It's time to drive the final nail into the coffin of laissez faire capitalism. If not, the Dr. Frankensteins of the right will surely try to revive the monster and send it marauding through our economy once again.
Obama may soon find that he is committing a big sin against one of the major premises of the reigning ideology, and will create a head-on collision with one of the cherished dogmas of market fundamentalism -- "free trade."
To the rapacious media: climb off your high horse and stop pretending you're shocked, shocked! Blagojevich is just doing publicly what the free market system has being doing privately for thirty years.
It now takes about 10 cents on every tax dollar collected just to pay the interest on the debt. As bad as that is, it's only because interest rates are at record lows that the debt is still manageable.
How to explain an administration that nationalizes the banking system even as it praises the free market? How to explain a financial system that turned debt into wealth, and wealth into debt? How is it that most people don't even know which country their house belongs to?
Even if the bail-out finally goes ahead, credit is drying up; unemployment is sure to swell, along with all the rage and resentment it brings. So why am I feeling -- tentatively, terribly -- optimistic?