Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Oh I agree there is likely to be another crash/downturn/double dip. Nothing was resolved, except the bailouts provided a semblance of stability to the TBTF banks.

When the next downturn occurs, they'll have to find some other way to socialize the losses and privatize the profits. Not sure what that will be, but it could present an Argentina-style moment that creates the opportunity to articulate a left vision of the future to the greater public.

And the world will live as one

by Montereyan (robert at calitics dot com) on Sun Jun 6th, 2010 at 11:32:51 AM EST
[ Parent ]
The left vision needs to be articulated and in the back of people's minds before the crisis. The problem with the crisis of the last 3 years is that there was no alternative narrative to take the place of market fundamentalism when the latter showed itself to be untenable. WHen that happens, the cognitive dissonance cannot be resolved by adopting an alternative worldview so the inconvenient reality gets shoehorned into the old narrative.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Sun Jun 6th, 2010 at 11:42:43 AM EST
[ Parent ]
the way to socialize the losses is to raid pension funds or gut social programmes.

After capturing the wages, they are now also trying to capture the deferred wages and/or the non-monetary income of people.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Sun Jun 6th, 2010 at 12:27:25 PM EST
[ Parent ]
That is a point that even a Tea Bagger could understand. The financial elite want our retirement money to pay off their gambling debts. Were the average Texas libertarian to grasp that they would likely respond with something like:

"Impale the bastards on sharpened poles around the White House! And put their banks out of business. We are better off without them."

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Jun 6th, 2010 at 01:21:33 PM EST
[ Parent ]
The intellectual and political architecture of this kind of attack has already been laid, and is well advanced, here in California. Hardly a day goes by without a newspaper article, op-ed, or letter to the editor in a local paper complaining about "unfair" public pensions that bleed everyone else dry.

And of course, the federal "cat food commission" that is determined to destroy Social Security and Medicare is due to deliver its recommendations in December.

And the world will live as one

by Montereyan (robert at calitics dot com) on Sun Jun 6th, 2010 at 02:02:43 PM EST
[ Parent ]
Blueprint for America's Working Women and Families

Diversity is the key to economic and political evolution.
by Cat on Sun Jun 6th, 2010 at 03:34:57 PM EST
[ Parent ]


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