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Such targets have not been made. Greater use of the discount window, of TALF, PPIP, TLGP, FNMA, FMAC have been attempted. What has been the latest call? Exit strategy. Again, when you say "this will not soon be understood as a crisis of capitalism" the questions: 1. not understood by whom? 2.Is apprehension, comprehension the quality that determines, distinguishes "crisis OF" from "crisis in"? A man may not realize he is falling to his death when he slips off the edge of a canyon. Doesn't make the impact on the canyon floor any less fatal. 3.Not "soon" understood? What's the timetable? A year plus into this and Karl Marx's picture has been on the cover of the Economist, Capital hit the best-seller lists, workers occupied factories in France, South Korea, the US, governments in Europe have fallen, the govt. of the Ukraine has ignored IMF mandates for receiving the next tranche of its loan, Hungary's govt. almost literally threw up its hands in despair and walked off the job. Greece is on the verge of bankruptcy and has been told not to depend on the ECB, while at the same time discontent, resistance among young, young and unemployed grows daily. So what's the timetable? Doesn't Marx say somewhere how bourgeois revolutions storm from success to success, but the proletarian revolution moves slowly, interrupts itself, retreats, maybe even disappears and then reappears? Something like that, no? 4.What did you expect to happen? 5. What would have to happen for you to view this predicament as a crisis of capitalism?. 6. None of the above means this is the final, ultimate, terminal, forever crisis of capitalism. Crisis after all is critical, necessary to its reconstitution. But as it is necessary, we know it when we see it, not when others realize it.. ----- Original Message ----- From: "Rakesh Bhandari" <bhand...@berkeley.edu> > > If credit targets are made and then not met, there will only be calls > for use of the discount window (see TAF and TALF), direct injections of > banking capital, and greater use of the GSE's (Fannie and Freddie). If > such policy responses to meet credit targets fail to get credit flowing, > then some (conservatives) will say that fiscal and monetary policy were > so aggressive as to have reduced confidence while others (liberals) will > say that it was not aggressive enough to restore confidence. This will > not soon be understood as a crisis of capitalism. ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
