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October 5th, 2008

01:49 pm
more on bailout as disaster capitalism

Some great quotes from Naomi Klein regarding the bailout as an example of the shock doctrine.

"The offloading of that private debt onto the public payroll is really just the first stage, because the crisis that Wall Street wants to get rid of isn't being solved - the location is being moved, it's dumped on taxpayers, dumped on Washington. The really scary part comes when the crisis is used as the excuse for why the next administration can't afford health care, why it has to privatize social security, why you need to cut corporate taxes to make America more competitive. ... The real disaster has yet to hit."

from http://bravenewfilms.org/blog/54244-are-we-witnessing-the-shock-doctrine-in-effect

and here's a real zinger:

"The Bush administration doesn't really believe in the free market. They have invented no-risk capitalism. ... They spend seven years just transferring public money into private hands, [then] their final act is taking [over a trillion dollars of] private debt and transferring it into public hands."

from her recent interview on The Colbert Report, here:

http://bravenewfilms.org/blog/55758-colbert-report-naomi-klein-warns-of-wall-street-shock-doctrine

(For those wishing to understand what she's talking about with "transferring public money into private hands," check out her book, The Shock Doctrine. Here's one of exhaustively many examples: no-bid cost-plus contracts awarded to Halliburton and other contracting companies to "rebuild" Iraq - many billions of dollars for projects that were fully funded and paid for yet never came anywhere close to completion.)