Free market willies
After the Fed stepped in and dumped $62 billion into the banking system to keep the Wall Street "free market" from actually behaving that way, the rhetorical flourishes emanating from the Federal Reserve were sights and sounds to behold. Some might even call them, Orwellian:
The Federal Reserve, trying to calm turmoil on Wall Street, announced today that it will pump as much money as needed into the financial system to help overcome the ill effects of a spreading credit crunch.It looks like the Plunge Protection Team had a busy day.
The Fed, in a short statement, said it will provide “reserves as necessary” to help the markets safely make their way. The central bank did not provide details but said it would do all it can to “facilitate the orderly functioning of financial markets.”
Indeed, there really is nothing quite like the sight of a federal government that says it loves a free market, dumping money into those markets in order to ensure the "orderly functioning" of what this country, and especially the disingenuous hacks on Wall Street, like to label as such. They all love a free market unless it starts doing something they don't like. When the panic strikes, panic of the markets' own creation, why, it's the gummint to the rescue.
This move is especially notable after George Bush's recent statements that he would resist, possibly veto, more government funds for rebuilding the dilapidated public infrastructure of the nation. This move is especially notable after Bush threatened to veto an increase in the State Children's Health Program (S-CHIP), afraid, he claimed, that this would lead to more America citizens using government health care. By god, we can't have that. Government money, in general, going to help the citizenry of the country is despised by the free marketeers. The market will deliver. The market rules! we hear, over and over again.
Suddenly, though, it doesn't. It can't be trusted. It must be managed and coerced and made to function in an orderly manner, so as not to cause too much upset amongst the propertied classes. All that hallucinated wealth, created from nothing more than rumour, innuendo and the implanted American dream, must be protected. With government funding.
America. The great "free market" swindle.