the exitement of hope and fear: the naked emperor way

video_button_white_dred.gifHere is Bush speech on Wednesday night (24 September) to get the $700 billion bail out in contrast with what he said on July 15 2008 when he said that everything was fine, that productivity was growing, that people are working (”not as good as we’d like but . . .”), etc. Two months ago he was exciting hope in the midst of panic. Now we have the excitement of fear in the midst of meltdown. Almost like at the time of September 11, we are hushed into accepting a massive cost in view of avoiding a greater one, the fall from middle class status (weather real or ideal). Here is the naked emperor: “the top economic experts warn that if not immediate action is taken” we’ll have “financial panic and distressing scenarios” . . .”more banks would fail including one in YOUR community. The sock market would drop even more, which would reduce the value of YOUR retirement account, the value of YOUR home could plummet, foreclosures would rise dramatically, and if you are a business or a farm YOU would find it harder and more expensive to get credit, more business would close their doors, and millions of americans could loose their jobs”

But you may think that this would not touch you, as you credit rating is fine . .ah ah, “even if you have good credit history it would be more difficult for YOU to get a loan you need to buy a car or send your children to college, and ultimately our country could experience a long and painful recession. Fellow citizens, WE must not let this happen.”

As a “long and painful recession” will happen anyway (many are predicting a min of 18 months recession which has already started) this call for action with the consequent bailing out of wall street with a blank check is obviously going to be defended in the future as “if we had not done that we would be experiencing a worst recession.” But the emperor IS naked in this moment of crisis. Part of the US ruling classes are stirring this towards creating a context for near future restructuring and cuts. The public purse will be burdened with debt over Iraq and the bailout and a furthering of privatisation of public services etc, will be on the agenda. And this agenda is fine with the democrats, who are ready to accept a deal with few cosmetic limits to executive pay. What is interesting is that it is the republicans, concerned that the bailout is a step towards “socialism”, that are dragging their feet (see this article in the International Herald Tribune). What’s stewing?


Comments are closed.