Don't SLEEP; Economy R

DuderonomyDuderonomy Haut de la Garenne 7,784 Posts
edited November 2008 in Strut Central
b, 21Real Change Depends on Stopping the Bailout Profiteersb, 21By Naomi Klein, November 4, 2008b, 21b, 21b, 21To understand the meaning of the U.S. election results, it is worth looking back to the moment when everything changed for the Obama campaign. It was, without question, the moment when the economic crisis hit Wall Street.b, 21b, 21Up to that point, things weren???t looking all that good for Barack Obama. The Democratic National Convention barely delivered a bump, while the appointment of Sarah Palin seemed to have shifted the momentum decisively over to John McCain.b, 21 b, 21Then, Fannie Mae and Freddie Mac failed, followed by insurance giant AIG, then Lehman Brothers. It was in this moment of economic vertigo that Obama found a new language. With tremendous clarity, he turned his campaign into a referendum into the deregulation and trickle down policies that have dominated mainstream economic discourse since Ronald Reagan. He said his opponent represented more of the same while he stood for a new direction, one that would rebuild the economy from the ground up, rather than the top down. Obama stayed on this message for the rest of the campaign and, as we just saw, it worked.b, 21b, 21The question now is whether Obama will have the courage to take the ideas that won him this election and turn them into policy. Or, alternately, whether he will use the financial crisis to rationalize a move to what pundits call ???the middle??? (if there is one thing this election has proved, it is that the real middle is far to the left of its previously advertised address). Predictably, Obama is already coming under enormous pressure to break his election promises, particularly those relating to raising taxes on the wealthy and imposing real environmental regulations on polluters. All day on the business networks, we hear that, in light of the economic crisis, corporations need lower taxes, and fewer regulations???in other words, more of the same.b, 21b, 21The new president???s only hope of resisting this campaign being waged by the elites is if the remarkable grassroots movement that carried him to victory can somehow stay energized, networked, mobilized???and most of all, critical. Now that the election has been won, this movement's new missions should be clear: loudly holding Obama to his campaign promises, and letting the Democrats know that there will be consequences for betrayal.b, 21b, 21The first order of business???and one that cannot wait until inauguration???must be halting the robbery-in-progress known as the ???economic bailout.??? I have spent the past month examining the loopholes and conflicts of interest embedded in the U.S. Treasury Department???s plans. The results of that research can be found in a just published feature article in Rolling Stone, The Bailout Profiteers, as well as my most recent Nation column, Bush???s Final Pillage.b, 21b, 21Both these pieces argue that the $700-billion ???rescue plan??? should be regarded as the Bush Administration???s final heist. Not only does it transfer billions of dollars of public wealth into the hands of politically connected corporations (a Bush specialty), but it passes on such an enormous debt burden to the next administration that it will make real investments in green infrastructure and universal health care close to impossible. If this final looting is not stopped (and yes, there is still time), we can forget about Obama making good on the more progressive aspects of his campaign platform, let alone the hope that he will offer the country some kind of grand Green New Deal.b, 21b, 21Readers of The Shock Doctrine know that terrible thefts have a habit of taking place during periods of dramatic political transition. When societies are changing quickly, the media and the people are naturally focused on big ???P??? politics???who gets the top appointments, what was said in the most recent speech. Meanwhile, safe from public scrutiny, far reaching pro-corporate policies are locked into place, dramatically restricting future possibilities for real change.b, 21b, 21b, 21It???s not too late to halt the robbery in progress, but it cannot wait until inauguration. Several great initiatives to shift the nature of the bailout are already underway, including http://bailoutmainstreet.com. I added my name to the ???Call to Action: Time for a 21st Century Green America??? and invite you to do the same.b, 21b, 21Stopping the bailout profiteers is about more than money. It is about democracy. Specifically, it is about whether Americans will be able to afford the change they have just voted for so conclusively.b, 21b, 21b, 21The Bailout Profiteersb, 21By Naomi Klein, Rolling Stone, October 31, 2008b, 21b, 21b, 21On October 13th, when the U.S. Treasury Department announced the team of "seasoned financial veterans" that will be handling the $700 billion bailout of Wall Street, one name jumped out: Reuben Jeffery III, who was initially tapped to serve as chief investment officer for the massive new program.b, 21b, 21On the surface, Jeffery looks like a classic Bush appointment. Like Treasury Secretary Henry Paulson, he's an alum of Goldman Sachs, having worked on Wall Street for 18 years. And as chairman of the Commodity Futures Trading Commission from 2005 to 2007, he proudly advocated "flexibility" in regulation ??? a laissez-faire approach that failed to rein in the high-risk trading at the heart of the meltdown.b, 21b, 21Bankers watching bankers, regulators who don't believe in regulating ??? that's all standard fare for the Bush crew. What's most striking about Jeffery's r??sum??, however, is an item omitted when his new job was announced: He served as executive director of Paul Bremer's infamous Coalition Provisional Authority in Baghdad, during the early days of the Iraq War. Part of his job was to hire civilian staff, which made him an integral part of the partisan machine that filled the Green Zone with Young Republicans, investment bankers and Dick Cheney interns. Qualifications weren't a big issue back then, because the staff's main function was to hand over stacks of taxpayer money to private contractors, who were the ones actually running the occupation. It was this nonstop cash conveyor belt that earned the Green Zone a reputation, in the words of one CPA official, as "a free-fraud zone." During Senate hearings last year, when Jeffery was asked what he had learned from his experience at the CPA, he said he thought that contracts should be handed out with more "speed and flexibility" ??? the same philosophy he cited back when he was in charge of regulating Wall Street traders.b, 21b, 21The Bush Administration has since reversed the Jeffery appointment, perhaps thinking better of giving a CPA alum such a central role in the Wall Street bailout. Still the original impulse underscores the many