The election of Kshama Sawant, a socialist, to the Seattle City Council, does not mean that large swaths of voters in Seattle have suddenly made an ideological or theoretical shift. Sawant’s election was not a theoretical exercise and voters in her precinct didn’t make the decision to vote for her after reading pamphlets, visiting the
So let me get this straight. First, the banks make loads of bad mortgages. Then, the government bails them out. Fannie and Freddie end up with tons of foreclosures on their books, and now those banks that started the mess get to cash-in on Fannie and Freddie’s need to dump the current set of foreclosure
We face a dangerous new kind of economic uncertainty—uncertainty in the rule of law. After settling with the banks, the government wants the system to snap back into the old rules, with everyone acting as if widespread institutionalized theft never happened. It doesn’t work that way. What assurance do we have that the rules won’t be rewritten again, when more blind forgiveness is needed for us to “look forward, not back”?