Wednesday, September 17, 2008

George W-Our First MBA President

What irony, I couldn't help thinking today as I watched the DJIA get slammed another 400+ points ( closed below 10,700) and Gold scream $80+ to the upside, that George W Bush and Dick Cheney, the MBA (Harvard) President and the CEO Vice-President (Halliburton) were presiding over the utter destruction of our private market system. Let' s see ,over the past week we've seen the Fed's step into the Freddie/Fannie mess to the tune of $100-200 billion. Last night it was AIG for $85 billion .Let's not forget Bear Stearns a couple months ago. On top of all that, Lehman Bros., a company that survived the Civil War and the Great Depression got toe-tagged. What a record of economic stewardship for W!

Saint Paul said, " For the wages of sin is death" (Romans 6:23). To me the wages of the Bush ownership society is fascism. Think that is too outrageous? This statement is usually attributed to Mussolini ( in all fairness there is some debate about the accuracy of the attribution)

"Fascism should more properly be called corporatism because it is the merger of state and corporate power."

Even so, the direction we are now headed seems to have some echo from the '30's as Thomas J. DiLorenzo points out in this essay ( written back in '94)

So- called corporatism was adopted in Italy and Germany during the 1930s and was held up as a "model" by quite a few intellectuals and policy makers in the United States and Europe. A version of economic fascism was in fact adopted in the United States in the 1930s and survives to this day. In the United States these policies were not called "fascism" but "planned capitalism." The word fascism may no longer be politically acceptable, but its synonym "industrial policy" is as popular as ever.

1-20-09 can't come soon enough!

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