Save The Bankers!

September 28th, 2008at 02:53pm Posted by Eli

Jerome á Paris, being not an idiot, is skeptical that the bailout will be any good, and reminds us just how skewed our economic policy has been:

  • as the bailout calls for yet another transfer from poor to rich, it is worth noting that even in the good years, the vast majority of the population saw very little of the then much touted prosperity: incomes were stagnant or declining, while benefits declined, and healthcare and energy costs skyrocketed. Thus, current policies seem focused, at all times, on maximising the income of the few rather than that of the general population;
  • the next conclusion is that our political systems are completely geared towards fulfilling that last goal: politicians of all stripes are supporting the bailout despite massive protests by their constituents, just like they supported financial deregulation, labor market “reform”, “free” trade, the tax race to the bottom and other similar policy prescriptions in the past. Politicians are supported in that by a media system that brings to the fore pundits that are fully aligned with these prescriptions, and creates an incestuous class of insiders who, as it were, tend to personally benefit directly from the overall winner-takes-all policies put in place;
  • the quasi-unanimous support of the Serious People for the bailout, or at least their inability to point out that the current crisis was the inevitable conclusion of the policy framework pushed by the neolib cabal shows how successful they have been at killing alternative ideas as fringe or absurd or dangerous, and suggests that there still is an ideologial vacuum; alternative ideas are not “there” enough to be taken seriously despite the ongoing reality, and I’m not sure they will until the current elites are completely pushed out;

The most depressing part of this is the way our elected leaders, the ones we voted for to represent our interests, are completely ignoring the will of their nominal constituents – the people – in order to do the bidding of their actual constituents – the powerful.  It was the same with bankruptcy “reform,” and it was the same with telecom immunity.

Our senators and representatives are telling us, in no uncertain terms, that if we don’t have the big bucks, we simply don’t matter.  I wish I could say that it’s just those horrible Republicans, but the Democrats are even more on board with this bailout than Dubya’s own party.

Once again, the Democrats are in the wrong  morally, practically, and politically, which means that not only are they doing the country irreparable harm by blowing up the budget and making healthcare and energy reform impossible, but they are also putting their own congressional majorities in jeopardy by supporting something their voters despise.

Where is the leadership?  Where is the political savvy?  Where is the simple common sense?  Why are the Democrats so desperate to abdicate their power?

Entry Filed under: Bush,Corruption/Cronyism,Democrats,Economy,Politics,Republicans,Wankers


Contact Eli





Feeds

Linkedelia!

Most Recent Posts

Archives

Categories

Calendar

September 2008
M T W T F S S
« Aug   Oct »
1234567
891011121314
15161718192021
22232425262728
2930  


Thinking Blogger

Pittsburgh Webloggers

Site Meter


View My Stats *