[lbo-talk] Dean Baker: Harsh words on US govt bailout of Bear Stearns

Shane Taylor shane.taylor at verizon.net
Sat Mar 15 10:12:01 PDT 2008


Sean Johnson Andrews wrote:


> True but I also think these commentators are under
> the impression that there might be some people in
> the general public who don't realize this yet and
> think it might be one of the things that makes mad
> enough to not take it anymore.

There are two dimensions in responding to this cluster fuck: financial stabilization and socialized losses. The former will always be invoked as cover for the latter, because they can get away with it. Dean fixes a Klieg light on socialized losses. The political fight is who can be forced to pay for someone else's failed speculation.

<http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=03&year=2008&base_name=media_overlook_fed_bailout_in>

Dean's point shouldn't be lost. Bailouts contradict the very arguments used for decades to undermine the bargaining position of working Americans. This fight seeks public funds denied to legions of unemployed and uninsured Americans for those who can afford Congress and those served by regulatory agencies.

Shane



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