Surrounding the tomb are the graves of numerous erstwhile left leaning people who in all likelihood, alongside Marx, would view the current situation in the US and beyond as nothing more than expected, and with some justification. There is no little irony in seeing the free market trumpeting Republicans intervening left right and centre and bailing out companies that are now seeing the spoils of their lackadaisical (at best) approach to financial management coming home to roost. But of course, we've to feel sorry for the managing directors. Not the millions of people who are facing homelessness and unemployment as a result of being conned into thinking that they could afford mortgages way above their income. The 'credit crunch' will make its way into history textbooks in time and whoever decides to take up the analysis of it will likely have to set aside some time to analyse the myriad terms, industries, sub-industries and tangles that the sub-prime market impacts on.
Oh, and another thing. The facility set up by Goldman Sachs et al to help stabilise the market (HA!) reminds me of a similar action taken 40 years ago in Basle when the international monetary system was having some difficulties. Who says what I do isn't relevant?
3 comments:
Yes, Marxism was such a raging success compared to teh evile capitalism. Funny how the continual success of the free market gets less media attention than its occasional and spectacular failures, isn't it?
On the contrary, the free market gets constant attention from the media - there are droves and droves of outlets devoted solely to reporting on it and its 'successes' and how much money people are making. Do you not think before writing?
I never think before writing. It takes all the fun out of it.
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