Self-reliance. Individual responsibility. A faith in free markets and a belief that people should have the opportunity to fail or succeed on the basis of their hard work and ingenuity. These are qualities that have been as central to the national identity as they have been to the American economic model. Full Story »
Posted by Kaizar Campwala
A well-sourced and eminently well written journal of the policies that got us into the financial mess we face today. I particularly liked the author's reference to Bush's setting aside his beliefs (in an unregulated free market economy) in favor of "economic and political pragmatism" (i.e., the bailouts). The author goes on to speculate that eventual economic recovery will not defray America's suspicion of unregulated markets, and I tend to agree. I simply hope we can recover.
Although an op-ed piece, itÂ’s excellent journalism. The main point of the article is the ironic dilemma for ultra conservatives--who for decades have preached the blessings of privatization of government services and deregulation of watchdog agencies along with a fanatical religious faith in free markets--forced to participate in what has to be an anathema; one of the most socialist behaviors: government takeovers of private corporations in order to head off a major economic crisis caused by their own mismanagement and religious adherence to what now is demonstrated to be a flawed economic creed.
Retrieving Comments
