Not long ago, author Naomi Klein came out with a book called "The Shock Doctrine" -- its premise is that the government, especially the neo-cons and friends largely running America during the 2000s, have come to rely on the kind of horrific crises like 9/11 or Katrina to push through massive, radical changes that would never happen in normal times. Her theory was the first thing I thought of when I learned of the federal power grab that's taking place as Wall Street collapses.
I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place...).
The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday, Gingrich laid out 18 policy prescriptions for Congress to take in order to "return to a Reagan-Thatcher policy of economic growth through fundamental reforms." In the midst of this economic crisis, he is actually demanding the repeal of the Sarbanes-Oxley Act, which would lead to further deregulation of the financial industry. Gingrich is also calling for reforming the education system to allow "competition" (a.k.a. vouchers), strengthening border enforcement, cutting corporate taxes and his signature move: allowing offshore drilling.
Read the whole thing -- and then get on your knees and pray we don't get fooled again.
I don't agree with Klein on a lot of her book (mostly because she feels the "shock" part is often created by conservatives). I have no doubt that, reactively, conservatives see opportunity in "shocks" but they don't proactively create them. Klein, at some point, will probably try to claim that conservatives and "de-regulation" created this current financial crisis, but that's hogwash (not to mention that thinking that way leads to conspiracy theory insanity). But just because they didn't create it, doesn't mean conservatives aren't trying to manipulate the situation, to suit their ends. Thank goodness the Democrats control congress... Chris Dodd's proposal looks about 700 billion times better than Paulson's.— Sprizouse- Nothing scares people more than being poor. After 7+ years of poorly conceived plans & bungled management, giving this Administration full authority to disburse $.7T (& QUICKLY) is the dumbest thing we can do. We've been down this road before...— yobill626
- So exactly what is so horrific about these proposals? "Gingrich is also calling for reforming the education system to allow "competition" (a.k.a. vouchers)" Obama and most leading Dems send their kids to private schools. I guess the job of their constituents is to make sure the teacher's unions have pupils to fill their classrooms. "strengthening border enforcement" Exactly what is wrong with that - beyond illegal immigration, a huge amount of meth comes over the border as well. "cutting corporate taxes" Pro-and-con cases can be made here. "and his signature move: allowing offshore drilling." And what is wrong with getting as much oil domestically as possible while we figure out how to develop alternative energy? This is twaddle. Oh, and regarding Sarb-Ox - I think it should be revisited, not repealed, and the sections that were make-work for the big accounting firms that lobbied for the bill should be scaled back, and replaced with regulations for an accurate assessment of risk.— db_cooper
I thought you lefties would be dancing in the streets now that the federal government almost completely controls the economy. Instead your scared that that people will end up with a choice of where they send their kids to school, or how their Social Security money is handled. There's a limit to "pro-choice" on the left. If you want to kill your baby, they'll hold the vaccum, but if you want to educate your kids or have control over your retirement, you can go scratch.— jmc- Will loves to quote music. Todays its the Who. I guess when you are unable to put things into your own words, you go back to the well over and over. u2 monday. Who tuesday. The request lines are open, people. DJ Willie-lame taking calls.— shoeshineboy
- Will loves to quote music. Todays its the Who. I guess when you are unable to put things into your own words, you go back to the well over and over. u2 monday. Who tuesday. The request lines are open, people. DJ Willie-lame taking calls.— shoeshineboy
Comment removed.- Comment removed.
- The state of local journalism is now down to who can cut and paste better than the rest. Good thing this fishwrap still has LEGIT journalists who write LEGIT stories (John Baer, Smallwood, Conlin, Phil Jasner, Jon Takiff).— shoeshineboy
- As an accountant, I would dance in the streets if Sarbanes Oxley was repealed. It has created so much busy work that adds zero value to what my company does.— Ramon
- Comment removed.
- If you already have high blood pressure, don't read this: http://www.nytimes.com/2005/05/19/business/19insure.html?_r=1&oref=slogin Court Papers Detail Bonuses at A.I.G. Fresh details have emerged in court papers about the inner workings of a private offshore company that had been paying big bonuses to top executives of the insurance giant American International Group. The company, Starr International, awarded tens of millions of dollars in payouts over a two-year period at a time when it was ineligible to do so under its own operating laws, according to the court papers, which cite internal A.I.G. documents. The new details are contained in an amended lawsuit that was filed late Tuesday in Delaware Chancery Court by a Louisiana pension fund that is suing A.I.G. and its directors over what it calls questionable dealings. Those dealings are said to include undisclosed related-party transactions conducted by A.I.G. with Starr International and with another A.I.G.-affiliated private company, C. V. Starr & Company. Starr International, which is registered in Panama, is A.I.G.'s largest shareholder, with nearly 12 percent of A.I.G. stock, now worth around $16 billion. The company is run by A.I.G.'s recently ousted chairman and chief executive, Maurice R. Greenberg, and by a handful of other senior former A.I.G. executives, all hand-picked by him. Mr. Greenberg is president and chief executive of Starr International, and owns about 8.3 percent of the private company.— db_cooper
- Newts got some solid proposals there, gotta give him some credit. As for corporate taxes, I'd glady trade lowering them for more sensible regs and transparency.— RG
- Now I feel less bad about Greenberg losing $6 bil in a month.— RG
- Giving the same thieves who ruined the economy yet another $700 Billion, and then buying BAD DEBTS with that $700 billion is way beyond stupid. It borders on madness! Obama has pledged to put all federal checkbooks on-line amd accessible to the public. It's about time.— feudi
Will Bunch, a senior writer at the Philadelphia Daily News, blogs about his obsessions, including national and local politics and world affairs, the media, pop music, the Philadelphia Phillies, soccer and other sports, not necessarily in that order.
E-mail Will by clicking here.
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