The banking bailout, called the end of GOP ideology, is better understood as the largest application of the shock doctrine so far.
As Naomi Klein wrote the Shock Doctrine
"free market" policies have come to dominate the world-- through the exploitation of disaster-shocked people and countries.
Today, Wall Street stalwarts are disappearing in the worst financial crisis since the Depression, the housing market is in freefall, unemployment is skyrocketing. Americans are losing years of savings, much of the equity in our houses, or our jobs.
A lot of us are shocked.
This is when the "free-marketers" usually strike.
This time, the "free market" won't let them take out enough money by January 20th. So they propose we let them write checks of any size to anyone (as long as its "mortgage related"), without any review, nor even any need to disclose for months.
Never mind health-care or renewable energy; that money and more may now go to "mortgage-related assets" in swing states-- or straight to Bush cronies.
The crisis is temporary, but the plan is not.
Classic shock doctrine.
Read More