Apr 20, 2008

Jesse Eisinger: "Free-market ideology is in the process of imploding"

Crises create opportunities for political realignment. After years of chasing the New New Thing, we now need, in the phrase of the moment, a New New Deal. We have had our decades of celebrating financial deregulation and a Federal Reserve chairman, Alan Greenspan, who genuflected at the altar of the free market. But now Big Government has rushed to bail out banks and investment institutions. Free-market ideology is in the process of imploding. Liberals have longed for an opening to roll back what political scientist Jacob Hacker has called the "great risk shift."

~ Jesse Eisinger, "It's (Really) the Economy, Stupid," Portfolio, May 2008

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