Wednesday, September 24, 2008

Naomi Klein on the Bailout

Naomi Klein (The Shock Doctrine) posted a column at that captures a lot of the spirit surrounding the bailout, at least from those who think that Main Street should not bail out Wall Street.

A choice quote reflective of a lot of public sentiment:
This spectacle necessarily raises the question: if the state can intervene to save corporations that took reckless risks in the housing markets, why can't it intervene to prevent millions of Americans from imminent foreclosure? By the same token, if $85bn can be made instantly available to buy the insurance giant AIG, why is single-payer health care - which would protect Americans from the predatory practices of health-care insurance companies - seemingly such an unattainable dream? And if ever more corporations need taxpayer funds to stay afloat, why can't taxpayers make demands in return - like caps on executive pay, and a guarantee against more job losses?

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