Quote of the day

By Kathy G.

From Mark Schmitt's must-read piece on the identity politics that dare not speak its name: the identity politics of the right:

If it [i.e., Republican identity politics] works, it will be in part because we--by which I mean the media and many Democrats--believe it will. We are easily spooked by the confident swagger of the Republicans, who not so long ago were plotting permanent world domination. But then, so was Bear Stearns.

Btw, for those of you out there who, like me, are not such a fan of Late Capitalism*, I highly recommend this Wall Street Journal article about the last days of Bear Stearns. I promise you -- you'll have a Schadenfreud-gasm. And the best thing is, it's the first of three parts!

Finally, a word to the wise -- for anyone who cares about labor, capital, or inequality, about the Wall Street Journal is essential reading.  It's the best map ever as to where all of corporate America's bodies are buried.

*"Late Capitalism" is a term I use ironically. It's one of those strange concepts I remember from back when I was studying lit theory. The idea is that capitalism is in its final, decadent phase, soon to be replaced by -- I don't know what, but something. However, in reality, I'm quite sure capitalism is here to stay. Though it is in a rather decadent stage at the moment, which is why I described it as "Late."

Comments

[DrDick]

Modern capitalism is no more or less decandent that capitalism ever has been, though it has, until recently, been more strictly regulated to contain some of its more egregious excesses. Any system which is grounded in personal greed and promoting narrow self interest over the interests of society as a whole is inherently evil. But then I am a socialist, so what do I know.

[Batocchio]

Just remember, all regulation and oversight is bad! ;-)

[euthyfro]

Add another voice assuring you, Kathy G., that Capitalism is not "here to stay" anymore than Feudalism was. It is of course, a matter of changing it because it will not change itself. We've got plenty of labels for the "phase of capitalist degeneration" we now happen to be in, i like "Stateless Imperialism" but they all mean "long past ripe for the next social revolution".
Long live soviet democracy!
Long live the international socialist revolution!

& keep up with http://marxist.com/, so far they've been about 6 months ahead when it comes to writing about the global economic situation for at least the last 4 years.