On Apr 22, 2008, at 9:09 AM, Louis Proyect quoted Hillel Ticktin:
A: The question at the moment is not really whether there is a
downturn. It is clear that is the case. The question is whether
there is a depression - and I think there is. If you read the
Financial Times you will see that this has become common ground
amongst the right. It ought to be common ground on the left as well.
The right is citing the fact that the government has had to
intervene. For the last 20 years the mantra has been that the
market will solve everything through self-regulation and the
government does not intervene. That whole argument has collapsed
and clearly policy will have to change.
The FT isn't really the "right." They're much more Third Way-ish -
Blairite in the 90s, and they just endorsed Obama.
And the government - which means governments worldwide, I'm guessing
- have been intervening in financial crises for 30 years at least.
This isn't controversial anywhere except among the nuttier Austrians.
In fact, the saying on Wall Street in the 90s was "bailouts are
bullish." They love 'em.
Doug
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