Tuesday, October 14, 2008

Market Fundamentalism Is Dead

The Bush Administration is going to take equity shares (a.k.a. partial nationalization) in some 11 banks this week, in return for recapitalization of those banks. This is amazing. Republicans are the new democratic socialists. The laissez-faire days of 'market fundamentalism' (George Soros) are over, and the Republicans are acting like the British Labor Party.

All we can do is shake our heads, dear reader. What are the Grover Norquists and Phil Gramms thinking right now? Are they thinking perhaps of starting a new political party to resume the market fundamentalism that is in the very marrow of their bones? It will be very interesting to see what happens to the Republican Party in the months and years to come.

Yet, I agree with what this Administration has done. Enough of ideology! Let's look at what works, based of course on broad economic principles and laws.

No comments:

Post a Comment