On 9/20/08, michael perelman <[EMAIL PROTECTED]> wrote: > I only have one question for market fundamentalists. If these bailouts > succeed in putting Humpty Dumpty together again, will our fundamentalists > agree to tax the fat cats or will they revise history and tell us that their > rebuilt wealth owes everything to their hard work and intelligence?
No. All the King's fed chairmen and and all the King's treasury secretaries COULDN'T put Humpty together again precisely because Humpty was never allowed to hit the ground shatter/splatter. I strongly suspect that the coming quarrel will NOT be with market fundamentalism because the orthodoxy will shift to a new shape. MF will be passe. The new certitude will be governance. Governance, governance, governance. Governance fundamentalism. The sober hues of melancholy realism will replace the phosphorescent sparkle of irrational exhuberance. Instead of the glib promise of pie-in-the-sky trickling down, there will be invocations of austerity rising up from the grass roots. The fight back is not about taxes. It has to be about the hours of work. If the state can bailout the bankers and regulate the financial industry, it can limit the hours of work: i.e., "the limitation of the working day is a preliminary condition without which all attempts at emancipation and improvement must prove abortive." -- Sandwichman _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
