Schumann criticises the €20 billion earmarket for actual pay-outs for from credit guarantees (e.g. for failed credits) -- who pays for it, why everyone instead of those who created the mess via a special tax?... and compares the sum to the annual payout for all receivers of the combined (and reduced) social and long-term unemployment benefits under Harz-IV: €22 billion. Merz counters: the state debt payments are even higher, we leave this behind for our children -- Schumann: "We also leave behind the wealth created by investing those credits!"
Geißler says it would have been nice if Merz et al would have talked two years ago like he does now...
Schumann returns to the point about too much power in the hands of financial CEOs just from the size of their paychecks (where the top 20 hedge fond managers with their annual renumerations of €600 million[!] are far above even the boss of Deutsche Bank), and attacks Merz as part of the problem in his law firm serving the private equity companies, Merz sweats but says his voters know where he works, but then a long controversy follows about his earlier legal protest against parliament's demand to publish his clients.
(cont.) *Lunatic*, n. One whose delusions are out of fashion.
Geißler: he thinks it depends on whether new regulations stop banks from "re-starting the gambling". Emphasizes internationality, he is not against globalisation but wants "politics to get on eye level again" with economic players.
In a clip from an earlier show, former chancellor Helmut Schmidt criticises the G7, says it's not enough and China, Brazil and others should be involved, Merz needs forced to agree. He also denies he'd disagree with Geißler's leftist thematisation of Harz-IV taking away a few euros more from poor people while HypoRealEastete's manager will go into retirement with €34,000/month.
Big mess about whether warnings were heeded in Europe (Merz claims Basel II was just about that, Schumann says it was late and not regulating hedge fonds et al.)
Schumann all Keynesian: throttling of investment should be stopped with big state investment programme, especially in energy sector, and prevent jump of joblessness.
Geißler: "The capitalist system IS - NOT - the sytem of the future. That must be said to the people." *Lunatic*, n. One whose delusions are out of fashion.
I guess the takeaway point is that the framing window is certainly in flux. Given what J wrote about Gideon Rachman on the FP, here's an example where the lies couldn't take hold in a large media showing. The show also made me glad to be in Germany. "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
From a rhetorical poit of view, I saw Merz clearly forced into a corner and outclassed (then again, it was 1:3). Beckmann, Geißler and Schumann brought up almost all the important points and talking points on the issue. As you say, the framing is on the move when moderators talk stuff like Left Party leaders in parliament and Merz has to nod in agreement.
On the other hand, all three tried to get Merz on speaking up about the structural problems earlier -- but couldn't really nail him. But this is important: had Merz realised the gravity of the problem, it wouldn't have been something for a book or drawn-out Basel-II negotiations, but loud proclamations to the media that something must be done, now.
On a more general level, what lacked was a real confrontation: in the end, Merz's posture was "but I want those things, too, don't put things in my mouth!". I had liked if at least Beckmann had actually read Merz's book and confronted him with a selection of his own theses, in addition to burning general neolib talking points and scoring minor points like Rubin being of Goldman Sachs too.
Finally, a small detail: in the beginning, there was a semantical debate cut short by Beckmann about the word "Neoliberal". In fact the same debate I recall having with Martin when he was fresh on ET: Merz reminded people that half a century ago, just the inventors of social market liberalism called themselves "Neoliberal". Curiously, despite his age, Geißler was obviously unaware of this (e.g. Beckmann saved him from embarrassment), and couldn't answer that "Neo"-anything descriptors are repeatedly re-used for the newest versions of whatever even if totally unrelated. *Lunatic*, n. One whose delusions are out of fashion.
Please? In the long run, we're all dead. John Maynard Keynes
