One of the mantras of the right and the Neo Cons is that the market is self-correcting. If within self-correcting you include the possible total meltdown of the banking system then perhaps they are right. For a substantially Neo Con government in the USA to buy up with public funds all the toxic waste of the American banks and mortgage lenders suggests to me that either they don’t really believe their own mantra or they are now proposing exceptions to the rule. Either way the age of rampant capitalism unfettered by regulations appears to be over if not permanently at least for a long while to come.
As this is the third or fourth time in the last few decades there has had to be a rescue of the banking system by the taxpayer of various countries, the claim that laissez faire
economics is always good for all the population might also be a bit suspect. A better description might be that it benefits the rich at the expense of the man or woman in the street.
Posted by email from robthill’s posterous