Cadillac Revolution

If the bailout plan really is a ‘socialist’ measure, it is a very peculiar one: a ‘socialist’ measure whose aim is to help not the poor but the rich, not those who borrow but those who lend.

‘Socialism’ is OK, it seems, when it serves to save capitalism. But what if ‘moral hazard’ is inscribed in the fundamental structure of capitalism?

The problem is that there is no way to separate the welfare of Main Street from that of Wall Street. Their relationship is non-transitive: what is good for Wall Street isn’t necessarily good for Main Street, but Main Street can’t thrive if Wall Street isn’t doing well – and this asymmetry gives an a priori advantage to Wall Street.

From Slavoj Zizek's piece in today's edition of the LRB

A Regime Change Starting In Wall Street???

The following quote is from today's NYT headline story:"US May Take Ownership Stake In Banks":

Fed officials increasingly talk about the challenge they face with a phrase that President Bush used in another context: “regime change.”

This regime change refers to a change in the economic environment so radical that, at least for a while, economic policy makers will need to suspend what are usually sacred principles: minimal interference in free markets, gradualism and predictability.

So, really, socialism comes to the US, courtesy of wealthy bankers and traders... what next? restaurants? gas stations?

and, is that really such a bad thing?

Discuss...

Precious Quote

"Madam Speaker, this bill offends my principles. But I'm going to vote for this bill, in order to preserve my principles. "

Paul Ryan (R-WI)

Resist.. Prove You Exist

It would be a grave mistake to underestimate the right's ability to use this crisis -- created by deregulation and privatization -- to demand more of the same.

Naomi Klein - Now is the time to Resist

Bailout Or Carte Blanche?

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

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