More in Aventures in Flipfloping from the head ideologue of antistatism came today in Alan Greenspan's call for selective bank nationalization. We are all socialists now.
Actually Reaganomics always involved state support for the massive accumulation strategies of individual firms, so this is more a shift in tactics than in means.
Robert Scheer has a nice short blast at the towering hypocrisy of the current Republican position. A couple of B-school profs have a good short piece about a major technical glitch in the bank bailout that sends the money to holding companies rather than to actual banks.
Sarkozy's offer to the social partners is almost invisible and will change nothing.
And here's a good conservative critique of the bank bailout: "Credit - securitized or not - cannot be created out of thin air. It only comes into existence though savings, which must be preceded by under-consumption." The writer's concern is that new supports for consumer credit will "crowd out" needed credit expansion for business growth. He's wrong about the need for a short-term stabilization, but right about the longer-term questions about how to use money for investment is things we actually need.
Wednesday, February 18, 2009
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