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Originally Posted by Tannehill
The Great Depression was worse. We recovered. Just because we experience a profound market correction/recession/depression doesn't invalidate the concept of a free market economy. Australia, the U.S., Europe, etc are more alike than different, compared to the former Soviet Union, the old China, Somalia, and Asscrackistan, etc.
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who / where is Asscrackistan ????
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There is no doubt that the highly leveraged high-risk financial strategies of the past 20-30 years caused this collapse. The biggest lie in finance used to justify reckless behavior using the argument that, as Mark Twain i think joked "but these times are different." It's not, it's the same forces at work. We accept that.
Every American has a choice about where their retirement, their mortgage, etc gets funded. Or to forego retirement contributions. I had no choice working there in Melbourne, the employer said participation in the super was mandatory. That was so wierd to me. It's my earnings, but Big Brother has decided that I WILL save for retirement, because Big Brother has concluded it is in my best interest. Big Brother is RIGHT, it is in my best interests, but the issue is whether Big Brother should have THE RIGHT to impose upon me what happens to BE RIGHT just because it IS RIGHT.
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mandatory super is great .... provided you stay in the workforce .... it needs to be bigger too .
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My regards and continued respect for all my Aussie friends on IIS...if I have any friends left after this nationalistic tirade, spawned after working late trying to rebuild my bruised and bleeding retirement fund....whilst dreaming of drinking a flat white on the beach in Sandringham under the Southern Cross.
Hasta la vista, hombres!
Scott in Tucson
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You should consider jumping ship and coming back to the wonderous land of Oz pronto , before the USA becomes the next Argentina and is declared bankrupt by the World Bank.
Ozlandia .... the biggest little country and best place on Planet Earth.
Just make sure you don't bring too many american attitudes with you and you'll get on fine.
PS : why are som many american so apaplexic about Obama and so paranoid socialism by the way ?