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it's not obvious that this financial crisis is so discrete...i was talking to a comrade a couple days ago who linked this back to the s&l mess under bush 1 and behind that to the twin deals of deregulation of banking under reagan--the dissolving of the separation between investment banking and mortgage debt in particular which, he said, is a terrible idea---and neoliberalism as an enabling ideology.
his claim is that no other banking system has allowed the separation of investment banking and mortgage debt to dissolve, that it has traditionally been understood as a very bad idea---that the reagan admin did this points to the role of neoliberalism as an enabling ideology (dont worry, be happy: markets always work, the invisible hand, while it grabs all it can, also helps Everybody).
if that's right, then this crisis is also the unravelling of the neoliberal experiment.
there is much within this that is murky to me, but it's the direction i am thinking in about this. in other words, i don't believe that the problems which are expressed through this are as self-contained as the ny times article argues they are. but at the same time, this is a kind of hypothesis so far as i am concerned. researching as the chance presents itself.
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a gramophone its corrugated trumpet silver handle
spinning dog. such faithfulness it hear
it make you sick.
-kamau brathwaite
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