[lbo-talk] House rejects bailout

[Stephen Philion]

I hadn't realized that that was a cliche - I can't imagine that one in
ten thousand would recognize it. That aside, they did it out of
ideological consistency - government bad, markets good. The left,
which presumably doesn't share that worldview, is operating out of
what? Some emotional and braindead anti-elitism.

Doug

--My sense of the reaction against a bailout is it seems to come from
a crapshoot mentality based on an assessment of the current balance of
forces and countervailing forces.  In English that translates into,
why do anything that requires intervention in markets since no forces
are [currently] organized or strong enough to do anything in reaction
to the consequences of letting markets work their magic out on their
own.  We'll get to that bridge when we cross it and until then...let
the chips fall where they may as long as the working class isn't out
in the streets making a revolution or making life miserable....for the
moment...

Or at least that's the sense I get from economists like Alan Meltzer:

That's the sense I get from Alan Meltzer at Carnegie:

http://www.npr.org/templates/story/story.php?storyId=95076180

Steve

-- 
Stephen Philion
http://stephenphilion.efoliomn2.com/