[lbo-talk] socialism

[Eubulides]

On Fri, Apr 4, 2008 at 6:46 AM, Doug Henwood <dhenwood at panix.com> wrote:
> [comment delivered at yesterday's Congressional hearings featuring
>  Bernanke, NY Fed pres Tim Geithner, and JPMorgan chair Jamie Dimon]
>
>  ``I want to hear from our witnesses why they thought it was necessary
>  to stop the invisible hand of the market from delivering
>  discipline,'' said Senator Jim Bunning, a Kentucky Republican. ``That
>  is socialism.''
>
================

Along with the longing for the perfectly competitive Heaven of Arrow-Debreu:

<http://www.guardian.co.uk/business/2008/apr/04/bearstearns.creditcrunch>

[snip]

Jim Bunning, a Republican from Kentucky, accused Federal Reserve
chiefs of ignoring repeated red flags in the run-up to Bear's failure.

"How did we get to a point where the failure of one firm can bring us
to the edge of collapse for the whole of our financial markets?"
Bunning asked. "How did you let the entire financial system become so
fragile that it could not tolerate one failure?"

[snip]