me: > ..privatization of gains and socialization of losses > or capitalism for the poor and socialism for the rich. (who originated > these phrases? one web-search found a site that attributes the latter > one to Michael Harrington, but I think it may be Norman Thomas. Is > there a site somewhere that lists all the venerable lefty clichés?)
Dan Scanlan wrote: > Jim, are these really clichés -- or widely ignored axioms? Since the lefts are so small compared to US society, we can have venerable lefty clichés that are also wide ignored. > Personally, I > think the first one (private gain, public loss) is true and second one > (capitalism for the poor, socialism for the rich) is flawed. I think that > axiom would be more accurate if stated "the ills of capitalism and socialism > for the poor, the gains of capitalism and socialism for the rich." the quote might be better if it were "social darwinism for the poor, mutual aid for the rich." > I think > the underlying cause is the fact that the big banks loan money that doesn't > exist but get paid back with money generated by the borrowers' work... The money exists, otherwise no-one would want to borrow it. It would be more accurate to say that banks (both big and small) loan _other people's_ money (their deposits or based on their purchase of CDs and the like). The banks earn profits from the difference between the income generated by the borrowers' work (and often the borrowers' employees' work) and the cost of getting the funds from the "other people." Of course, these days, banks earn profits from various "off-balance-sheet activities": a bank might not actually lend money to someone but instead simply facilitate a loan between two other parties. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
