As the Obama administration apparently prepares to launch Hankie Pankie II — buying troubled assets from banks at prices higher than they will fetch on the open market — it occurred to me that an updated version of an old Communist-era joke may be appropriate: under Bush, financial policy consisted of Wall Street types cutting sweet deals, at taxpayer expense, for Wall Street types. Under Obama, it’s precisely the reverse.
Update: Maybe I was too cryptic. The original joke was, “Capitalism is the exploitation of man by man. Socialism is the reverse.”
Friday, January 30, 2009
Posted by lex dexter
Interesting to see the times moving the Nobel Laureate into a left-er and left-er, snarkier and sardonic-er posture a la unconditional endorsee Dean Baker.