September 09, 2008
Welcome Comrades, to the USSRA

Nouriel Roubini, the famous economist who long ago predicted the financial meltdown about to occur in the US and who has been right on the money on practically every prediction he has made in the last six or eight years has something to say today about the Fannie Mae and Freddie Mac bailouts.

Perhaps sensibility will sink into some of the so called brightest and best minds, whose hollow shells for brains are in fact filled with nothing but wild ideology, who subscribe to a belief system just as obscene, if not more so than the brutal ideologies of Germany in 1933 and Russia in 1917, and they will finally come around to sanity and realize that socialism indeed works in some segments of a civilized economy, provided it is tempered with incentives for everyone to have the opportunity to exercise initiative and entrepreneurship in a capitalist economy that has a soul.

But I doubt that we have many leaders in our midst who have that kind of insight and ability. Only honest and upright men and women who govern a country can be counted on to look out for the interests for all of the citizens of that country, particularly the least of these among us. And that kind of leadership has sadly been lacking in this country since at least 1980, if not long before then.

What I fear most is that most of our citizens have been indoctrinated with the same kind of ideology since the era of Ronald Reagan, and many of them long before that era. It may be impossible to turn this nation around to honest and sensible government policies, and this country may indeed be a lost cause on the world stage. Without further ado, what follows is part of Mr. Roubini’s rant of the day — although Mr. Roubini seldom rants — since I just took my turn at having mine. And I didn’t even get into the debt we're adding every day by continuing to borrow billions monthly from the Chinese, Saudis, Russians and other world governments. Maybe Moe Blues, who has much more experience in this topic than I do can fill us in on that and more on what we, our children, and their children’s children may have in store in the coming decades.

So now Comrades Bush, Paulson and Bernanke (as originally nicknamed by Willem Buiter) have now turned the USA into the USSRA (the United Socialist State Republic of America). Socialism is indeed alive and well in America; but this is socialism for the rich, the well connected and Wall Street. A socialism where profits are privatized and losses are socialized with the US tax-payer being charged the bill of $300 billion.

This biggest bailout and nationalization in human history comes from the most fanatically and ideologically zealot free-market laissez-faire administration in US history. These are the folks who for years spewed the rhetoric of free markets and cutting down government intervention in economic affairs. But they were so fanatically ideological about free markets that they did not realize that financial and other markets without proper rules, supervision and regulation are like a jungle where greed — untempered by fear of loss or of punishment — leads to credit bubbles and asset bubbles and manias and eventual bust and panics.



Posted by Buck Batard at September 09, 2008 02:26 PM
Email this entry to:

Your email address:

Message (optional):


These are the folks who for years spewed the rhetoric of free markets...

Yeah. But it's a mistake to think that was ever really their philosophy -- it was just the cover story.

Posted by: Roddy McCorley on September 9, 2008 4:18 PM

"But these laissez faire voodoo-economics zealots in charge of the USA have now caused the biggest financial crisis since the Great Depression..."

So true. As he says, fanatical zealots of the free-market religion got us into this mess and all the possible ways out of it are totally antithetical to the dogma they have been spouting for 30 years. Both parties have bought into this creed and they are both to blame for this mess, and they are both unable to countenance any of the logical responses to it.

Posted by: Charles on September 9, 2008 5:08 PM

"Both parties have bought into this creed and they are both to blame for this mess." That is less than true. Clinton made compromises and signed bills that were bad, but he played the hand he was dealt and played it beautifully. Charles, do you remember the years where only bills supported by 218 Republic votes left the House? No, it's bullshit to claim a plague on both their houses.

Biggest example -- who would have thought the Iraq Resolution of 1998(?) would be anything more than chest-beating bluster? Why risk anything to oppose it or veto it? Who would ever think that the very next President would choose Satan as his running mate?

Posted by: zeno2vonnegut on September 9, 2008 7:45 PM

there is a warning implying inappropriate content (?) at the Women against Sarah Palin link / i was also unable to leave a comment to this effect at the post which has the link to the site. what's up, i wonder

Posted by: Katherine Hunter on September 9, 2008 10:00 PM

You must have happened on that (now nonexistent) posting during the minute or two it was up. My sister sent me the link and when I clicked on it I got the same message you did. Then I clicked on the message itself and was sent to the site. So I put up the post. Then minutes later I checked to double-check that the link was live. This time I got a 404. Evidently Blogger had taken the site down seconds before, God knows why. Most peculiar,mama.

Posted by: Jerry Doolittle on September 10, 2008 9:53 AM

Update: the site is now back up, so I've reposted. For more info on what the hell happened, check:

Posted by: Jerry Doolittle on September 10, 2008 10:12 AM is an Alaskan blog / they report there is a new website Alaskan Women Reject Palin and are planning a rally to welcome her back home

Posted by: Katherine Hunter on September 10, 2008 6:08 PM
Post a comment

Email Address:



Remember info?