The question is why we haven't yet seen the kind of reaction one would think you'd see when a tiny sliver of the population holds the rest in a form of credit/debt slavery.'' Sean Andrews
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The above is what I took away from Doug's interview and several auxillary readings. I didn't read the book. Whatever the Marxist take, has anybody pointed out that the banks and finance got in trouble because they couldn't pay their debts on the junk they sold and then owed somebody down the chain a lot of money they didn't have. Hence the US government and fed bail out.
There's a great scene in Margin Call, when junior rocket scientist presents his analysis to Mister Big, who stops him and says, use simple language like you are talking to a small child or a Golden Retriever... (as Joanna noted, and I later watched on instant video) The bottom line was they are already broke and owed more than they were worth i.e. already in debt.
In an intuitative fashion the slogan, The banks got bailed out, we got sold out, captures the essential point, but that doesn't quite grasp that much of the financial sector would have gone bankrupt, except for the massive injection of Tresury and Fed subsidities.
CG