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o i don't think the sky is falling. i think this is a massive demonstration of the inadequacy at both the descriptive and normative levels of neoliberalism--markets do not "do" anything--agents within markets, understood as sets of constraints, do things. there is no invisible hand, there is no god at the far end of the invisible hand--there is no rationality that assures adequate or beneficial functioning. this is a self-evident feature of capitalist operations in historical terms---and the only source of information that makes any sense is the history of actually existing capitalism.
capitalism produces crisis as one of its primary features. patterns of regulation emerge to restabilize the system, redirect it, reorient it---these regulation are state-driven in the absence of meaningful political pressure that comes from elsewhere. crisis is then one of the systems principle products as system. it has been like this for much of the history of modern nation-states, much of the history of capitalism--which has never performed as neoliberal market-fundamentalism would have you think---an ideological system that presupposes a wholesale ignorance of history which issues into a wholly metaphysical view of the present.
i would think that ideology should be done now by *any* rational standard.
because this nonsense is a perfect example of what neo-liberalism really does best--generates vast income for the top tier of financial institution, treats responsibility as an externality--and in the end, leaves the public, by way of the state, holding the bag.
btw i think your equation of "social welfare" and "corporate welfare" kind of obscene. we could have it out about this, but in another thread....suffice it to say: "wtf?"
aside---it's kinda funny to see a libertarian viewpoint adopt the same relation to the reality it purports to describe as a trotskyite adopts vis-a-vis the coming proletarian revolution--o dont think so much about this version of the world--we havent *really* done what we're talking about yet. so the viewpoint--the insanity of libertarian ideology--abstracts itself from problems by positioning itself in a dreamworld.
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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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