[lbo-talk] Geithner clarifies

Dwayne Monroe dwayne.monroe at gmail.com
Tue Mar 24 11:22:32 PDT 2009


Michael Pollak wrote:

If by "existing relations" you mean the capitalism, that's pretty much been the goal of every previous nationalization, including Sweden's. As Monthly Review put succintly, bank nationalization isn't socialism. It's state capitalism.

.....

By "existing relations" I did not mean capitalism in general -- because of course, Washington wants to preserve, protect and defend that.

I meant the branch of capitalism which enabled the investment firm I, till quite recently worked for to make supertanker loads of cash from structured investment vehicles and all the rest of it. Unsurprisingly, the owners and employees of that outfit are desperately hoping for a recovery plan that will swiftly help them get back to business as usual.

I'd prefer their pan-dimensional speculation based business model not be triaged back to (no doubt, very temporary) health.

But such a reanimation seems to be one of the principal design intentions of the Geithner plan.

And at base (or 'baseline') that's what I object to; all other relevant technical details aside.

.d.



More information about the lbo-talk mailing list