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« Fact for the Day | Main | Weekend Music: Gang of Four »

March 14, 2008

Quote for the Day

Michael Blowhard writes:

Dear Blowhards --

From Dean Baker:

Why wouldn’t we want the [U.S.] banks to be forced to come clean and eat their losses? This is always the policy that the economists advocate when the parties in question are not the big New York banks. Does anyone remember the East Asian financial crisis when the media was full of condemnations of crony capitalism and the IMF insisted imposed stringent conditions on South Korea, Thailand, and Indonesia as a condition of getting bailed out? At that time, everyone insisted on transparency. Aren’t there any economists who still have this perspective? If so, why aren’t their views appearing anywhere in the news?

But it's soooooo much more fun to put the other guy on a diet than it is to lose a little weight yourself ...

Best,

Michael

posted by Michael at March 14, 2008




Comments

There's a funny exchange of comments on the Calculated Risk blog, in response to a brief note on the rescue of Bear Stearns:

Marcus Aurelius writes:
Ah...the unquestioned mingling of government and corporate interests. There's a word for that, but for the life of me, I can't remember it.

Misean writes:
Marcus,
Crony Capitalism....Fascism....

Marcus Aurelius writes:
Fascism - that's it!

See, I quote brave souls like Marcus Aurelius and Misean because when I used the "F" word myself, it prompted accusations that I was morally comparing Roosevelt to Hitler.

Anyway, the important thing to remember when contemplated bailouts and rescues in the financial sector, is that while all of us are equal, some of us are more equal than others. Thank goodness we live in a free-market capitalist democracy!

Posted by: Friedrich von Blowhard on March 14, 2008 8:06 PM



I recommend that you pay no heed to the sort of pill who can't distinguish Nazism from Fascism.

Posted by: dearieme on March 15, 2008 4:23 PM



Baker's larger point is especially well-taken--the so-called media "watchdogs" are once again AWOL. I mean, I realize that most financial reporters are economically illiterate, but couldn't they find someone knowledgeable to comment on this who might say, um, wait a minute, pouring billions in taxpayer money down yet another sewerhole might not be such a hot idea. Do we really need another Iraq (fiscally speaking)?

Posted by: Steve on March 16, 2008 1:30 AM



Anyone who counts themselves a Gang of Four fan should pick up their 2005 release "Return the Gift". The original lineup reformed, re-recorded their first two classic albums on this, and toured it. When this came out, I avoided it like the plague thinking the whole idea of GOF covering themselves 25 years later was a desperate sell out. Man was I wrong. I picked it up used on a whim last year and it is absolutely brilliant. Andy Gill did an remarkable job mixing and engineering the new versions and the sound is much fuller and intense than the original recordings. The band also, figuratively and literally, doesn't miss a beat. It sounds exactly like a live performance (minus annoying crowd noises) and hits you like a sonic sledgehammer. From the opening feedback guitar line of "To Hell with Poverty" I was totally hooked. Disc two has some very creative remixes/reinventions of the same cuts but the first disc is an absolute stunner. Highly recommended.

Posted by: william sauer on March 17, 2008 12:50 PM






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