worrying parallels between the administration's approach to the financial crisis and its approach to the Iraq War. Under cover of an emergency, Treasury is rapidly turning into an economic Green Zone, overrun with private companies collecting lucrative contracts. Fittingly, one of the first to line up at the new trough was none other than the law firm of Bracewell & Giuliani ??? yes, that Giuliani. The firm's chairman, Patrick Oxford, could scarcely conceal his glee over the prospect of cashing in on the bailout. "This one," he told reporters, "is very, very big." At least four times bigger, in fact, than the post-9/11 homeland-security bubble, from which Giuliani and his various outfits have profited so extravagantly. Even bigger, potentially, than the price tag for the Iraq War itself.b, 21b, 21In Iraq, the contractors were tasked with reconstructing the country from the mess made by U.S. missiles. After years of corruption born of no-bid contracts and paltry oversight, many Iraqis are still waiting for the lights to come back on. Today, a new team of contractors is lining up to reconstruct the U.S. economy ??? reconstruct it from the mess made by the very banks, brokers and law firms th
at are now applying for contracts. And it's not at all clear that America can survive their assistance.b, 21b, 21See if any of this sounds familiar: As soon as the bailout was announced, it became clear that Treasury officials would hire outsiders to perform their jobs for them ??? at a profit. Private companies wanting to help manage the bailout were given just two days to apply for massive, multiyear contracts. Since it was such a mad rush ??? after all, the entire economy was about to implode ??? there was no time for an open bidding process. Nor was there time to draft rigorous rules to make sure that those applying don't have serious conflicts of interest. Instead, applicants were asked to disclose their conflicts and to explain ??? and this is not a joke ??? their "philosophy in fulfilling your duty to the Treasury and the U.S. taxpayer in light of your proprietary interests and those of other clients." In other words, an open invitation to bullshit about how much they love their country and how they can be trusted to regulate themselves.b, 21b, 21The first major contract to be awarded in the bailout was for legal advice ??? and the choice Treasury made was Halliburton-esque in its audacity. Six law firms were invited to bid, but four declined, either because they didn't want the contract or because they had too many conflicts of interest. Rep. Barney Frank, chairman of the House Financial Services Committee, said the fact that so many law firms chose not to bid "shows that the guidelines are sufficiently rigorous."b, 21b, 21Or it may just show that the bidder who won the contract ??? Simpson Thacher & Bartlett ??? takes a more relaxed approach to conflicts than its colleagues. The law firm is a Wall Street heavy hitter, having brokered some of the biggest bank mergers in recent years. It also provided legal support to companies trading mortgage-backed securities???the "financial weapons of mass destruction," as Warren Buffett called them, that detonated the banking industry. More to the point, it was hired to provide legal services to the Treasury in its negotiations to spend $250 billion of the bailout money purchasing equity in America's banks. The first stage of the plan involves buying stakes in nine of the country's top banks. Incredibly, Simpson Thacher has represented seven of the nine: JPMorgan, Bank of New York Mellon, Bank of America, Citigroup, Morgan Stanley, Goldman Sachs and Merrill Lynch.b, 21b, 21According to its contract, Simpson Thacher has agreed not to represent any of the banks "against the U.S." when they negotiate with Treasury for the equity money. However, the firm has retained the right to represent banks when they apply for other parts of the $700 billion bailout not covered by its contract. (It has promised to erect a "firewall" to stem the flow of "confidential information" to those clients.) The firm will also continue to work for the banks on a range of other lucrative deals ??? and that's where the problem lies. Take Lee Meyerson, Simpson Thacher's lead lawyer on the bailout negotiations, who is specifically named in the contract as "essential" to the project. As the company's hotshot attorney, Meyerson has personally represented three of the nine banks that were bailed out in the first round, in addition to many others that will surely apply for cash injections. One of the bailed-out banks is Bank of New York Mellon, whose $29 billion merger Meyerson helped negotiate. Mergers like that can bill in the millions. Is Simpson Thacher able to put aside its loyalties to its biggest clients and negotiate deals for the taxpayer that could exact real costs from those very clients?b, 21b, 21It might be possible to set aside concerns about divided loyalties if it were clear that Simpson Thacher is helping Treasury to wrangle the best deals possible for U.S. taxpayers. But the firm's first test ??? the deal to give $125 billion to the nine big banks to ease the "credit crunch" that is crippling the economy ??? wasn't exactly reassuring. Secretary Paulson promised that the banks won't just "hoard" the money ??? they will quickly "deploy it" through the economy in the form of badly needed loans. There is just one hitch: Neither Paulson nor Simpson Thacher got that "deploy" part in writing ??? nor did they put in place any mechanism to require the banks to spend their taxpayer billions. Apparently, the part about lending the money to homeowners and small businesses was sort of implied.b, 21b, 21"There is no obligation for banks to lend the money one way or the other," Jennifer Zuccarelli, a Treasury spokeswoman, tells Rolling Stone. "But the banks have the understanding" that the money is intended for loans. "We're not looking to control their operations."b, 21b, 21Unfortunately, many of the banks appear to have no intention of wasting the money on loans. "At least for the next quarter, it's just going to be a cushion," said John Thain, the chief executive of Merrill Lynch. Gary Crittenden, chief financial officer of Citigroup, had an even better idea: He hinted that his company would use its share of the cash ??? $25 billion ??? to buy up competitors and swell even bigger. The handout, he told analysts, "does present the possibility of taking advantage of opportunities that might otherwise be closed to us."b, 21b, 21And the folks at Morgan Stanley? They're planning to pay themselves $10.7 billion this year, much of it in bonuses ??? almost exactly the amount they are receiving in the first phase of the bailout. "You can imagine the devilish grins on the faces of Morgan Stanley employees," writes Bloomberg columnist Jonathan Weil. "Not only did we, the taxpayers, save their company...we funded their 2008 bonus pool."b, 21b, 21It didn't have to be this