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Can You Hear the People Sing?

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There’s a reason that “the classics” are so-named. No matter the period in which they’re written their themes are timeless and one can always find relevance to his or her present situation. Les Miserables is one of my favorites, made even better by a musical that made it palatable for those who might be reluctant to dive into the 1000-plus-page unabridged version, but still wanted to experience the beauty of the story and language (all set to a masterful score). For anyone unfamiliar, the story begins in 1815 following the defeat of Napoleon and after if the restoration of the monarchy. This is a period of French history marked by conflict between the ultra-royalists -- the haves -- and liberals -- who had a lot too, but still wanted more for the poor and basically just hated the monarchy. In 1830, Louis-Philippe overthrew Charles X and put in place a constitutional monarchy – which is, essentially, a form of monarchy in which the ruler (whether elected or inherited) is limited by a constitution. Usually the limitations take the form of a need to consult and representative body or religious authorities. Hmmmm… sounds familiar. After the Orleanists – led by Louis-Philippe – took power, the haute bourgeoisie (that’s the mid-1830’s version of the term WASP) were a dominant force in France leaving everyone in the middle-class and below to fend for themselves. Les Miserables also includes a fictional account of an 1832 uprising in Paris in which several aristocratic students led a revolt of working class and poor citizens after the death of Jean Maximilien Lamarque – a leader who had sympathy toward the working class. The uprising failed and hundreds of people were killed. The story paints a grim picture of what life was like for the poor and working classes in France – not that it had been any better under Charles X, but you got the idea that these people were fed up with being ignored and treated like second-class citizens. Hmmm… sounds familiar. I’m not a historian. But from what little I do know (and based on a firm belief that history DOES, in fact, repeat itself) there is a flavor to our current political – and financial – situation that reminds me of this story. The road to our own constitutional monarchy is somewhat different – a little less bloody (the 2000 election, notwithstanding) and with many more players. But what we have today – is a society that is dominated by the socio-cultural elite (haute bourgeoisie) made up of lawyers, doctors, denizens of Wall Street and the rest of the ultra-wealthy 2% of the population. And I’m not blaming a particular party for this – don’t misunderstand – there was plenty of Reagan/Bush/Clinton/Bush policies, coupled with Republican-controlled and Democratic-controlled Congresses that got us into this mess. But 30 years of sliding down a steep slope into poverty with plenty of people landing right on top of you as they hit bottom too can make for an angry working poor class. Now, I wouldn’t go so far as to call the defeat of the “bailout bill” a revolution, but perhaps it was an uprising? A shout from below that the working poor and forgotten in America are still here and they still count for something. And how suitable that the shout came by proxy from none other than the U.S. House of Representatives -- the very body that, in James Madison’s design, was intended to represent the people and public opinion. Now, I’ve said I’m not a historian – I’m also not a wizard about our financial system so I really don’t mean to comment on whether the bill was good or bad or right or wrong. I’m just sharing an observation that the events of yesterday might just have been worth noting as a mini-rebellion of sorts. The people are crying out to be heard by their government and I think they’re saying “You’re right, we DON’T understand, but you sanctioned the system that got us into this mess – the system that is incomprehensible to so many of us. So before you go and give all those financial institutions a big mulligan, I suggest you do a better job of HELPING us understand.” Maybe the brave “nays” were actually doing their jobs – which is just as surprising to them as most of them thought they were just trying to KEEP their jobs.


Comments (12)

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The Republican "brave 'nays'"? You're kidding, right?

There were Democrats, too. And not just southern ones.

http://www.nytimes.com/interactive/2008/09/29/business/20080929-CONGRESS-VOTE-GRAPHIC.html

Nothing brave. Quite fearful I'd say.

“You’re right, we DON’T understand, but you sanctioned the system that got us into this mess – the system that is incomprehensible to so many of us. So before you go and give all those financial institutions a big mulligan, I suggest you do a better job of HELPING us understand.”

I wish I were still this optimistic.

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Fearful of losing an election, maybe. But if conventional wisdom says that your nay vote will result the collapse of our financial system, it's either stupid (because you don't know what you don't know) or brave (because you don't fear what you don't know). And, historically there is a fine line between those two things. Sort of like Seward's Folly (The Alaska Purchase) which turned out to be a brave geopolitical move -- just ask Sarah Palin.

