October 3, 2008
Reading through the corporate media in the wake the House passage of the Banker Takeover bill, I am struck by not only the sickening apologia of the supposed intelligentsia but the downright mean spiritedness, no doubt a likely result of nearly eight years of neocon rule. It is now fashionable to kick the victims while they are not only down, but thrown under the bus.
Consider Steven Pearlstein, a scribe for the CIA’s favorite newspaper, the Washington Post.
“The basic problem here is that too many people don’t understand the seriousness of the situation,” writes Mr. Pearlstein. “Americans fail to understand that they are facing the real prospect of a decade of little or no economic growth because of the bursting of a credit bubble that they helped create and that now threatens to bring down the global financial system.”
In short, the global financial system is going to hell in hand basket because of the little guy, not because of the Wall Street shysters and the banksters.
For scribbling such things, Mr. Pearlstein is a winner of a Pulitzer Prize for Commentary.
- A d v e r t i s e m e n t
“And they will come around, reluctantly, to the understanding that the only way to get out of these situations is to have governments all around the world borrow gobs of money and effectively nationalize large swaths of the financial system so it can be restructured, recapitalized, reformed and returned to private ownership once the crisis has passed and the economy has gotten back on its feet.”
Sounds more like socialism, and not any old garden variety socialism. It sounds like National Socialism. Call it fascism, what Mussolini deemed corporatism, if you must.
Nouriel Roubini, professor of economics at the Stern School in New York University, had something to say about this. Roubini rejects the socialist comparison out of hand, saying “calling it socialism (even socialism for the rich, the well- connected and Wall Street) is giving a bad name even to a failed experiment like socialism; this is more akin to the creation of a corporatist state (like the Italian fascism or the German Third Reich) where private sector interests are protected (gains privatized and losses socialized), where the government is taken over by corrupt and reckless private interests.”
You know, the kind of interests that run newspapers like the Washington Post, the sort where Pulitzer Prize darlings excoriate the public for being suckered by snake oil salesmen wearing $5,000 Anderson & Sheppard suits as they angle to get their hands on your pension and 401k so it can be pissed away in the Grand Casino of Speculation.
Curious thing is, Mr. Pearlstein is a liberal.
I guess that gives at least some idea of how the administration of Barack H. Obama will be run.
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