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Houthi rebels' attack severely damages a Belize-flagged ship in key strait leading to the Red Sea (British Ship) Status: Not Logged In; Sign In Business See other Business Articles Title: German Firm To Buy NYSE Source: Orlando Business Journal URL Source: http://www.bizjournals.com/orlando/ ... 2/german-firm-to-buy-nyse.html Published: Feb 11, 2011 Author: Orlando Business Journal Post Date: 2011-02-11 13:50:59 by Brian S Keywords: None Views: 27520 Comments: 42 Although the deal is still subject to regulatory approval, Deutsche Börse AG is near to closing a $25 billion buyout of the New York Stock Exchange, reports the Wall Street Journal. The product of the merger would be the world's largest stock exchange, and would diminish New York's role in world financial markets. Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 13. #4. To: Brian S, jwpegler, capitalist eric, go65, lucysmom (#0) The product of the merger would be the world's largest stock exchange, and would diminish New York's role in world financial markets. Told you so (Christian democracy and he social market are superior to the Ronald Reaganomics ideology)....... http://www.social-europe.eu/2010/08/angela-merkel-the-world’s-‘most-valuable-leader’/ Angela Merkel: The World’s ‘Most Valuable Leader’ Forget Barack Obama. Forget the Hu Jintao/Wen Jiaboa duo, or David Cameron or Vladimir Putin. Germany’s Chancellor Angela Merkel is the world’s most important leader. The latest report showing Germany’s economy growing at a blistering annual rate of nearly 9%, well into recovery from a US-made economic collapse, is just further evidence of the obvious. Despite her carping critics who have bizarrely accused her of dithering, economic malpractice and über-nationalism, Frau Merkel right now is standing head and shoulders above the pack. If we selected a planetary MVL – Most Valuable Leader – she would be it. Following the economic crisis, Chancellor Merkel and French president Nicolas Sarkozy proposed sweeping regulatory changes, including a redesign of the international architecture of financial institutions. Using the subtle, coded language of diplomacy, they warned the new Obama administration not to block their attempts to crack down on hedge funds and derivatives, as well as on the corrupt rating agencies, outrageous bank bonuses and more. Is there any doubt that the foot-dragging US Treasury Secretary Timothy Geithner would have dithered even more had he not been pushed – shoved, more like it – by the Europeans, led by Merkel? Keeping in mind that Merkel is the leader of the conservatives in Germany, her defence of ‘social Germany’ has been no less eloquent and thoughtful than that of her Social Democrat predecessor, Gerhard Schröder. During this economic crisis and even before, she reasserted Germany’s desire to ‘retain essential elements of . . . social protection’ and ‘secure the future of the social market economy.’ She has continued to support works councils and worker-elected boards of directors of Germany’s major corporations, and maintained the ‘culture of consultation’ that has become a hallmark of Germany’s social capitalism. You would never catch any Democrat, even President Obama, making such bold declarations or proposals in support of the social dimensions of the US economy. At times, Merkel sounds like the FDR that many wanted Obama to be. It hasn’t been mere Merkel rhetoric to win votes, either. Rather than twiddling her thumbs while the private sector laid off millions of workers, like the Obama administration has done, Merkel’s government expanded Kurzarbeit, or ‘short-time work’, in which, instead of laying off millions, Germany spread the pain around by having employees work shorter weeks. Most of the workers’ lost wages have been made up from a special fund squirreled away during more prosperous times. In other words, instead of the government paying people not to work, as in US-style layoffs, it paid people to keep working, but at reduced hours. The impact has been darn near miraculous. According to OECD figures, while the unemployment rate in the US has more than doubled to almost 10%, and the unemployment rate for all OECD countries has increased by 3 percentage points, the unemployment rate in Germany has declined by 0.9 percentage points to 7.0% in May 2010. More Germans have money in their pockets, maintaining levels of consumer spending that drive the economy, and communities and households haven’t been decimated by layoffs like they have been in the United States. Businesses’ workforce has been kept intact, ready to strive for increased production now that the economic recovery has begun. Yet when Larry Summers, one of Barack Obama’s closest economic advisers, was asked why the president didn’t pursue short-time work to stem the economic bleeding, he dismissed the idea, saying the White House wanted to create new jobs, not preserve old ones – as if there is a conflict between those two aims. Leading European conservatives like Merkel and French president Sarkozy support the notion that corporations have social obligations. For all intents and purposes, the conservatives of Europe are now social democrats, even if not Social Democrats. The European political parties of the centre-right, and in many ways even the far-right, are to the left of the Democratic Party in the United States. Germany is not the land of Citizens United, that horrible recent US Supreme Court decision that expanded the jurisprudence that says corporations have individual rights like people do, further undermining the social dimension of America’s political economy. Indeed, when Volkswagen, which is the largest carmaker in Europe and is 20 percent owned by the German state government of Lower Saxony (where Volkswagen is based), wanted to abolish Lower Saxony’s blocking minority rights, Merkel sided with the state government, a position that would be anathema to an American conservative, or even most Democrats. Merkel’s economic stewardship has steered Germany further away from the American path of Wall Street’s casino capitalism. In particular, the Germans believe that a manufacturing economy with strong stakeholder rights is the best hope for getting away from a type of capitalism that is over reliant on financial speculation and has led to such catastrophic bubbles. Merkel was once asked by then British Prime Minister Tony Blair what the secret was of her country’s economic success, which includes being the world’s largest exporter and running substantial trade surpluses in recent