U.S. needs more than a bailout
Diamantino Machado
Issue date: 10/10/08 Section: Ed-Op
Thus, since the task is to fix the problem via the bailout so that we can go back to "life as usual," there will be no discussions, no debates about the need for structural re-arrangements, for a "regime change," for freeing America from "corporacracy." Paradoxically, the U.S. - a country that considers itself the beacon of democracy, that fights wars in the name of democracy - is unable to engage in democratic discussions about the urgent need of a meaningful perestroika. It is this American characteristic inability, this profound incapacity, that prevents the emergence of visionary political leaders capable of directing our country into a new, different road. A road which would give the American people much more social capital in the form of a strong social safety net, a road which would make people throughout the world respect us, not fear us. A road that would make us feel confident, secure about the future of our children and grandchildren. A road that would consider people (stakeholders) more important than profits (shareholders).
But that cannot happen. Instead, the requested bailout will just be the mother of all corporate "externalities" - the "privatization" of profits but the "socialization" of costs.
If he could see us today, Thomas Jefferson would be very disappointed.
Diamantino Machado is an auxiliary professor of sociology in the Department of Culture and Communication. He can be reached at op-ed@thetriangle.org.
But that cannot happen. Instead, the requested bailout will just be the mother of all corporate "externalities" - the "privatization" of profits but the "socialization" of costs.
If he could see us today, Thomas Jefferson would be very disappointed.
Diamantino Machado is an auxiliary professor of sociology in the Department of Culture and Communication. He can be reached at op-ed@thetriangle.org.
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