The Death of Reaganomics

[ingac70]

The biggest political story of 2008 is getting little coverage. It involves the collapse of assumptions that have dominated our economic debate for three decades.

Since the Reagan years, free-market cliches have passed for sophisticated economic analysis. But in the current crisis, these ideas are falling, one by one, as even conservatives recognize that capitalism is ailing.

You know the talking points: Regulation is the problem and deregulation is the solution. The distribution of income and wealth doesn't matter. Providing incentives for the investors of capital to "grow the pie" is the only policy that counts. Free trade produces well-distributed economic growth, and any dissent from this orthodoxy is "protectionism."

The old script is in rewrite. "We are in a worldwide crisis now because of excessive deregulation," Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, said in an interview.

more at:

http://www.truthout.org/article/the-death-reaganomics

[fascisthunter]

1. thank you...

[ingac70]

2. Best news I've read in almost 8 years. n/t

[phantom power]

3. And all it took was driving the economy into a brick wall at high speed.

Me, I'm waiting to see how many people really get it.

[Iris]

4. mind if I sit next to you?

I'm waiting, too.

[phantom power]

5. In cyberspace, there is room for everybody to sit.

[Iris]

6. ain't it great?

:toast:

[Wednesdays]

9. Don't hold your breath waiting for those

who are glued to their TV sets and Main $tream Snooze.

[FiveGoodMen]

7. Reaganomics has risen from the dead before...

Anyone paying attention knew it was bullshit to start with. If not immediately, then surely after the S&L bailout.

It doesn't have to be valid in any way in order to be accepted. Couple of decades and it will start trickling down on us again.

We need to figure out how to drive a stake through its heart, decapitate it, set in on fire and bury it in nuclear waste.

[ingac70]

8. kicking.

[Breeze54]

10. "We are in a worldwide crisis now because of excessive deregulation," Rep. Barney Frank, D-Mass

He knows his stuff. ;)

[LostInAnomie]

11. Reaganomics was never truely about the economic well-being of the country.

It was always about making the incredibly rich even richer, at the expense of the economic security of the middle class. It is a perfect example of the "Gods and Clods" mentality that the grand majority of Republicans embrace. They view the working class as human cogs to be exploited and thrown away.

Marx's critique of capitalism is proving itself out more and more everyday.