Socialism for the Rich! Free Market Apostates
By Binoy Kampmark
"We have heard it for some time now: the market is divine, lending its magical corrective qualities to sort out the good from the bad. A character portrait of George Bush by a former teacher of his, Professor Yoshi Tsurumi, recalled a pupil's suspicion of such monitoring bodies as the Federal Trade Commission and Securities Exchange Commission. These bodies were 'unnecessary hindrances to "free market competition".' The New Deal received characteristic opprobrium * it was 'socialism'. As for poverty: it was the simple result of a poor work ethic.
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When the company fails, we must all fail with it. Corporate success is the success of the few; corporate failure, a collective one. This is the underlying message of salvaging measures by governments and their regulatory bodies. The global subprime crisis has triggered bailout strategies across several countries. This suggests a grand admission: the market is not magical in its self-corrective wisdom, and its harmful effects must be neutralised."
http://www.counterpunch.org/kampmark03272008.html
By Binoy Kampmark
"We have heard it for some time now: the market is divine, lending its magical corrective qualities to sort out the good from the bad. A character portrait of George Bush by a former teacher of his, Professor Yoshi Tsurumi, recalled a pupil's suspicion of such monitoring bodies as the Federal Trade Commission and Securities Exchange Commission. These bodies were 'unnecessary hindrances to "free market competition".' The New Deal received characteristic opprobrium * it was 'socialism'. As for poverty: it was the simple result of a poor work ethic.
****
When the company fails, we must all fail with it. Corporate success is the success of the few; corporate failure, a collective one. This is the underlying message of salvaging measures by governments and their regulatory bodies. The global subprime crisis has triggered bailout strategies across several countries. This suggests a grand admission: the market is not magical in its self-corrective wisdom, and its harmful effects must be neutralised."
http://www.counterpunch.org/kampmark03272008.html
