Sunday, October 26, 2008

Where's the left?

UPDATE: Sandwichman answers the question by moving the focus: The Elephant's Room

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What 'left' is he talking about and if you identify them are they in a position to do something?
And where is the left? They rail against the bailout and the evils of finance capital, but when it comes time for them to put forward a constructive, functional alternative they change the subject. As far as I can see, it comes down to this: either we bail out the existing institutions and somehow browbeat them into countercyclical lending behavior, which they will resist with all their fiber, or we let them go to their fate and put our marbles into a public institution that can do the job. The first is an ethical swamp, reeking of moral hazard, and may well fail. The second is the straightest, fairest, most reliable route to recovery. Please raise your voice for a public alternative. If the bailout fails to prevent a full-bore economic collapse, by the time we find out it will be too late.
Many raised their voices and as with FISA the Congress gloated in ignoring the public.

What 'left' are we talking about. And just which left is it that's in power and can do something when the Congress revels in ignoring the voters?

Krugman has been saying that the-powers-that-be aren't paying any attention to 'mainstreet' all along. Is he the left? No so much.

Pelosi and Reid? Are they the left. Certainly not! They passed the demanded legislation without consulting anyone other than those who created the problem in the first place. Like putting your house in the hands of the arsonist, your possessions in the hands of the robber, your safety in the hands of the murderer.

It's always interesting that when those in power screw things up that the call comes for those out of power to do something ... but not too loudly now or someone might be offended.

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