Free-market Fundamentalism Revisited

Friday, April 03, 2009

Via Balloon Juice, I just discovered the American News Project (ANP), which seems to be an interesting source of video journalism outside the mainstream media. The résumés of those running ANP demonstrate a high level of experience and qualification.

In the video essay below, ANP took a look at the financial crisis. The story, produced last September, discusses many of the things we have been discussing here at ATK: Deregualtion of the financial sector, trade, economics and "free-market fundamentalism". The interesting thing, is that they don’t just seek answers to the why and how of the crisis and how to fix it, but they discuss how very few people, even the brightest minds, don’t know how to fix it.

It is pretty hard to have an honest understanding about whether or not the Obama administration is doing the right things to fix this crisis, when these types don’t have a clue. I think all a leader can do in this crisis like this is take a shot at fixing the economy based on their judgment, but in the end, it’s a stab in the dark.

It’s fine if someone chooses to criticize the administration’s economic policies, but if one does so while acting as if they know better, they are likely lying. In the end, those who criticize this approach probably have no clue how to fix it either, no matter what their credentials. In other words, we might be screwed.



EDIT:

In a second essay, ANP takes a good look at the possible rise of a populist movement with some historical perspective.

3 comments:

steves 11:34 AM  

It’s fine if someone chooses to criticize the administration’s economic policies, but if one does so while acting as if they know better, they are likely lying.

I don't think it is as simple as that. While I agree that is is somewhat presumptuous to say that they absolutely know better, I do think that some ideas are better than others. I also don't believe that just because any Administration chooses a certain path, they are doing it for the good of all people. I'd like to think they do this most of the time, but, even in my relatively short life time, I have seen plenty of presidents make shitty decisions that were not for the benefit of most people, but were selfish, short-sighted, or just plain dumb.

I am not suggesting that Obama is evil, bad or stupid. I just disagree that all of his decisions in this situation represent the best anyone can do.

Bob 11:50 AM  

"I am not suggesting that Obama is evil, bad or stupid. I just disagree that all of his decisions in this situation represent the best anyone can do.

I think the jury is going to be out for a long time determining if his decisons are the best anyone can do. My feeling is it is just a best guess.

I also don't know if he is:

1) Making decisons he feels are for the betterment of all.
2) Making decisons he feels are for the betterment of a few.
3) Making decisons based on faulty economics, which in the end benefits a few.

or
4) Something else entirely.

I still feel like nobody has a clue, becuase despite some of the "best minds" being shown in the video, I think they are also clueless. Further, I think our theories of economics are completly broken and wrong.

Andy 12:40 PM  

I love the quote:

"President Bush came in to office as a social conservative, and left office as a conservative socialist"

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