way. Five days before Paulson struck his deal with the banks, British Prime Minister Gordon Brown negotiated a similar bailout ??? only he extracted meaningful guarantees for taxpayers: voting rights at the banks, seats on their boards, 12 percent in annual dividend payments to the government, a suspension of dividend payments to shareholders, restrictions on executive bonuses, and a legal requirement that the banks lend money to homeowners and small businesses.b, 21b, 21In sharp contrast, this is what U.S. taxpayers received: no controlling interest, no voting rights, no seats on the bank boards and just five percent in dividend payouts to the government, while shareholders continue to collect billions in dividends every quarter. What's more, golden parachutes and bonuses already promised by the banks will still be paid out to executives ??? all before taxpayers are paid back.b, 21b, 21No wonder it took just one hour for Paulson to convince all nine CEOs to accept his offer ??? less than seven minutes per bank. Not even the firms' own lawyers could have drafted a sweeter deal.b, 21b, 21The day after it met with the nation's top banks, Treasury announced that it had selected the firm that would receive the juiciest contract of all: that of "master custodian." The winning company will be to the bailout what Halliburton is to the military: the contractor of contractors. It will purchase toxic debts from Wall Street, service them and auction them off in the future ??? a so-called "end-to-end process." The contract is for a minimum of three years.b, 21b, 21Seventy firms applied for the gig; the winner was Bank of New York Mellon. Describing the scope of the megacontract, bank president Gerald Hassell said, "It's the ultimate outsourcing ??? because the Federal Reserve and the Treasury do not have the mechanics to run the entire program, and we're essentially the general contractor across the entire program. It's going to cross our entire company."b, 21b, 21This raises an interesting point: Has the Treasury partially nationalized the private banks, as we have been told? Or is it the other way around? Is it Treasury that has been partially privatized by Wall Street, its massive rescue plan now entirely in the hands of a private bank it is directly subsidizing?b, 21b, 21Shortly after receiving the contract, Hassell told investors that his in
stitution is now well-positioned to profit from the market meltdown. "There's a lot of new business that's going on even in this chaotic marketplace," he said, "and so some of those things have been very positive to us." Just how positive, we don't know, because Treasury has blacked out the 10 lines of the "master custodian" contract that reveal how much Bank of New York Mellon will be paid. Though Treasury says it will release the information eventually, the secrecy goes beyond anything the Bush administration attempted in Iraq. Even Halliburton's dodgy contracts came with price tags attached.b, 21b, 21Still, when the terms of the contract do become public, they may turn out to be surprisingly modest. Goldman Sachs has apparently offered to fulfill at least one bailout contract for free. Altruism may not be their only motivation. The real money at stake in the bailout lies not in payment for the work but in how the work is done. Think about it: If you're the one selling your debts to the government, wouldn't you also want to help decide which debts are eligible and how much they're worth? "The financial firms with assets to sell are in many instances the same firms the Treasury will rely on to value and manage the assets it is buying," The New York Times observed. "That is an invitation for these firms to set the price too high or to indulge in other mischief at the taxpayers' expense."b, 21b, 21Bank of New York Mellon has a bad record for mischief. It is embroiled in a $22.5 billion money-laundering lawsuit in Moscow and has been forced to pay out a $14 million settlement in a related case. Though the bank's "master custodian" contract with Treasury prohibits unethical conduct, the arrangement seems rife with opportunities for abuse. According to its most recent earnings report, Bank of New York Mellon holds $1.2 billion in subprime mortgage securities. That means that in addition to the $3 billion it will receive as part of the equity program, it will also be eligible to apply for taxpayer money from the program it is being paid to administer. Neither the bank nor Treasury would comment on this direct conflict of interest.b, 21b, 21On the same day that he allocated the first $125 billion to the banks, Secretary Paulson announced the largest federal budget deficit in U.S. history. Buried in his statement was a preview of the next phase of the financial disaster. The deficit numbers, he declared, reinforce the need to "pursue policies that promote economic growth and fiscal responsibility, and address entitlement reform." He was referring to Americans who feel entitled to receive Social Security in their old age and Medicaid when they are sick. Those programs, Paulson implied, might not be able to survive the budget crisis he is currently creating for the next administration.b, 21b, 21This is why the stakes of the bailout are so high: Unless we get a good deal, there will be nothing left over after the banks are done feeding to pay for the meager services now provided in exchange for taxation, let alone for the more ambitious initiatives promised on the campaign trail. The spiraling cost of saving Wall Street from its bad bets is already being used as an excuse for why we can't solve our many other crises, from health care to climate change.b, 21b, 21There is a better way to fix a broken financial system. Treasury's plan to buy up the toxic debts never made sense and should be immediately scrapped ??? a move that would also handily get rid of most of the crony contractors. As for purchasing equity in banks, the next round of deals ??? and there will be more ??? has to start from the premise that the banks are bankrupt and will therefore accept whatever terms we choose to impose, including real regulatory oversight. The possibilities of what could be done if a chunk of the banking system were genuinely under public control ??? from a moratorium on home foreclosures to mandatory investment in green community redevelopment ??? are limitless.b, 21b, 21Because here is what George Bush and Henry Paulson are hoping we won't figure out: When a society no longer has enough money to pay for its most pressing needs, there are worse things than discovering you own the banks.b, 21b, 21This article was first published in Rolling Stone. See original documents related to this article.b, 21b, 21The Bailout: Bush's Final Pillageb, 21By Naomi Klein, The Nation, October 29, 2008b, 21b, 21b, 21In the final days of the election, many Republicans seem to have given up the fight for power. But that doesn't mean they are relaxing. If you want to see