Republicans on the Left and Democrats on the Right
From The Independent Institute
In the topsy turvy world of Washington, to combat what is being called the “most momentous financial crisis since the Great Depression,” the Republicans have gone socialist and the Democrats are advocating the corporatism of Italian rightist dictator Benito Mussolini.
Fairly unique in U.S. history, the Bush administration has nationalized companies—insurance and mortgage guarantors—that have nothing to do with the war the country is fighting. During World War I, President Woodrow Wilson had the government seize and operate the railroads because they were deemed vital to producing war materiel for the troops. They were returned to private hands in 1920, two years after the war ended. Congress also gave Wilson the authority to seize and operate other industrial plants during the war, but took away this power when the conflict concluded.
During World War II, FDR declared a state of emergency and seized factories that were threatened by strikes. Congress ratified these seizures by passing the War Labor Disputes Act, which allowed the president to commandeer industrial plants and use them to produce war materiel. The Depression-era Reconstruction Finance Corporation was expanded, in a fit of war socialism, so that the government could provide items deemed key to the war effort—for example, petroleum distribution and rubber production.
October 1st, 2008 at 12:30 am
Ha, ha, ha….just gotta laugh.
So similar in my country Australia,includingon thisissue where our new Labor (eg Democrat) prime minister is frantically calling for the package to be ok’d.
But its right across the board!
I’ll givean exampleIpicked up just moments ago.
In Western Australia, the new Liberal (eg Republican/conservative governemt is calling for more government participation in ports infrastructures, while those deep socialist Labor lefties want it left to private enterprise alone.
And the federal government mentioned above is letting it be known that the $urplus is only for private initiatives- none of this river, soils etc rehab and state science/health/ education stuff that private enterprise usually left to the government that could be crucial to future sustainability outcomes.
The worse the evidence for unemcumbered neoliberalism outcomes emerges by way of the global finance events, the more the ideology spreads like a global rash.
Its hard to be green and just as, to be Keynesian.