What's Assumed

The point of the bailout is to buy assets that are illiquid but not worthless. But regular banks hold assets like that all the time. They're called "loans." -James K. Galbraith

To its ruling class supporters, the bailout bill must appear simply a promise to insulate a portion of the rich from the effects of unprecedented crushing and immiseration of the population, underway already but about to be greatly accelerated.

Doug Henwood, though speaking of the "ripening of the contradictions" of capitalism, is typical here: the American left seems to find itself in the position of determining to save capitalism from the leading capitalists and hoping only for the usual modest opportunities arising from these contradictions. "Scary stuff" is the inescapable theme in the US, where all the pieces are in place to change the game and enforce the new rules militarily. Scary stuff indeed.