Saturday, September 20, 2008

"Privatizing Profits, Socializing Losses"

Given the "biggest federal intervention" since the great depression, I have to share some thoughts. Not only not surprised but saw it coming...and have said so to my classes for the past few years.

I even made a comment during my interview in August for my new job at LASC that might have seemed a bit off the cuff. I had to do a brief presentation on "Sociological perspectives on the global economy" and after i completed my presentation I added a comment that the irony of the overreaching of the Bush administration and corporate capitalism these last few years is it may have ushered in now we have part one...the socialized bailout..we'll see what happens this election..will voters get mad enough and demand universal health care and better wages and distribution of wealth? Or will they let this government use their taxes to bail out corporate elites and leave them suffering? Time will tell.

I've heard many commentators make reference to socializing losses after private industry made record profits as a travesty... No doubt. But I also have heard many say the bailout was necessary, and the sad part is that's probably true too. The parts of the economy are so interdependent that if a market crash occured, the results for all would be devastating...millions hurt by job, housing and 401k losses. The global economy would be affected as well. So unless people stand up and DEMAND better, wall street will get away with taking the world economy to the brink of collapse and getting off scott-free to exploit the labor market again. Hopefully people will finally wake up and recognize that free market neoliberals are only for small government and no regulation when they are raping everyday people, but as soon as they need a bailout, government is their ally. Bamboozled again.

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