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There is abolutely no conventional "wisdom" on this issue at all.

There are many varied opinions, with proffessional economists disagreeing vehemently with each other on the detriments/benefits of various proposals.

The people who have brough this thing on were/are among the brightest financial minds of their generation.

The self-important "punditry" you often hear in mass media are completely out of their league on this issue, with most simply repeating things they heard, or were given as talking points, a la Palin.

This is a once in a lifetime systemic crisis, which has as much to do with political/economic regulation of the financial system, as it does with the basic premise behind the Western financial system itself - creation of money through debt generation by the banks.

It is a completely open question, whether such a system, given a sufficient level of complexity and interdependency, can be made stable in the long run.

Since this is the most complex system ever desgned by man, there are no accepted answers to this very basic question, only axiomatic assumptions.

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Les Misbarack / Nov 3, 2008 at the Obama HQ:
http://www.youtube.com/watch?v=W3ijYVyhnn0

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Thank you, thank you, a thousand times, thank you!

Elise, thank you. I've been listening to pundit after pundit, reading blog after blog, decrying what happened yesterday as somehow cataclysmic, telling me that I'm simply too stupid to understand how the defeat of the bailout was really going to end up hurting the average middle-class citizen.

Well, fuck that. We crashed their phones, crashed their servers, and got what we wanted: our government back, if maybe only for a day. And each of the two Corporate candidates acted disappointed. Aw, how cute. They both suck.

Basically, fuck stock portfolios, and fuck this economic 9.11, with Dumbass trying to convince me that my 401(k) was gonna be lost. BE AFRAID!!!!

My favorite pic yesterday? A protestor outside on Wall St. with a sign that read "Jump, You Fuckers." Indeed.

Let them pay for every last dime that they lost through their own avarice and irresponsibility, and if they don't have enough, have them suckle at the teat of that lame duck sitting at 1600 Penn Ave.

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Word. If our corporations need credit liquidity, then let the government provide it by 1) guaranteeing the loans of those banks that DIDN'T rape the economy by gorging out on the subprime market, or 2) just nationalizing the banks, like Sweden did. I'm damned if I see how giving Hank Paulson $700 billion to keep his buddies from being hoist on their own petards and just trusting Hank with the money, he's good for it, honest, makes a lick of sense. It's just like 9/11 all over again…Bush is taking a reasonable fear, stoking it out of control, and using it as an excuse to grab unprecedented power. No, thanks.

Let the Wachovias fall where they may. Unfortunately, we won't get to shoot the CEOs, but we can at least delete them from our national consciousness, rather than sending them back to do the same job they screwed up before, only playing with more of our money this time. Financial institutions, as a class, are necessary to grease the wheels of our economy…but these particular institutions, run by these particular officers, are NOT individually necessary. Don't let the door hit you before you hit the sidewalk, guys.

The House Repubs hardly had our welfare in mind, but this is one of the lucky times when craven political opportunism works in the interest of the average person. Enjoy it while it lasts…I anticipate the "compromise" bill (okay, we'll only give Paulson $690 billion to play with and we might get some of it back some day, right after the pigs fly) to pass on Thursday, to corporate clucking about how irresponsible Congress was to let us risk disaster, I tell you, disaster! But for now…Happy (Jewish) New Year, folks! We get to pretend we run the country! It's almost like it's a democracy or something.

Your involvement with the classics and history is refreshing. But
"Les Miserables" a "masterful score?" OMG.

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I hate to burst your bubble, but the Republicans were not revolting for the poor. As you will read in the Washington Post today, the Republicans were revolting so they could extend Bush's tax breaks and modify AMT (Alternative Minimum Tax). They've also been spouting off about suspending Capital Gains Taxes.

I'm scratching my head to understand how these policies will have anything to do with the working poor, let alone anything to do with the financial crisis at hand.

The Republicans that held out are fiscal conservatives. They believe a bailout is Socialism. The one thing I agree on them with is to infuse some policies now, then rethink the entire solution and implement it after the election, when politics aren't clouding the judgment of our congress people. I don't agree at all with the policies they are setting forth. With the exception of the increase in FDIC, (which is now set to be a temporary increase for one year only), the rest of the bill is nonsense and worse than the bill on Monday.

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