Linda McQuaig has articulated an opinion about the current economic debacle that is rarely expressed in current analysis about what happened and who is responsible.
Let's imagine, for a moment, how different the public debate would be today if it had been unions that had caused the current economic turmoil. In other words, try to imagine a scenario in which union leaders – not financial managers – were the ones whose reckless behaviour had driven a number of Wall Street firms into bankruptcy and in the process triggered a worldwide recession.
Needless to say, it's hard to imagine a labour leader being appointed to oversee a bailout of unions the way former Goldman Sachs CEO Henry Paulson was put in charge of supervising the $700 billion bailout of his former Wall Street colleagues. .... how odd it is that the financial community has emerged so unscathed, despite its central role in the collapse that has brought havoc to the world economy. ...
But so influential are those in the financial elite – and their hangers-on in think-tanks and economics departments – that they continue to appear on our TV screens, confidently providing us with economic advice, as if they'd played no role whatsoever in shaping our economic system for the past quarter century.
Of course, we're told there's been a major change in their thinking, in that many of them are now willing to accept large deficits in today's federal budget, in the name of stimulating the economy..... In fact, financial types have always accepted deficits – when they liked the cause. Hence their lack of protest over George W. Bush's enormous deficits, which were caused by his large tax cuts for the rich and his extravagant foreign wars.
What they don't like is governments going into deficit to help ordinary citizens – either by creating jobs or providing much unemployment relief. .... So the Canadian financial community has been urging that the stimulus package consist mostly of income tax cuts – even though direct government spending would provide much more stimulus and do more to help the neediest.
What they don't like is governments going into deficit to help ordinary citizens – either by creating jobs or providing much unemployment relief.
And if you had any doubts about Stephen Harper's agenda and whether he governs as our Prime Minister, to protect and serve the public interests and not the interests of the privileged, his recent appointment of Sheila Weatherill says it all.
Also - go read Peace, order and good government, eh? now!