Just as 911 launched almost seven years of Bush Co., wherein the Administration hollowed out the pentagon, and agencies under the new DHS, 9/14/08 will go down in history as the day the Bush Administration was given the chance to seal its deal with its neo-liberal gods.
In terms of ideas and material profits here’s who won last week: executive power hawks and privatization privateers. Bush-Cheney, with the growing approval of John McCain are close to securing exhorbitant powers in the Treasury Dept, giving it almost sovereign and unfettered control over almost one trillion dollars.
Unless the democrats show some spine over the next several days, the Henry Paulson plan will win the day, sucking up revenues that might otherwise be available for domestic spending and rebuilding the economy and social programs under the next administration, while doing nothing to change the mechanics or bones of the financial crisis we saw last week. Meaning: nothing to stop these investment houses from continuing to pillage from taxpayer pockets. Corporate welfare at a scale never before seen, is what we are witnessing, not the “socialism” some silly commentators have called the government bailout. Of course McCain is now supporting the Paulson Plan. His cronies and biggest backers at AIG are among its biggest beneficiaries.
Rather than offering up a reNew Deal, the plan brings up an even more version of the neoliberal shock therapy that pulverized Chile after the Allende Coup and all but destroyed the US constitution in the days, months and years following 9/11. Consider this Bush-Cheney’s midnight appointments on steroids. They are securing their vision well into the next administration.