On Sep 19, 2011, at 2:12 PM, Jim Devine wrote: > Most of the financial elite feel really powerful, since they > are the ones who survived 2008, received a big government bail-out > with no strings attached, and assume that they're going to be bailed > out in the future. This encourages arrogance and a narrow-minded > greed, with little or no view of what's good for the financial class > as a whole or for their long-term fate. The exceptions are people like > Soros and Buffet, but they're exceptions. > > They don't expect to be hurt by austerity and high unemployment (since > they won't suffer from them), while if it does anything, they see > inflation as hurting them.
Thing is, the big Wall Street houses have not been pushing for austerity. Goldman and JPMorgan have supported some sort of additional stimulus. Pressure for austerity comes mainly from Wall Street's own petty bourgeoisie, the hedge fund and private equity guys, who have a social philosophy straight out of Ayn Rand - and the small business types who are the popular base for the Republicans. Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
