The neoliberal speed bump

Recession

I don’t recall Barack Obama ever even in the slightest way apologizing for this “painful legacy:”

Yet the need to rescue large parts of the economy is running into the painful legacy of the 2008 bailout, which was criticized for putting banks and other companies that helped cause the financial crisis before struggling homeowners and workers ravaged by the Great Recession. The $700 billion bank bailout elicited a voter backlash, which means any aid this time is likely to have large strings attached. Those could include limits on executive compensation, prohibitions on stock buybacks and, most prominent, measures to force bailed out companies to keep workers on their payrolls.[1]

Neoliberals are as self-righteous as any evangelical Protestant. While just about everyone else is emphasizing a need for speed over “getting it right,”[2]

“Nancy Pelosi is officially to the right of Tom Cotton on economic support for American families,” HuffPost reporter Zach Carter tweeted on Sunday. “This is a total failure of Democratic Party leadership.”[3]

Now, rather than apologize for painfully prolonging the “Great Recession,” neoliberals are delaying a badly needed bailout.

Eoin Higgins, “Refusal by Pelosi to Consider Universal Cash Payments in Response to Coronavirus Pandemic ‘Maddening,’ Say Progressives,” Common Dreams, March 18, 2020, https://www.commondreams.org/news/2020/03/18/refusal-pelosi-consider-universal-cash-payments-response-coronavirus-pandemic

Jim Tankersley and Ben Casselman, “Washington Weighs Big Bailouts to Help U.S. Economy Survive Coronavirus,” New York Times, March 18, 2020, https://www.nytimes.com/2020/03/18/business/bailout-economy-coronavirus.html


  1. [1]Jim Tankersley and Ben Casselman, “Washington Weighs Big Bailouts to Help U.S. Economy Survive Coronavirus,” New York Times, March 18, 2020, https://www.nytimes.com/2020/03/18/business/bailout-economy-coronavirus.html
  2. [2]Eoin Higgins, “Refusal by Pelosi to Consider Universal Cash Payments in Response to Coronavirus Pandemic ‘Maddening,’ Say Progressives,” Common Dreams, March 18, 2020, https://www.commondreams.org/news/2020/03/18/refusal-pelosi-consider-universal-cash-payments-response-coronavirus-pandemic; Jim Tankersley and Ben Casselman, “Washington Weighs Big Bailouts to Help U.S. Economy Survive Coronavirus,” New York Times, March 18, 2020, https://www.nytimes.com/2020/03/18/business/bailout-economy-coronavirus.html
  3. [3]Eoin Higgins, “Refusal by Pelosi to Consider Universal Cash Payments in Response to Coronavirus Pandemic ‘Maddening,’ Say Progressives,” Common Dreams, March 18, 2020, https://www.commondreams.org/news/2020/03/18/refusal-pelosi-consider-universal-cash-payments-response-coronavirus-pandemic

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