Friday, October 3, 2008

Naomi Klein: Now is the Time to Resist Wall Street’s Shock Doctrine

The dumping of private debt into the public coffers is only stage one of the current shock. The second comes when the debt crisis currently being created by this bailout becomes the excuse to privatize social security, lower corporate taxes and cut spending on the poor. A President McCain would embrace these policies willingly. A President Obama would come under huge pressure from the think tanks and the corporate media to abandon his campaign promises and embrace austerity and "free-market stimulus."

Klein's full piece from Huffington Post

http://normsnotes2.blogspot.com/2008/10/disaster-capitalism-in-action.html

1 comment:

Jason said...

Wall Street didn't cause this mess. It was the poor management of Freddie and Fannie. People like Mudd, Gorelick, Franklin Raines, and James A. Johnson pirated Freddie Mae. In the 80's Freddie almost went out of business from investments in mortgage backed securities and investments in real estate. nomedals.blogspot.com