Henwood on market turmoil

Left Business Observer‘s Doug Henwood (well, that should maybe be the other way around since LBO is Doug Henwood) has posted his long-awaited analysis of what has been going on.

The Internet left is getting all heated up—this is the Big One, the End of the World, the Death Agony of Capitalism. Maybe; that’s always possible. But it’s not likely.

The upshot is similar to my point the other day, that central banks are generally able to prevent major collapse by providing money to tide things over and stop trauma from spreading until things calm down. And, along the lines of Mark’s comment yesterday:

 It’s annoying how Wall Street complains about protectionism protecting the incompetent and welfare corrupting the poor and then quickly turns to the state screaming for a bailout. But without a bailout—or the somewhat comprehensive socialization of investment, to quote Keynes—they could take us all down with them.

Published in: on 21 August, 2007 at 12:25 pm  Leave a Comment  

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