Freddie, Fannie, and that other guy

First Freddie Mac and Fannie Mae, now AIG. Although details are just becoming available, it seems todays buyout of the beleaguered insurance company by the US government is, if nothing else, acknowledgment from the highest levels of the global capitalist elite that markets are incapable of self-policing. Potentially, this bale out will lead to much more than the nationalization of AIG, and regulations to prevent what might have been a “financial crisis worldwide.” Potentially, this bale out will trigger a public examination of all the failings of a market so widely and blindly believed to be the most efficient means of running an economy. Potentially, law makers will examine the increasing reliance on the market to educate and re-train workers, build infrastructure, feed the hungry, and protect the environment. Potentially, the public will discover that unfettered markets have led to an increased gap between rich and poor, in Canada, North America, and around the world. Potentially, Canadian voters will question whether the leader who reminded Canadians Friday that he leads “a party of free enterprise, free markets and free trade” is fit to continue to lead Canada in a time of economic crisis. Potentially, the Left will seize this opportunity and come up with a coherent alternative to what clearly hasn’t been working.

~Manatee

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1 Comment

  1. O'Smiley said,

    Wednesday, 17 September 2008 at 8:50 am

    “Potentially, the Left will seize this opportunity and come up with a coherent alternative to what clearly hasn’t been working.”

    I think this statement sums it up perfectly, and in more areas than just the economy. The economy particularly, however, is one area that the NDP have never had a clear detailed policy on. I can’t blame them; they have never been in a position like they now face, with an very good chance of becoming the next official opposition party.

    I would definitely welcome a stronger NDP in Parliament. I think that with a real opposition (not just party but view of the issue), we would see a much more serious and honest debate of issues in Parliament and less argument for the sake of argument that we have often seen over the past couple of years.


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