Jim Devine wrote:
me:
according to some Wall Street sorts, Bernanke and Paulson have already
brought about "socialism."
ravi wrote:
Krugman refers to the latter (individual) as Comrade Paulson.
there's this big mix-up among economists, in which any statism (and
intervention in markets) is considered to be "socialism."
I think the reference is some mixture of facetiousness and outrage (over
the failures of financial oversight).
I also think it's a useful way to point up the collapse of free market
illusions.
It's also a way to open the door to discussing better insuring the
working class against the risks it faces.
All things considered, aside from the inconvenience of mass unemployment
and destruction of personal
savings, it's a great political opportunity.
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