While most people believe that the $700 billion bailout actually represents a move toward the nationalization of banks and financial institutions, it actually is part of the grand privatization scheme of neo-cons and others that’s been in the works for many years.
Our president tried to let us do it the easy way. Remember a couple years ago when he travelled the country trying to sell us on the privatization of Social Security? (If it had worked, by the way, I’m not sure millions of 70-year-olds wouldn’t be storming the White House right now.) Thankfully, he failed, perhaps because he’d squandered too much political capital on the invasion and subsequent occupation of Iraq.
This—what we have now, and what’s coming—is the hard way. The government, deeply in debt, will have no choice but to sell the banks it bailed out, as well as other assets. Some private corporation will be perfectly willing to buy the shell-game that is Social Security and refashion its obligations and revenue streams in the capitalist mode. This will have us looking back fondly on the times when Bush was at least making it seem as if we had a choice.