Friday, November 14, 2008

Bailout and regulate

Not that Charles Krauthammer needs to acknowledge my existence, but I feel like he's here to nullify mine. I only wish I could swing enough weight to nullify him back. I would regard the fact of his nullification, second only to the existence of my children, as my greatest contribution to life and culture to come.

In "A Lemon of A Bailout," Washington Post, Nov. 14, Krauthammer claims that some sort of rescue of the banking industry makes sense because " is a utility," like "...the electric companies." This observation comes on the way to his larger point that extending the federal bailout to include the auto companies is arbitrary and inefficient. After all, Krauthammer might claim, capitalism can't exist without a financial sector, but we could all muddle through with a shrunken and bankrupt auto industry.

If that were actually true, then exactly what would be the point of having a capitalist system? I mean, if capitalism offers nothing to the many, if jobs and products aren't the principal parts of that commitment, then 90 percent of us (at least) have no use for it, at all. Who agreed to this deal?

And, if Krauthammer's assertion that finance is integral to capitalism, but auto as a dominant industrial presence (at this point in time) is not necessary to capitalism, is not true, then it follows that not only should we rescue, but we should regulate with an eye to maximizing employment and making autos and jobs as people-friendly and earth-friendly as possible.



  1. What kind of a name is Krauthammer? Sounds made up.

    In other news...

    GM plant closing is like death knell in Dayton

    There's was also a long piece on All Things Considered yesterday about the Job Center in Dayton. Depressing. Lucious Plant (the director) was on talking about how the military intelligence industry is going to save Dayton with jobs.
    Here it is:

  2. My friend, as John McCain would most certainly say, you are Chicago for the monent, but Dayton to the core. As you imply, the concept of a boom in military intelligence employment as acure for Dayton's deeply rooted economic ills is ludicrous.

    Part of the solution for Dayton and the rest of us lies in the transition from a military-industrial economy to a green-sustainable one. It will be a traumatic transition, but at least the pain will produce something besides more pain.

    And about Charles Krauthammer's name--all names are made up. Some skip lightly off the tongue. Some explode off, only to fall to the ground. Talk about wasted effprt.