Good Reading on the Financial Crisis
September 23rd, 2008
I agree with Slacktivist on this, and I expect that many readers, from across the political spectrum will also agree:
I’ll gladly concede that Paulson knows more about the world’s rapidly collapsing finance system than I do. That doesn’t matter. Paulson’s request violates an inviolable principle, namely, to repeat, that if a public official demands $700 billion by week’s end, no strings attached, with no democratic or judicial review of that official’s unfettered discretion to spend that $700 billion as he chooses, then you say, “No.”
“No” is the only possible answer a free person can give to that request.
If you don’t answer “No,” then you have to answer “Yes, Your Majesty, screw that whole experiment-with-democracy thing, we think you’ll make a fine sovereign and king and please take our money as tribute from your loyal, unquestioning subjects.” I prefer the former answer, and not just because it’s shorter.
…snip…
Fortunately, crowning King Henry and doing nothing at all aren’t our only options. The events of the past week seem to prove that the American financial sector is in a full-blown panic. The Bush administration is now insisting that we fight panic with panic. That won’t work.
It may, in fact, be the case that something huge and unprecedented and Very, Very Expensive will be required to save the republic. But if we can’t manage to do that democratically — with accountability, oversight and the full participation of the people’s representatives — then the thing we are saving will no longer be a republic.
Categories: Economics, News & Current Events | 1 Comment
