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View Diary: The "Marxism is coming back" trope (264 comments)

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  •  And note that ... (17+ / 0-)

    ... the "took almost everyone by surprise" leans heavily on ignoring the existance of those who it did not take by surprise.

    Focusing on the conventional wisdom that "almost everyone" was taken by surprise is an easy way to ignore that those who got it right may have a better understanding about how financial capitalism works than "almost everyone".

    Heck, Senator Byron Dorgan got it right on the Senate Floor in 1999 in opposing the appeal of Glass-Steagall.

    Wynne Goddly and L. Randal Wray saw it coming, both separately and, in March 2000, together in the Journal of Economic Issues, "Is Goldilocks Doomed?" Mike Hudson saw it coming. Stephen Keen saw it coming. Christopher Brown saw it coming. Eric Tymoigne saw it coming. Dean Baker saw it coming.

    And, of course, Hyman Minsky saw it coming.

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    by BruceMcF on Mon Apr 21, 2014 at 03:54:27 PM PDT

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    •  the bubble was there for all to see and denial (1+ / 0-)
      Recommended by:
      BruceMcF

      was primarily corporate media and owned politicians cheerleading the runaway economy while denying the bubble existed. Essentially they were bubble denying at the behest of the bubble blowers who stood to gain the most by dangerously overextending it longer than could have been possible in the past but it would seem this time some were prepared to gain the most while everyone else lost when the "surprise" crash came. Those who arranged the bubble extension were ready for the bursting of the bubble and to come though as winners... with their bailout enablers in place and the bank rescue packages for them  all set to go...

      Surprise? I am hardly educated in economics... never took a course or really read the books... but have kept up on concepts... and read opinion and news... it was clear to me and a great many others when we had Enron etc. and Glass Steagall went that we were headed for a bubble... then it was clear we were in a super bubble and sensible people knew that bubbles are not sustainable... and that counter to any sanity... policies and laws, regulations and guidelines were all enabling extending the bubble no matter what the later cost would be...

      And worst instead of wising up in time and then working to avoid the worst and get a soft landing and learn from the errors the powers that were and still are stifled any and all moves to do that... the owned pet Media and Journalism in general failed to get the word out... or were really just hamstrung and drowned out by louder more pervasive news massagers and while there were plenty of voices crying in the wilderness... they were smirked at by the corporate kissing media who instead cheer-led the indefinite prosperity pipe dream... and those who sell a lie sell it better if enough of them truly believe it or want to...

      And socially and politically all the lessons of the Great depression and New Deal have been allowed to slip away and be replaced with corporate driven economic, social and political revisionism about all of it... inverting causes and effects, fixes and problems...

      For the very rich the long term lessons of the depression and the New Deal for the Current Wall street crop and associated Billionaires and conservative claque was not how to keep a sustainable equitable economy without extreme boom and bust.... no the lessons learned were:
      A) how to remove the impediments to boom and bust which allow them to shake down an economy faster and more vigorously like they used to do in the good old days...
      B ) how to avoid a  reaction by regular folks when it all goes bad for them that enables a new Democratic wave that restores a new and improved New Deal to protect the average person again...

      So they had to co opt populism ahead of time with a right wing incarnation to bleed off enough on the conservative side with faked uproars over "Social issues", ensure more comprehensive media control and corporate friendly meme propagation and get political power by any means necessary... supreme court with a corporate pandering majority, state houses controlled in time for reapportionment, removal of election funding reforms, voting rights, voter suppression and wall to wall ads by Super PACs etc...

      Who could have known about the "surprise" in advance?... the perpetrators knew and were prepared and the helpless but aware onlookers and ignored voices who shouted warnings... yes they knew .... but not the far greater number of the duped, the misinformed and the ignorant and indifferent most of whom were among those most harmed but it.

      Pogo & Murphy's Law, every time. Also "Trust but verify" - St. Ronnie (hah...)

      by IreGyre on Tue Apr 22, 2014 at 06:34:49 AM PDT

      [ Parent ]

      •  Training in real economics ... (0+ / 0-)

        ... would help bring it into sharper focus ... but since so much of mainstream economics is fancy mathematical rationalization of the status quo, training in mainstream economics more often obscures than reveals what is going on.

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        by BruceMcF on Tue Apr 22, 2014 at 09:24:46 PM PDT

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