years. She famously replied, ‘Mr Blair, we still make things’. In Germany, manufacturing still dominates finance because Deutschland capitalism didn’t succumb to the financialisation of the economy that swept the United States and Britain in the 1980s under Reagan and Thatcher. In the US, this led to a tripling in the size of the financial sector as a percentage of both the overall economy and of corporate profits, as well as a loss of millions of manufacturing jobs. Werner Abelshauser, an economic historian at the University of Bielefeld in Germany, says the European way of running the economy ‘is fundamentally about a banking system based on patient capital and firms that emphasise high-quality products and long-term relationships between suppliers and customers’. At this point, the results speak for themselves. The smart policies of the shrewd Frau Merkel’s government have contributed to Germany’s recent economic success, while the timid policies of the Obama administration so far have led to a lacklustre economic recovery. Godwinson  posted on  2011-02-11   14:29:51 ET  Reply   Untrace   Trace   Private Reply   #6. To: Godwinson (#4) (Edited) the Germans believe that a manufacturing economy with strong stakeholder rights is the best hope for getting away from a type of capitalism that is over reliant on financial speculation There are a whole lot of people in this country who believe that we have to build things to remain prosperous including Pat Buchanan, Donald Trump, and myself. We still build software. We still build airplanes. Our micro-electronics business has almost completely disappeared overseas with the Japanese innovating and the Taiwanese and Chinese running production. Merkel is the most Conservative Chancellor Germany has had in the post-WWII period. She has pushed through enormous reforms, including slashing the corporate tax rate. Please, don't be stupid and point to her as some sort of socialist icon. She's not. Your buddies on the left in Germany HATE her. Germany still has issues as well, especially their hidebound labor laws that make it difficult for people to leave their jobs and move to new companies. It took my company two years to get rid of an under-performing General Manager and replace him. Insofar as the "financialization" of the economy is concerned, no one did more to turn the economy over to Wall Street than Clinton, whose administration was completely run by Goldman Sacs, under the direction of Bob Rubin. jwpegler  posted on  2011-02-11   14:51:11 ET  Reply   Untrace   Trace   Private Reply   #7. To: jwpegler (#6) (Edited) Please, don't be stupid and point to her as some sort of socialist icon. She's not. Your buddies on the left in Germany HATE her. Listen, to you and your tea bagger allies, Merkel and her "Christian democratic" philosophy is "socialist". I have advocated for the "Christian democratic inspired "social market" from my first posting on here. But you kooks on the failed American right (as represented on here) quickly labelled it 'socialism'. This is one of the first things I posted on here: Laissez-Faire Capitalism Has Failed: The financial crisis lays bare the weakness of the Anglo-Saxon model And I see you attacking me for daring to support this view that you now say is accurate. Fuck you, you delusional tea bagger. Because of people like you and your knee jerk, cult like following of Rush Limbough-esque ideology the nation's wealth was gutted. What America looks like now is what you get with unregulated Laissez-Faire Capitalism. And don't go into your protests that we don't have 100% pure Laissez-Faire Capitalism because what we have is close enough and make it closer to 100% would actually have made the problems worse! Godwinson  posted on  2011-02-11   14:55:18 ET  Reply   Untrace   Trace   Private Reply   #11. To: Godwinson (#7) (Edited) You have to be the dumbest person I've ever run across. Seriously. In many ways, Germany today is less socialist than the U.S. Germany has a lower corporate rate than the U.S. Germany has a less progressive income tax system than the U.S. Germany has a smaller annual budget deficit than the U.S. as a percentage of GDP. Germany has a smaller national debt than the U.S. as a percentage of GDP. Germany spends less per student and less as a percentage of GDP on their public school system than does the U.S., yet their schools do a better job. (Yes, Germany's school are largely run by the states, like the U.S., and not by the central government as you incorrectly claim.) In other ways, Germany is more socialistic, especially around labor mobility, which hurts them a great deal in many ways. Your entire dimwitted argument since you've been on this board has been this: Europe is great. The U.S. stinks. It's not an either / or proposition. The real question is why is Germany doing better than the U.S. right now? I've just told you: lower corporate taxes and more fiscal responsibility -- things that leftists hate and argue against. The same thing can be said about China. It some ways they are MUCH more capitalistic than the U.S. In other ways, their government is very arbitrary and non-transparent. They have some conditions that are better than those in the U.S. while other conditions are horrible. It's not an either / or situation. You don't have the ability or desire to look at facts and analyze the situation to determine cause and effect. You just don't. I have no use for a worthless propagandist like you. jwpegler  posted on  2011-02-11   15:27:40 ET  Reply   Untrace   Trace   Private Reply   #13. To: jwpegler (#11) (Edited) The real question is why is Germany doing better than the U.S. right now The main elements of the Social Market Economy in Germany are basically: A) The Social Market Economy contains the central elements of the free market economy such as private property, free foreign trade, exchange of goods and free formation of prices. B) Other elements shall diminish occurring problems of the free market economy. These elements, such as pension insurance, health care and unemployment insurance are part of the social security system. The payments to the social security system are mainly made by the labor force. In addition, there are provisions to restrain the free market (e.g. anti-trust code, laws against the abuse of market power etc.). Republican pukes are against part B. Godwinson  posted on  2011-02-11   15:33:02 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 13.         There are no replies to Comment # 13. End Trace Mode for Comment # 13. 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