Wednesday, April 01, 2009

And Post-Modern Socialism Is Where Those Jets Are Impounded.

"Another stock-market collapse would, however—one judges—be less traumatic in its larger effect than was the one in October of 1929. The Great Crash had a shattering effect on investment and consumer spending and eventually on production and employment, leading to the collapse of banks and business firms. Now there are safety nets, as they are called. Unemployment compensation, pensions, farm-income support, and much else would have a general cushioning effect, along with government fiscal support to the economy. There is insurance of bank deposits and the further certainty that any large corporation, if in danger, would be bailed out. Modern socialism, as I've elsewhere said, is when the corporate jets come down on National and Dulles airports."

--John Kenneth Galbraith, "The 1929 Parallel," The Atlantic, January 1987.

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