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View Diary: Krugman on Dodd-Frank (34 comments)

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  •  Regulation IS Reform at this point (6+ / 0-)

    In the sense that the narrative has shifted away from deregulation being the only political possibility. We may not be where we want to be, but facing in the right direction is a necessary first step.

    "No special skill, no standard attitude, no technology, and no organization - no matter how valuable - can safely replace thought itself."

    by xaxnar on Sun Aug 03, 2014 at 07:57:45 PM PDT

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    •  Actually, that's just not true (5+ / 0-)

      People who think we can baby step our way to real reform clearly have no fucking idea how politics works.

      If you go back and study every major measure of progress, in just American history, you will see that real reform never occurred as a result of baby steps, persistently spread out over the years, until, say, social security was passed.

      We got them all as a result to a cataclysmic, paradigm shifting backlash - you know, like when the rulers came begging with their hands out because their stupidity and reckless greed had bankrupted them all.

      You know, our opponents have long understood this quite well. This was the thesis behind Milton Freedman's "Shock Doctrine", which Naomi Klein unveiled to the public.

      Rahm Emannuel, quoting Churchill when he said never let a good crisis go to waste, was admitting that the financial crisis was a great opportunity for our enemies too.

      It was really just a matter of who seized the opportunity first. In 1935, Progressives siezed the moment.

      In 2008, Wall Street, through their presidential proxy, seized the opportunity.

      Liberals, who used to be the champions of the people, just clapped harder.

      •  It's a theory, but... (0+ / 0-)

        Those great shifts take decades of prep work to pull off. If you won't grease the skids ahead of time, don't expect things to fall your way.

        "No special skill, no standard attitude, no technology, and no organization - no matter how valuable - can safely replace thought itself."

        by xaxnar on Mon Aug 04, 2014 at 04:30:38 PM PDT

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        •  Not really (0+ / 0-)

          History has shone over and over again that people are just reactionary (normally that word means the opposite but I'm stealing it. It's too good a word to waste.)

          Anyway, what all that prep work does, and this is important, it shapes the reaction. The Great Depression was a case in point. From the late 1800s through the early 1900s, the progressive movement built the foundation for what would be the 2nd New Deal of 1935.

          In Germany, an altogether different movement was responding to the same economic crisis. And look what theirs turned into. Nazis.

          The juxtaposition of FDR versus Hitler as reactions to the same, global economic cataclysm is a cautionary tale.

          And one that serves your point. Building movements is critical, even though it will almost always be a shock that forces action.

          Thanks for the chat.

    •  regulation with out enforcement is what exactly? (0+ / 0-)

      BTW, I'm coming to the conclusion that Liz Warren is a Republican in deep cover so if she was your hope….

    •  Reform implies changing the way things are done (0+ / 0-)

      Dodd-Frank didn't do that. It just regulated a corrupt business model.

      "The oppressors most powerful weapon is the mind of the oppressed." - Stephen Biko

      by gjohnsit on Mon Aug 04, 2014 at 02:49:54 PM PDT

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