real Republican elbow grease, check out the energy going into chucking great chunks of the $700 billion bailout out the door. At a recent Senate Banking Committee hearing, Republican Senator Bob Corker was fixated on this task, and with a clear deadline in mind: inauguration. "How much of it do you think may be actually spent by January 20 or so?" Corker asked Neel Kashkari, the 35-year-old former banker in charge of the bailout.b, 21b, 21When European colonialists realized that they had no choice but to hand over power to the indigenous citizens, they would often turn their attention to stripping the local treasury of its gold and grabbing valuable livestock. If they were really nasty, like the Portuguese in Mozambique in the mid-1970s, they poured concrete down the elevator shafts. b, 21b, 21The Bush gang prefers bureaucratic instruments: "distressed asset" auctions and the "equity purchase program." But make no mistake: the goal is the same as it was for the defeated Portuguese--a final frantic looting of the public wealth before they hand over the keys to the safe. b, 21b, 21How else to make sense of the bizarre decisions that have governed the allocation of the bailout money? When the Bush administration announced it would be injecting $250 billion into America's banks in exchange for equity, the plan was widely referred to as "partial nationalization"--a radical measure required to get the banks lending again. In fact, there has been no nationalization, partial or otherwise. Taxpayers have gained no meaningful control, which is why the banks can spend their windfall as they wish (on bonuses, mergers, savings...) and the government is reduced to pleading that they use a portion of it for loans. b, 21b, 21What, then, is the real purpose of the bailout? I fear it is something much more ambitious than a one-off gift to big business--that this bailout has been designed to keep pillaging the Treasury for years to come. Remember, the main concern among big market players, particularly banks, is not the lack of credit but their battered share prices. Investors have lost confidence in the banks' honesty, and with good reason. This is where Treasury's equity pays off big time. b, 21b, 21By purchasing stakes in these institutions, Treasury is sending a signal to the market that they are a safe bet. Why safe? Because the government won't be able to afford to let them fail. If these companies get themselves into trouble, investors can assume that the government will keep finding more cash, since allowing them to go down would mean losing its initial equity investments (just look at AIG). That tethering of the public interest to private companies is the real purpose of the bailout plan: Treasury Secretary Henry Paulson is handing all the companies that are admitted to the program--a number potentially in the thousands--an implicit Treasury Department guarantee. To skittish investors looking for safe places to park their money, these equity deals will be even more comforting than a Triple-A rating from Moody's. b, 21b, 21Insurance like that is priceless. But for the banks, the best part is that the government is paying them--in some cases billions of dollars--to accept its seal of approval. For taxpayers, on the other hand, this entire plan is extremely risky, and may well cost significantly more than Paulson's original idea of buying up $700 billion in toxic debts. Now taxpayers aren't just on the hook for the debts but, arguably, for the fate of every corporation that sells them equity. b
, 21b, 21Interestingly, Fannie Mae and Freddie Mac both enjoyed this kind of unspoken guarantee. For decades the market understood that, since these private players were enmeshed with the government, Uncle Sam would always save the day. It was the worst of all worlds. Not only were profits privatized while risks were socialized but the implicit government backing created powerful incentives for reckless investments.b, 21b, 21Now, with the new equity purchase program, Paulson has taken the discredited Fannie and Freddie model and applied it to a huge swath of the private banking industry. And once again, there is no reason to shy away from risky bets--especially since Treasury has not required the banks to give up high-risk financial instruments in exchange for taxpayer dollars. b, 21b, 21To further boost confidence, the federal government has also unveiled unlimited public guarantees for many bank deposit accounts. Oh, and as if this wasn't enough, Treasury has been encouraging the banks to merge with one another, ensuring that the only institutions left standing will be "too big to fail." In three different ways, the market is being told loud and clear that Washington will not allow the country's financial institutions to bear the consequences of their behavior. This may well be Bush's most creative innovation: no-risk capitalism. b, 21b, 21There is a glimmer of hope. In answer to Senator Corker's question, Treasury is indeed having trouble dispersing the bailout funds. It has requested about $350 billion of the $700 billion, but most of this hasn't yet made it out the door. Meanwhile, every day it becomes clearer that the bailout was sold on false pretenses. It was never about getting loans flowing. It was always about turning the state into a giant insurance agency for Wall Street--a safety net for the people who need it least, subsidized by the people who need it most. b, 21b, 21This grotesque duplicity is an opportunity. Whoever wins the election on November 4 will have enormous moral authority. It can be used to call for a freeze on the dispersal of bailout funds--not after the inauguration, but right away. All deals should be renegotiated immediately, this time with the public getting the guarantees. b, 21b, 21It is risky, of course, to interrupt the bailout. The market won't like it. Nothing could be riskier, however, than allowing the Bush gang their parting gift to big business--the gift that will keep on taking. b, 21b, 21This article was first published in The Nation. b, 21The Roots of the Financial Crisisb, 21b, 21b, 21Both of Naomi's pieces deal with the corruption of the proposed "bailout" process -- but what forces created the financial crisis in the first place? Naomi's partner Avi Lewis devoted his half hour weekly show, Inside USA on Al Jazeera English, to providing an in-depth answer to that question. His terrific report makes complex financial concepts accessible to any viewer, and he interviews some of our favorite analysts, including Robert Johnson, Dean Baker, and Michael Hudson. Watch Part 1 and Part 2 here.b, 21b, 21Don't forget to check out Naomi's Facebook and MySpace pages. b, 21To ensure you continue to receive Naomi Klein's Newsletter, please include [email]newsletter@naomiklein.org[/email] in your email program's address book or whitelist.b, 21b, 21Unsubscribe: this linkb, 21b, 21Questions or Comments? Contact [email]debra@naomiklein.org.[/email]

