April 28, 2008 at 17:31:33

The Myths and Harsh Effects of Bush's Economic Class War

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By larry beinhart (about the author) Page 4 of 4 page(s)

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Credit that's too easy to get encourages careless and wasteful choices among consumers, bankers, and business people. Just as it results in sub-prime mortgages, it results in the sort of corporate takeovers, financed by hedge funds and big banks, that require downsizing, selling off the assets, snatching the profits and leaving a bankrupt wasteland behind.

Fixing it requires raising taxes to pay off the government debts. Cutting military spending, the bloated excesses in the name of the War on Terror and ending the War in Iraq, will help immensely. But good luck in getting that done. Until, as Osama bin Laden planned, we go bankrupt from those wars just as the Soviet Union did from their Afghan War.

It also requires sensible investment by the government, in the sort of infrastructure that will create business that takes place here, in the United States.

More than any of that, it requires a new intellectual and moral standard. One that raises up reality at least to the status of the myths.
Larry Beinhart is the author of "Wag the Dog," "The Librarian," and "Fog Facts: Searching for Truth in the Land of Spin." All available at nationbooks.org.

Direct Link: http://www.alternet.org/story/83449/

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