Name game

Oct. 6, 2008
The House collectively held its nose on Friday and passed into law--- and the history books-- the beyond gigantic "bailout" or "rescue" bill that is supposed to eventually help get our economy humming again. That is why I favored its passage and I do ...

The House collectively held its nose on Friday and passed into law--- and the history books-- the beyond gigantic "bailout" or "rescue" bill that is supposed to eventually help get our economy humming again. That is why I favored its passage and I do fervently hope that it lives up to its fairest billing.

But if, like me, you'd like to get some kind of grasp on what this mega-package will really mean to our economy-- and our national pride-- but don't have the time, inclination or, ahem, the money, to go back to college and take all those business courses you skipped to make room for a double minor in History and Political Science, you may find this "Name that Economy" piece by Jacob Weisberg posted at www.salon.com educational and/ or entertaining.

"The system that's emerging from this crisis has less to do with the eternal liberal project of finding a humane Third Way between socialism and capitalism than it does with containing the fallout from private risk-taking," Weisberg rightly observes.

He goes onto present and argue against various monikers for the new breed of capitalism now emerging out of our financial meltdown and the resulting governmental response before settling on "Life-Jacket Capitalism."

Weisberg contends the life-jacket metaphor fits because, "Market misjudgments have produced systemic risk with growing intensity and alarming frequency, requiring rescues in 1988 (the savings-and-loan crisis), 1994 (the Mexican collapse), 1997 (the Asian meltdown), 1998 (the Long Term Capital Management debacle), and 2008 (the subprime catastrophe)."

Whether Weisberg's being tongue in cheek or not, I am not so sure he has in mind the right adjective. For what it's worth, and it ain't much, my money is on "Federalized Capitalism."

Dull, I know. But such a label would at least serve to remind the next bunch of Wall Streeters who get too far out of line that they are playing with everyone's economy-- and, in the end, every American's money.

About the Author

dcullen

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...

Fleet Industry Benchmarks: How does your fleet stack up?

Discover how your fleet compares to industry benchmarks and gain insights from a 2024 Benchmarking Report on maintenance spend, turnaround time, and more. Join us to identify ...

Build a Tolling Program to Manage Toll Fees and Risks

Fleets looking to effectively manage their operational costs should consider their tolling costs. Download the PrePass whitepaper, “Build a Tolling Program to Manage Toll Fees...

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...