  Comments


  • PATXPATX 2,820 Posts
    Just got Naomi's Shock Doctrine for my birthday which I think is based on a lot of her articles. Great stuff, lots of people wish they thought of it.b, 21b, 21People with investments need to take them out of emerging markets asap.

  • batmonbatmon 27,574 Posts
    my ADD isnt feelin the length of this article

  • PATXPATX 2,820 Posts
    >1When European colonialists realized that they had no choice but to hand over power to the indigenous citizens, they would often turn their attention to stripping the local treasury of its gold and grabbing valuable livestock. If they were really nasty, like the Portuguese in Mozambique in the mid-1970s, they poured concrete down the elevator shafts.b, 21b, 21The Bush gang prefers bureaucratic instruments: "distressed asset" auctions and the "equity purchase program." But make no mistake: the goal is the same as it was for the defeated Portuguese--a final frantic looting of the public wealth before they hand over the keys to the safe.

  • /font1
    Quote:/font1h, 21b, 21my ADD isnt feelin the length of this articleb, 21b, 21h, 21
    b, 21b, 21http://www.txag98.com/images/others/olanmillsgoodness/

  • I stopped reading after this part:b, 21b, 21/font1
    Quote:/font1h, 21b, 21b, 21By Naomi Kleinb, 21b, 21b, 21h, 21

  • If you do go to sleep....be sure you comes equippedb, 21b, 21http://www.ojamas.us/servlet/StoreFront

  • LokoOneLokoOne 1,823 Posts
    /font1
    Quote:/font1h, 21b, 21Just got Naomi's Shock Doctrine for my birthday which I think is based on a lot of her articles. Great stuff, lots of people wish they thought of it.b, 21b, 21People with investments need to take them out of emerging markets asap. b, 21b, 21h, 21
    b, 21b, 21People need to read this book ASAP! It cuts thru the illusion and bullshit to expose the true face of global capitalism....

  • /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21Just got Naomi's i1Shock Doctrine[/i] for my birthday which I think is based on a lot of her articles. Great stuff, lots of people wish they thought of it.b, 21b, 21People with investments need to take them out of emerging markets asap. b, 21b, 21h, 21
    b, 21b, 21People need to read this book ASAP! It cuts thru the illusion and bullshit to expose the true face of global capitalism.... b, 21b, 21h, 21b, 21b, 21if you're gonna take the time to read that crap at least consider some criticism of it as well.

