 22/09/08   104.   I guess it is a matter of inclination and age 04:00  |  Mark Lincoln 22/09/08   105.   Hey Stoopid 04:23  |  Shane 22/09/08   106.   Actually, Mark Lincoln, I do agree with you 04:37  |  Mark B. 22/09/08   107.   # 98, THUNDERCLOUD65 05:57  |  indrajaya 22/09/08   108.   Snart ass 06:20  |  Ariel 22/09/08   109.   To World Traveler - That`s NOT the American Dream Dude! 08:18  |  B`Galil 22/09/08   110.   Sarid is making a very good point 09:19  |  Sarah 22/09/08   111.   Sarid is making a very good point 09:32  |  Sarah 22/09/08   112.   Where would Israel be without all those crooked US dollars 10:04  |  Chanalau, Tova 22/09/08

Read & React Yossi Sarid: Ehud Olmert is a victim of his own greed Responses: 28 Livni offers Barak 'full partnership' in coalition Responses: 36 IDF intel chief: Iran 'galloping toward nuclear bomb' Responses: 97 Iranians in N.Y. rally: 'Ahmadinejad, why do you execute children?' Responses: 148 Exam nixed after Haredi school bars proctor for 'immodest attire' Responses: 14 More Headlines 20:49 Peres taps Livni to build new government 17:57 Mother, grandfather indicted for murder of 4-year-old Rose Pizem 18:45 IDF soldier blinded in one eye after Palestinian woman throws acid in his face 15:42 Obama pays tribute to Olmert, looks forward to working with successor 18:54 The speech Palin never gave: Ahmadinejad dreams of Final Solution 16:24 Can an Israeli-U.S. company save the world's dying bees? 18:28 Iraqi lawmaker may face death for visiting Israel, supporting peace 20:01 Police: Palestinian teen killed in Yitzhar Saturday had infiltrated before 18:44 PA security forces raid West Bank office of Hamas legislator 11:27 Ancient lost capital of the Jewish Khazar kingdom found 19:02 Report: Tourists kidnapped near Egypt-Sudan border freed 17:43 Arab MK Al-Sana: Collaboration between our party and Livni possible 13:15 IAEA meeting in Vienna opens, with focus on Iran, Syria 10:26 HBO series 'In Treatment,' based on Israeli show, scores 2 Emmys 13:40 Mastermind of Rehavam Ze'evi murder sentenced to life Previous Editions Select Day 21 sep 19 sep 18 sep 17 sep 16 sep 15 sep 14 sep 12 sep 11 sep 10 sep 09 sep 08 sep

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