If ever he needed demonstrative proof that his economic model was bulletproof, then the financial soap opera being played out here is as close as he will get. He created a model that benefits the elite using the hard work of the majority and, when endangered, allows state intervention to prop it up without any sense of irony.
Each time a call is made to place higher taxes on the rich, the wagons are circled by the business establishment and their political lapdogs.
The cries go out that to do this would prevent jobs being created and weaken competitiveness. The reality is that the elite refuse to play ball if the rules mean they have to give up their fair share to society. The term “social dividend” is now a dirty phrase.
This continued protection of the status quo leads to the requirement that the banks must be protected at all costs in order to have a functioning economy.
This is true, but only in the context of the current neoliberal economic model constructed by Friedman and his cohorts at the Chicago School of Economics.
This obsessive protectionism has led this country to the point where we are having to sacrifice our children’s future to prop up a zombie bank. All this so that we can continue to participate in the current economic game.
When did politicians, at home and abroad, stop serving the people and become totally beholden to business interests?