  • LokoOneLokoOne 1,823 Posts
    /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21Just got Naomi's i1Shock Doctrine[/i] for my birthday which I think is based on a lot of her articles. Great stuff, lots of people wish they thought of it.b, 21b, 21People with investments need to take them out of emerging markets asap. b, 21b, 21h, 21
    b, 21b, 21People need to read this book ASAP! It cuts thru the illusion and bullshit to expose the true face of global capitalism.... b, 21b, 21h, 21b, 21b, 21if you're gonna take the time to read that crap at least consider some criticism of it as well. b, 21b, 21h, 21b, 21b, 21dude are you serious? b, 21b, 21Firstly how do you know whether I haven't already 'considered criticism of the book'? How would you know what other things Ive read? Its a bit arrogant of you make assumptions like that, or to think just because I support the message and information in this book (which may I ask ...have you read it?) that I am a biased, blinded, one sided ignorant fool waving the 'red flag'. b, 21b, 21I might have read that book amongst a host of others (which i did), I might have some personal connection to the issues discussed in the book eg the dirty war in Argentina (which I do) that makes the book insightful, important and of interest to me... b, 21b, 21And then to top it off you show your own bias and hypocrisy by calling the book 'crap'...heheheheheb, 21b, 21you are very img src="/ubbthreads/images/graemlins/confused.gif" alt="" 21 mate.....

  • /font1
    Quote:/font1h, 21b, 21I stopped reading after this part:b, 21b, 21/font1Quote:/font1h, 21b, 21b, 21By Naomi Kleinb, 21b, 21b, 21h, 21
    b, 21b, 21h, 21b, 21b, 21please to explain.b, 21b, 21i thought no logo was good.

  • sorry i had to say, this looks like ricky gervais with a mullet and stacheb, 21b, 21

  • /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21I stopped reading after this part:b, 21b, 21/font1Quote:/font1h, 21b, 21b, 21By Naomi Kleinb, 21b, 21b, 21h, 21
    b, 21b, 21h, 21b, 21b, 21please to explain.b, 21b, 21i thought no logo was good. b, 21b, 21h, 21b, 21b, 21I agree; No Logo was good for what it was.b, 21b, 21But she's sorta lost me since then. Every interview I've read/seen with her since then has been pretty bad. And this new book is a mess.b, 21b, 21She had a fresh critique of certain aspects of globalization, and presented a clear argument where there hadn't been one. What she's done since, however, and which the book review I posted details well, is try to apply this critique on a meta-level to all of the ills of the Bush era. And it just doesn't work.

  • /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21Just got Naomi's i1Shock Doctrine[/i] for my birthday which I think is based on a lot of her articles. Great stuff, lots of people wish they thought of it.b, 21b, 21People with investments need to take them out of emerging markets asap. b, 21b, 21h, 21
    b, 21b, 21People need to read this book ASAP! It cuts thru the illusion and bullshit to expose the true face of global capitalism.... b, 21b, 21h, 21b, 21b, 21if you're gonna take the time to read that crap at least consider some criticism of it as well. b, 21b, 21h, 21b, 21b, 21dude are you serious? b, 21b, 21Firstly how do you know whether I haven't already 'considered criticism of the book'? How would you know what other things Ive read? Its a bit arrogant of you make assumptions like that, or to think just because I support the message and information in this book (which may I ask ...have you read it?) that I am a biased, blinded, one sided ignorant fool waving the 'red flag'. b, 21b, 21I might have read that book amongst a host of others (which i did), I might have some personal connection to the issues discussed in the book eg the dirty war in Argentina (which I do) that makes the book insightful, important and of interest to me... b, 21b, 21And then to top it off you show your own bias and hypocrisy by calling the book 'crap'...heheheheheb, 21b, 21you are very img src="/ubbthreads/images/graemlins/confused.gif" alt="" 21 mate..... b, 21b, 21h, 21b, 21b, 21lol. there is nothing "hypocritical" about my calling a crap book crap.

  • /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21I stopped reading after this part:b, 21b, 21/font1Quote:/font1h, 21b, 21b, 21By Naomi Kleinb, 21b, 21b, 21h, 21
    b, 21b, 21h, 21b, 21b, 21please to explain.b, 21b, 21i thought no logo was good. b, 21b, 21h, 21b, 21b, 21I agree; No Logo was good for what it was.b, 21b, 21But she's sorta lost me since then. Every interview I've read/seen with her since then has been pretty bad. And this new book is a mess.b, 21b, 21She had a fresh critique of certain aspects of globalization, and presented a clear argument where there hadn't been one. What she's done since, however, and which the book review I posted details well, is try to apply this critique on a meta-level to all of the ills of the Bush era. And it just doesn't work. b, 21b, 21h, 21b, 21b, 21people tend to exaggerate and over simply in ambiguous, complex human affairs, this goes for the left as well as right. i find capitalism a flawed, unjust system, so I am biased, but I don't think you can just dismiss her as crap.b, 21b, 21plus strangely I kind of have a crush on her since she got a make over.

  • hahaha the true source of your Klein affinity revealed!

  • luckluck 4,077 Posts
    /font1
    Quote:/font1h, 21b, 21Up to that point, things weren???t looking all that good for Barack Obama. The Democratic National Convention barely delivered a bump, while the appointment of Sarah Palin seemed to have shifted the momentum decisively over to John McCain.b, 21b, 21b, 21h, 21
    b, 21b, 21That's a nice fairy tale, but a fairy tale nonetheless. When the U.S. economy began to tank, the RNC bump had leveled off, and Barack Obama had recaptured the lead by about 3 points before the Lehman Bros. fiasco hit. Obama's DNC bump (+5 or 6) was not allowed to continue or sustain because it was minimized less than 12 hours later by the RNC/Palin nomination bump (+10). Both the VP pick and convention bounce, historically speaking, were destined to eventually end and level off. I won't argue that the financial disaster wasn't fortuitous for Obama, but the assertion that the short-lived Palin phenomenon was in the middle of a sustained rise is flatly ludicrous. Hell, I'd argue that Tina Fey and Katie Couric had just as much to do with the Palin tankage as did the economy.

