Comments on: Advice For The Rich

By: Andy Freeman

Andy Freeman — Sat, 11 Apr 2009 04:19:04 +0000

> the only thing all Canadians have in common is winter.

They seem to think that “not American” is an important attribute.

By: plutosdad

plutosdad — Fri, 10 Apr 2009 14:11:19 +0000

Fletcher , the problem is you can’t separate the two. You can’t say to have loans, but then say not have any “derivatives” Derivatives help people price things to buy and sell, which takes guesswork out of pricing, and means people will be LESS likely to get ripped off, because you have many more people involved buying and selling and the pricing becomes transparent.

This works well for stocks and derivatives of stocks, and for futures. For bonds (and therefore these mortgage contracts) though we still don’t have a really good open transparent exchange mechanism.

This problem with these mortgages is a special case due to the way Bear Sterns and others (well as I understand it) was deliberately packaging them together to hide the bad mortgages.

But the problem is not the derivatives themselves.

But shuffling paper is a perfectly fine way to make money, and charging interest is one of the things that allowed investment and experimenting to really take off. Before when the churches kept people from charging interest it was hard to get a loan and you could only have a successful business if you were already rich. But it’s not just the loans, the derivatives help make sure the loans are priced fairly.

By: jack lee

jack lee — Fri, 10 Apr 2009 01:08:49 +0000

jim

If you are going to ask why Canada is doing so great
perhaps you should ask why Iceland is in such a
fiscal crisis? Were the Icelanders investing in homes
for poor blacks in Rejkavik?

By: Ed Minchau

Ed Minchau — Thu, 09 Apr 2009 19:43:05 +0000

Andy, the point I am making is that Canada is not going to get itself into as-serious trouble as is the USA. And as for a monoculture – the only thing all Canadians have in common is winter.

By: Bilwick1

Bilwick1 — Thu, 09 Apr 2009 16:48:17 +0000

“Always attack the rich. Everyone will be on your side–the rich first of all.”
–Ellsworth Toohey,
THE FOUNTAINHEAD

By: Bob

Bob — Thu, 09 Apr 2009 16:37:51 +0000

Andy, I’m not sure what you’re getting at. What is the relevant culture you’re referring to?

Fortunately, all complex sociological discussion can be reduced to humorous television advertisements.

This one from Nissan reflects what I’m getting at: http://www.youtube.com/watch?v=2hXy3Qm7QKU

Maybe you’re thinking more along the lines of the famous “I Am Canadian” commercial? http://www.youtube.com/watch?v=BRI-A3vakVg
But even in that one, one of the lines was “I believe in diversity, not assimilation.”

By: Andy Freeman

Andy Freeman — Thu, 09 Apr 2009 14:24:12 +0000

> Ask if the oil drillers of saskatchewan think they are in the same culture as the naked reefer smokers on the beach in Vancouver or the fisherman in Labrador.

Actually, the drillers and the fishermen are the same culture. (Roughnecks are rednecks btw.)

> Finally, look at Michaëlle Jean, the Governor General of Canada,

The relevant culture isn’t race- or language-specific.

By: Rand Simberg

Rand Simberg — Wed, 08 Apr 2009 22:38:14 +0000

You will find many of them amongst ‘The Rich’ under discussion who are passing themselves off as the engines of creation (they must be – look, they’re rich!) when they’re not

No, actually, you won’t find any of them amongst “The Rich” under discussion. Those are not the people to whom Bill Whittle’s piece was addressed.

By: Bob

Bob — Wed, 08 Apr 2009 21:30:09 +0000

Le Canada n’est pas une culture unique! Canada is not a monoculture! Tell this to the people of Quebec! Dites cela à la Quebecois! Pardon my French, but mon dieu!

Part of Canada somewhat resembles North Dakota culturally. The rest doesn’t.

And it isn’t just French-speakers vs English speakers. The Quebecois are not the same as the Acadians.

Ask if the oil drillers of saskatchewan think they are in the same culture as the naked reefer smokers on the beach in Vancouver or the fisherman in Labrador.

Finally, look at Michaëlle Jean, the Governor General of Canada, their head of state, who doesn’t have the appearance or biography of someone who would be a leader in a country which resembled North Dakota.

By: Andy Freeman

Andy Freeman — Wed, 08 Apr 2009 19:59:24 +0000

> It kinda helps that Canada’s PM is also an economist.

It also helps that Canada is basically a monoculture not unlike North Dakota.

Lots of things work in such cultures that don’t work in the US as a whole.