Crisis Commentary: Third Installment
Here is the third (short) installment.
Again, any comments will be welcome.
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General
My Books
25 – The Confiscation of American Prosperity: From Right-Wing Extremism and Economic Ideology to the Next Great Depression
30 – Manufacturing Discontent: The Trap of Individualism in Corporate Society
Class Warfare in the Information Age
Railroading Economics: The Creation of the Free Market Mythology
Steal This Idea: Intellectual Property Rights and the Corporate Confiscation of Creativity
The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation
The Perverse Economy: The Impact of Markets on People and the Environment
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All I see is this invitation to comment on a non-existent article.
There’s an attached Word doc titled “commentary-3”. Though that’s probably not what Michael intended…
You say:
In describing the necessity of a bailout for finance, the alarmists, who are not necessarily wrong, point to the job losses associated with the corporate restructurings that will follow bankruptcies. The bailout, however, will also facilitate a continuation of the destructive financial practices have also caused significant hardship to labor.
The government however is also facilitating more mergers along with the bailout and these will also result in job losses. In fact there is a kind of shock therapy going to force mergers of giant financial institutions that will produce even larger financial institutions which cannot be allowed to fail.
Yes, you are correct.