Money The Fall
posted by October 24 at 9:13 AMon
The critic and philosopher Steven Shaviro is often right about the causes or consequences of cultural events/emergences/happenings in the domain of postmodern/global society. Recently, however, he got something wrong:
…I donít think the current crisis [in the markets] marks the end of neoliberalism and market fundamentalism. For the sole aim of all the government intervention that is happening now is precisely to restart (reboot) the currently clogged market.Agreed, what Bush is trying to do is simply restore the neoliberal order with blasts or shocks of government cash. But it’s not working. The system will not stabilize. The happy business of unregulated markets is over.
Even the guru of neoliberalism, Alan Greenspan, is sobering up to this reality:
But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
ďThose of us who have looked to the self-interest of lending institutions to protect shareholdersí equity, myself included, are in a state of shocked disbelief,Ē he told the House Committee on Oversight and Government Reform.
It’s not the end of the world. It’s the end of a form of economic exploitation.