[lbo-talk] global stimulus: "colossal"

Doug Henwood dhenwood at panix.com
Sat Mar 14 04:11:49 PDT 2009


On Mar 14, 2009, at 12:15 AM, Michael Smith wrote:


> Doug, this is not a rhetorical question, though
> I know it sounds like one. Do you believe that the
> elites care about the provision of jobs and the production
> of goods?

Economic elites care about it to the degree that if it implodes - meaning more than an ordinary recession - profits and asset values will implode. Political elites, if they have to be elected, have to care about it so some degree if they want to get elected. Both sets of elites have to worry about maintaining political legitimacy at a fundamental level. So yes, at that level, they have to care, though they'd probably rather not.

Doug



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