[Marxism] theses on the economic crisis

Rakesh Bhandari bhandari at berkeley.edu
Sat Nov 28 22:19:29 MST 2009


At this point, I would say that those who say that this is a crisis of 
the deregulation of the banking sector alone clearly outnumber who think 
that this crisis is also rooted in the structures of capitalism itself.

I would also say that those who say this crisis stems from overly loose 
monetary policy or the Greenspan put, plus the GSE's pushing loans to 
underqualified minorities in an attempt to realize Clinton/Bush's 
ownership outnumber those who think this crisis has something to do with 
capitalism itself by a number also of 90 to 10. In other words, there 
are a lot more people listening to Dobbs/Limbaugh/Beck than reading 
Marx. Americans don't read anyway.


And those who think the financial crisis originates in China's anti 
capitalist mercantilist policy of oversaving clearly outnumber the 
critics of capitalism who would argue the increasingly unequal 
distribution of income brought about by capitalist competition  is the 
root cause of the crisis (oversaving by the rich that did not make sense 
to invest given stagnant workers' income and was thrown into a global 
casino).
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