'Intelligent discontent is the mainspring of civilization.' -- Eugene V. Debs

Sunday, September 21, 2008

A Coup By Banksters (Part 1) 

Excellent coverage of the proposed bailout of the US financial system over at Counterpunch, with submissions by Michael Hudson, Pam Martens, Lila Rajiva, Mike Whitney, Richard Rhames and, of course, Alexander Cockburn. Such prompt left coverage of breaking events is one of the reasons that I donate to support the operation of that website. Anxiety has even infected one of the columnists at the Washington Post, with Sebastian Mallaby complaining that there are superior alternatives that would protect the interests of taxpayers.

Proposed legislation in its current preliminary form indicates that the same processes of secrecy that have been developed for the Pentagon and the intelligence services are about to be extended to governmental involvement in the financial markets. Apparently, the lessons learned from the collapse of the NASDAQ bubble, the need for public transparency and accountability, have been totally abandoned in the belief that covert dealings between the Treasury, the Federal Reserve and the world's major financial institutions is a more effective way of dealing with the crisis. Crony capitalism over Adam Smith, in other words.

Don't expect the Democrats in Congress to stop it. Faced with an election in less than two months, they will do as they did with the authorization for the Iraq War in October 2002, give a Republican President what he wants in the hope that they will prevail on other issues. As then, they will not take the risk of being blamed for a crisis because they have refused to immediately pass legislation demanded by the President. And, of course, there's the dirty secret that they someday expect to be in control of the White House, and want such powers for themselves, to exercise for the benefit of interests associated with them.

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