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Tuesday, September 23, 2008

Bush-Paulson Don't Get to Dictate the Terms of Surrender on the Economy!

I think Arianna Huffington, in her column on the Huffington Post, just nailed the view that many of us have about the economic bailout:
Over the past 30 years, Americans have been bombarded with sermons evangelizing for the free market religion of the Right, and the supposed correlation between unregulated markets and progress. In the process, the American people have been demoted from citizens to consumers, and sold a bill of goods (rather than a Bill of Rights) about how the almighty market was the essential foundation of democracy.

In the course of selling us on buying, the market-worshippers shredded the modern social contract, the hard-fought consensus that had emerged since the New Deal, which ordered our political priorities, and expressed both our communal concern for the most vulnerable members of society and our disapproval of huge inequalities. We were now supposed to believe that all could be left up to the soulless, self-correcting calculus of supply and demand. Government involvement was an anachronism, regulatory oversight an impediment.

The last few weeks have demolished that notion. In the battle over the proper role of government, the forces of the Right, the high priests of the church of the Free Market -- including Bush, Paulson, and the Masters of Wall Street -- have suffered a monumental defeat. So why are we allowing them to dictate the terms of their surrender?
'Nuff said.

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