Quote:
Originally Posted by TracyCoxx
No, a purely capitalist system would allow a failing company or financial institution to fail. That's what bankruptcy is for. A socialist system would make them part of the government.
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As my friend Jodi wrote:
It is not the state taking control of banks, markets, finance. That's why there were no provisions in the initial 2 page plan for oversight or accountability. That's also why it was written by a former head of Goldman Sachs. That's what Wall Street is demanding.
This isn't socialism. It's the triumph of neoliberal dominance of the state.
Rather than the government gaining control of the financial sector, it is the government being held hostage by the financial speculators. The taxpayer being accountable for the excesses of a bullish market with no oversight, no restraint, and absolutely no "self correction".
The government was told a story of doom and failures of epic proportions that would have a global reach unseen before. The ones who spear-headed this, who ignored the signs, who tried to bank as much as they could as long as they could did not get "rescued" by the government. They asked and received the assistance from the government.
With no stipulations. With no plan to pay it back. With no direction
Now that the administration is (slowly) trying to install the means to collect and oversee the dispensaion of the funds... they cry "foul". The blow up over GM's CEO being fired by the people who denamd "responsibility and accountability" is shameful.