Monday, August 06, 2007
No One is Going to Protect the Public From Rapacious Capitalism
Strange times, when a former hedge fund manager and self-serving media icon tells the truth about the unwillingness of the government and the financial system to save a middle class plundered by unscrupulous lenders. Resigned to the catastrophe that is occuring in slow motion right in front of our eyes, Cramer says that he will proceed to find ways to make money in this financially Darwinian environment.
Making money is his scene, of course, but, in this instance, he's not telling the whole story. Even if we accept the notion that he actually cares about middle class Americans, Cramer is motivated by other things as well when he calls for a Federal Reserve bailout of the home mortgage sector. The peril is even greater than Cramer's belief that 7 miillon American families are about to lose their homes.
Labels: American Culture, Credit Crunch, Housing Bubble, Neoliberalism
