William K. Black: "Third Way's" "Fresh Thinking": The EU Is Our Model for Austerity

[marmar]

from HuffPost:



William K. Black
Assoc. Professor, Univ. of Missouri, Kansas City; Sr. regulator during S&L debacle

"Third Way's" "Fresh Thinking": The EU Is Our Model for Austerity


On September 15, 2011, a Wall Street lobbying organization known as "Third Way" proposed that the congressional "super committee" adopt a stringent austerity program.

Third Way's tag line on its web site is "Fresh Thinking," but it simply a mouthpiece for Wall Street's curdled ideas.

Third Way's rationale for austerity is a marvel of duplicity or ineptitude so great that duplicity would do less damage to their reputation. Third Way warned: "Failure (of the super committee would have) high costs. A debt crisis is buffeting Europe and represents our future if we do not begin to act now."

So many errors and ironies packed into two sentences. Wall Street's love for debt is epic. Wall Street enriches its executives through debt. It crafted, sold, and purchased the bulk of corporate and governmental debt. Wall Street has decided that debt is the problem, but naturally it is everyone else's problem. Debt is also the neoliberal solution to financial crises. Instead of writing off debt, entities like the IMF prescribe more debt -- borrowed from them. Wall Street's hypocrisy about debt is not the focus of this column. ..................(more)

The complete piece is at: http://www.huffingtonpost.com/william-k-black/third-way-austerity_b_2448823.html?utm_hp_ref=business

[WillyT]

1. HUGE K & R !!!

[MannyGoldstein]

2. I hate that guy.

Regards,

Third-Way Manny

[marmar]

3. Third-Way Manny, you neoliberal apologist.

[99Forever]

4. Yep...

... is working out so well for Europe.





... wait a minute...

[Dragonfli]

5. I am shocked, but it appears Will Marshall the DLC PPI hack agrees

http://www.progressivepolicy.org/2012/11/democrats-must-step-up-on-entitlement-reform-for-fiscal-cliff-deal/

If they aren't careful they will give away the neo lib secret (the third way is really a third party of stealth republicans).

Destruction of Democratic programs depend on the stealth brigade, it will take (D)emocrats to weaken or destroy these programs as Republican efforts do do so face united opposition from the party.

The solution was discovered by Will Marshall in the mid 80s who took GOP philosophies and Heritage Foundation solutions and inserted them into the DLC playbook and with the help of this third way of Republican infiltration, destroyed welfare, passed free trade laws, deregulated banks, and accomplished other assorted right wing craziness under the guise of the (D)lc.

The work of the stealth Republicans continues with Third Way (re-branded DLC) and based on past success, will likely continue it's work by providing false D politicians and policy to split Democratic opposition to yet more GOP ideas.

These Stealth Republicans are among the highest ranking members of our party now and control the executive branch, hence their success is all but assured.

[dotymed]

6. Great observation dragonfly.

I wish that "THE CONFESSIONS OF AN ECONOMIC HIT MAN" was required reading for all.

[xchrom]

7. Du rec. Nt

[bullwinkle428]

8. The legacy of the Obama presidency is going to be determined by how much

they either accept or reject this type of Third Way bullshit.