  • Longish but good critique of the shock doctrine here/a1

  • LokoOneLokoOne 1,823 Posts
    /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21I stopped reading after this part:b, 21b, 21/font1Quote:/font1h, 21b, 21b, 21By Naomi Kleinb, 21b, 21b, 21h, 21
    b, 21b, 21h, 21b, 21b, 21please to explain.b, 21b, 21i thought no logo was good. b, 21b, 21h, 21b, 21b, 21I agree; No Logo was good for what it was.b, 21b, 21But she's sorta lost me since then. Every interview I've read/seen with her since then has been pretty bad. And this new book is a mess.b, 21b, 21She had a fresh critique of certain aspects of globalization, and presented a clear argument where there hadn't been one. What she's done since, however, and which the book review I posted details well, is try to apply this critique on a meta-level to all of the ills of the Bush era. And it just doesn't work. b, 21b, 21h, 21b, 21b, 21so you havent read shock doctrine then... cuase if you did you would see her analyisis is not "critique on a meta-level to all of the ills of the Bush era" in fact she goes way back to the start of the Friedman led push for free markets and the Chicago School influence in places like Indonesia (sukharto) Chile (pinochet) Argentina (dirty wars) all the way to modern day Iraq, sri lanka n thailand after the tsunami etc.. she connects the people and events in a very consise and well researched manner and shows the dual attack on peoples rights economically and physically so for example as Pinochet regime was torturing 1000s of allende supporters in football stadiums and worse the Chilean Chicago School graduates where re writing the constitution and push forward a whole bunch of freemarket reforms before people could oppse them... she exposes the complicity of various US govts in enforcing free markets policys doesnt just focus on the Bush admin. she brakes down the psychological effects of 'shock and awe' on populations (something I guess isnt of intrest to you right?) and the various forms this has taken. she shows the hypocrisy of western nations and the conspiracy with multi nationals and dictaorships to keep the profits rolling in at the expense of developing nations, she highlights the destruction of 'developmentalism' in latin america in the 50/60s and the rise of the 'corporatist' state with great detail....b, 21b, 21If you are going to judge Klein, wouldnt it be more intellgent fair and relevant to judge her on her written works, not 'interviews', and if your going to call Shock Doctrine a crap book maybe you should read it first, especially if you expect the rest of us to go and read right wing reactionary websites bagging Klein personally but not finding any faults in her work (i did go to the link you provided and found a who bunch of diatribe about her father and grandfather being leftist and draft dodgers etc...but no serious debunking of the points she raised).b, 21b, 21I dont dick ride any author or ideology but I hate ignorant ppl making stupid statements without any facts or serious dicussions, which is how you come off to me. You seem to think if you have an opinion then its right and thats the end of it.... Id love to have an educated discussion but you seem to have made up your mind pre emptively so enjoy your idiocracy....

  • /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21I stopped reading after this part:b, 21b, 21/font1Quote:/font1h, 21b, 21b, 21By Naomi Kleinb, 21b, 21b, 21h, 21
    b, 21b, 21h, 21b, 21b, 21please to explain.b, 21b, 21i thought no logo was good. b, 21b, 21h, 21b, 21b, 21I agree; No Logo was good for what it was.b, 21b, 21But she's sorta lost me since then. Every interview I've read/seen with her since then has been pretty bad. And this new book is a mess.b, 21b, 21She had a fresh critique of certain aspects of globalization, and presented a clear argument where there hadn't been one. What she's done since, however, and which the book review I posted details well, is try to apply this critique on a meta-level to all of the ills of the Bush era. And it just doesn't work. b, 21b, 21h, 21b, 21b, 21so you havent read shock doctrine then... cuase if you did you would see her analyisis is not "critique on a meta-level to all of the ills of the Bush era" in fact she goes way back to the start of the Friedman led push for free markets and the Chicago School influence in places like Indonesia (sukharto) Chile (pinochet) Argentina (dirty wars) all the way to modern day Iraq, sri lanka n thailand after the tsunami etc.. she connects the people and events in a very consise and well researched manner and shows the dual attack on peoples rights economically and physically so for example as Pinochet regime was torturing 1000s of allende supporters in football stadiums and worse the Chilean Chicago School graduates where re writing the constitution and push forward a whole bunch of freemarket reforms before people could oppse them... she exposes the complicity of various US govts in enforcing free markets policys doesnt just focus on the Bush admin. she brakes down the psychological effects of 'shock and awe' on populations (something I guess isnt of intrest to you right?) and the various forms this has taken. she shows the hypocrisy of western nations and the conspiracy with multi nationals and dictaorships to keep the profits rolling in at the expense of developing nations, she highlights the destruction of 'developmentalism' in latin america in the 50/60s and the rise of the 'corporatist' state with great detail....b, 21b, 21If you are going to judge Klein, wouldnt it be more intellgent fair and relevant to judge her on her written works, not 'interviews', and if your going to call Shock Doctrine a crap book maybe you should read it first, especially if you expect the rest of us to go and read right wing reactionary websites bagging Klein personally but not finding any faults in her work (i did go to the link you provided and found a who bunch of diatribe about her father and grandfather being leftist and draft dodgers etc...but no serious debunking of the points she raised).b, 21b, 21I dont dick ride any author or ideology but I hate ignorant ppl making stupid statements without any facts or serious dicussions, which is how you come off to me. You seem to think if you have an opinion then its right and thats the end of it.... Id love to have an educated discussion but you seem to have made up your mind pre emptively so enjoy your idiocracy.... b, 21b, 21h, 21b, 21b, 21b, 21lol. verbal spitup.

