Dionne on the Bear Stearns bailout

| No Comments | No TrackBacks

EJ Dionne lets the market fundamentalists have it with both barrels over the Bear Stearns bailout, writing:

Never do I want to hear again from my conservative friends about how brilliant capitalists are, how much they deserve their seven-figure salaries and how government should keep its hands off the private economy. [...] ...if this near meltdown of capitalism doesn't encourage a lot of people to question the principles they have carried in their heads for the past three decades or so, nothing will.

Nothing will, but I assume that his remark was meant rhetorically.

I don't fault Ben Bernanke, the Fed chairman, for being so interventionist in trying to save the economy. On the contrary, Bernanke deserves credit for ignoring all the extreme free-market bloviation. He doesn't want the economy to collapse on his watch, so he is willing to violate all the conservatives' shibboleths about the dangers of government intervention. [...] Wall Street usefully might feel a bit of gratitude, perhaps by being willing to have the wealthy foot some of the bill or to acknowledge that while its denizens were getting rich, a lot of Americans were losing jobs and health insurance. I'm waiting.

I suspect that Dionne will be waiting for quite some time. After all, gratitude--like paying taxes--is for the little people.

No TrackBacks

TrackBack URL: http://www.cognitivedissident.org/mt/mt-tb.cgi/1096

Leave a comment

About this Entry

This page contains a single entry by cognitivedissident published on March 18, 2008 2:21 PM.

Pentagon: "no direct connection between Saddam's Iraq and al Qaeda" was the previous entry in this blog.

RIP, Arthur C. Clarke is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Monthly Archives

Pages

  • About
  • Contact
OpenID accepted here Learn more about OpenID
Powered by Movable Type 5.031