“Over the past 30 years, Americans have been bombarded with sermons evangelizing for the free market religion of the Right. In the course of selling us on buying, the market-worshippers tried to convince us that all concerns about the most vulnerable members of society could be left up to the soulless, self-correcting calculus of supply and demand. Government involvement was an anachronism, regulatory oversight an impediment. The last few weeks have demolished that notion. In the battle over the proper role of government, the high priests of the church of the Free Market — including Bush, Paulson, and the Masters of Wall Street — have suffered a monumental defeat. So why are we allowing them to dictate the terms of their surrender?
Arianna begins her corresponding article The Bailout Plan: Welcome to Economic Shock and Awe with this:
See if this sounds familiar:
There is a gathering threat to the safety of the United States. We must take immediate action. Congress must quickly grant the President and the Secretary what they want and also give them full and unfettered authority to execute the plan.
Welcome to Economic Shock and Awe (or as some have dubbed it, according to Paul Krugman, “the Authorization for Use of Financial Force”).
Even the amount of taxpayer money being bandied about — $1 trillion — is similar. Think you got your money’s worth for the Iraq war? Congratulations — you’re about to buy another pricey debacle.