  • /font1
    Quote:/font1h, 21b, 21she shows the hypocrisy of western nations and the conspiracy with multi nationals and dictaorships to keep the profits rolling in at the expense of developing nations, she highlights the destruction of 'developmentalism' in latin america in the 50/60s and the rise of the 'corporatist' state with great detail....b, 21b, 21h, 21
    b, 21b, 21So she basically paraphrases Chomsky then?

  • /font1
    Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21/font1Quote:/font1h, 21b, 21I stopped reading after this part:b, 21b, 21/font1Quote:/font1h, 21b, 21b, 21By Naomi Kleinb, 21b, 21b, 21h, 21
    b, 21b, 21h, 21b, 21b, 21please to explain.b, 21b, 21i thought no logo was good. b, 21b, 21h, 21b, 21b, 21I agree; No Logo was good for what it was.b, 21b, 21But she's sorta lost me since then. Every interview I've read/seen with her since then has been pretty bad. And this new book is a mess.b, 21b, 21She had a fresh critique of certain aspects of globalization, and presented a clear argument where there hadn't been one. What she's done since, however, and which the book review I posted details well, is try to apply this critique on a meta-level to all of the ills of the Bush era. And it just doesn't work. b, 21b, 21h, 21b, 21b, 21so you havent read shock doctrine then... cuase if you did you would see her analyisis is not "critique on a meta-level to all of the ills of the Bush era" in fact she goes way back to the start of the Friedman led push for free markets and the Chicago School influence in places like Indonesia (sukharto) Chile (pinochet) Argentina (dirty wars) all the way to modern day Iraq, sri lanka n thailand after the tsunami etc.. she connects the people and events in a very consise and well researched manner and shows the dual attack on peoples rights economically and physically so for example as Pinochet regime was torturing 1000s of allende supporters in football stadiums and worse the Chilean Chicago School graduates where re writing the constitution and push forward a whole bunch of freemarket reforms before people could oppse them... she exposes the complicity of various US govts in enforcing free markets policys doesnt just focus on the Bush admin. she brakes down the psychological effects of 'shock and awe' on populations (something I guess isnt of intrest to you right?) and the various forms this has taken. she shows the hypocrisy of western nations and the conspiracy with multi nationals and dictaorships to keep the profits rolling in at the expense of developing nations, she highlights the destruction of 'developmentalism' in latin america in the 50/60s and the rise of the 'corporatist' state with great detail....b, 21b, 21If you are going to judge Klein, wouldnt it be more intellgent fair and relevant to judge her on her written works, not 'interviews', and if your going to call Shock Doctrine a crap book maybe you should read it first, especially if you expect the rest of us to go and read right wing reactionary websites bagging Klein personally but not finding any faults in her work (i did go to the link you provided and found a who bunch of diatribe about her father and grandfather being leftist and draft dodgers etc...but no serious debunking of the points she raised).b, 21b, 21I dont dick ride any author or ideology but I hate ignorant ppl making stupid statements without any facts or serious dicussions, which is how you come off to me. You seem to think if you have an opinion then its right and thats the end of it.... Id love to have an educated discussion but you seem to have made up your mind pre emptively so enjoy your idiocracy.... b, 21b, 21h, 21b, 21b, 21b, 21lol. verbal spitup. b, 21b, 21h, 21b, 21b, 21b, 21Nope. He pretty much made you look like a retard.

  • the coveted Mad Drama Teacher endorsement! Loko vindicated!b, 21b, 21honestly a cosine by either one of you clowns would be enough to make me go back and delete whatever I wrote.

  • /font1
    Quote:/font1h, 21b, 21Longish but good critique of the shock doctrine here b, 21b, 21h, 21
    b, 21b, 21People need to read this before they embarrass themselves in applauding someone like naomi klein

  • deejdeej 5,125 Posts
    ahh yes that unbiased intellectual fount that is the cato think tank

  • DuderonomyDuderonomy Haut de la Garenne 7,784 Posts
    I only posted this as I figured the Bail-Out looks like something to keep an eye on. Going on this article and ignoring any specific partiality towards the author, she at least raises some disturbing points, should they be true, regarding the (lack of) terms and conditions attached to the bail-out... without drawing too much from the comparision between Gordon Brown's plan and the US counterpart, I can only wonder what was in the first, dis-approved proposal - "Here's the keys to Fort Knox, just drop them in the mail when you're done", and as the Bush regime has a proven record of 'knowing the transaction' and pre-planning, the scope for c*cking this up big-time for the in-coming administration is true img src="/ubbthreads/images/graemlins/melt.gif" alt="" 21
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