Re: [Marxism] liberal forum on the economic crisis+

["Matthew Russo" <russo.matthew9@xxxxxxxxx>]

Ivan,

I also heard Henwood's radio show on the bailout and furthermore have some -
unfortunately unpleasant - experience with his methods on his LBO list.  It
is precisely Henwood who is confounding the issue of Paulson's bailout with
that of the prospect of an economic collapse - which may not happen - and
its connection to the state of class struggle in the U.S..  Paulson's plan
will not prevent an economic collapse because it is not intended to address
such a possibility.  Instead its central purpose is to prop up the Wall
Street derivatives Ponzi scheme by swapping above value worthless assets
with Treasury money.  That is why Paulson demanded dictatorial financial
powers to carry out this "bailout" swindle by specifying "no recourse" to
courts and no agency oversight.  Paulsons' plan is a desperate attempt at
continuation of the financial bubble, not an answer to it, and as such is
part of the problem.

Instead of forthrightly defending the Paulson plan on its perceived merits,
Henwood does what he always does: attacks leftists by injecting specious
non-sequitor arguments and indulging in elitist sneering at the "populist"
reaction to the plan, all the while adding his voice to the Wall Street
bankster hysteria being whipped up to once again snooker us all.  This is
typical of Henwood's backhanded method.

Hell, even George Soros on Bill Moyers Journal take a relatively more
"progressive" position, and Soros at least doesn't pretend to be a
socialist.  Soros states clearly that Paulson's plan does not really address
the issue and further calls for Paulson's removal, as the Treasury Secretary
"is part of the problem" due to his long involvement in actively promoting
the derivatives Ponzi scam as CEPO of Goldman Sachs.

None of this has anything to do with the unreadiness of the working class
movement faced with the prospect of mass unemployment.  Of course capitalist
crisis never simply equals heightened class consciousness by workers - it
could just as easily equal fascism.  These are issues of the present U.S.
scene no matter what happens.

Bottom line with Henwood is that he is a political coward.  His "leftism" is
but an attribute of his quest for a hip Manhattan lifestyle hewing carefully
to the bounds of regime player punditry.  He is not interested in struggle
of any sort and is sure to be found on the other side of the barricades - a
phrase he would sneeringly deride - when push comes to shove.

As he is now with the Paulson plan.

Mark my words, this crisis as it unfolds is truly going to expose where
people really stand.

-Matt

Date: Fri, 10 Oct 2008 20:01:56 -0700 (PDT)
From: "Ivan D. Drury" <ivanddrury@xxxxxxxx>
Subject: Re: [Marxism] liberal forum on the economic crisis+
To: Activists and scholars in Marxist tradition

REPLY:

I don't understand how these two points are at all relatable. I heard
Henwood speak along the same lines on his radio show on Oct 4th and I
understood that he is addressing the subjective weakness of a working class
movement. To paraphrase, he said approximately refusing the bailout offhand
"is not leftism, it's nihilism". His framework was that the immediate
outcome of the collapse of the US economy would be mass unemployment,
poverty, suffering. The question is whether crisis automatically equals mass
class consciousness raising (as some argue) or if we'd see another
post-Versailles germany (without even a relevant left to split and
in-fight).
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