[OPE] Is Larry Elliott right?

Larry Elliott writes:

The credit crunch should be a crisis for parties of the right. They were, after all, behind the campaign to demolish controls on financial markets in the final quarter of the 20th century. Yet there is scant evidence that either the Republicans in the US or the Tories in Britain will pay a price for the policy errors of the past. In part, that is because in the US the whiff of a return to the soup-kitchen days of the depression brings out the interventionist streak in any administration. In part, though, it is because neither Barack Obama nor Gordon Brown seem willing to seize the social democratic moment. That's dumb politics. It means that what should be a crisis for the right has become a crisis for the left. http://www.guardian.co.uk/commentisfree/2008/sep/09/freddiemacandfanniemae.subprimecrisis

What if these governments are not actually able to do very much anyway about the forces they have unleashed, just like you can't squeeze the toothpaste back into the tube?

Jurriaan

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Received on Wed Sep 10 18:02:09 2008