[Marxism] Does the Fannie May rescue make you happy?

Graham Pearson grahampearson at ymail.com
Mon Jul 14 11:22:34 MDT 2008


"In short, in a nation that holds itself up as a citadel of free enterprise, the government has transformed from a reliable guarantor into effectively the only lender for millions of Americans engaged in the largest transactions of their lives...

"The new reality is scorned by libertarians and conservatives, who fear state intrusions on the market, and by populists and progressives, who dislike the idea of education and housing increasingly resting upon the government’s willingness to finance it.

""If you’re a socialist, you should be happy," said Michael Lind, a fellow at the New America Foundation, a research institute in Washington. "But you should really wonder whether you want people’s ability to pay for housing and college dependent on the motives of people in Washington."
http://www.nytimes.com/2008/07/14/washington/14guarantee.html

So, are you happy now the Fed has acted again to bolster the US economy? I think this latest episode in the economic crisis shows the unravelling of the state's measures to overcome the contradictions of capitalism. Should we salute the Fed's measures or salute the crisis? 



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