Politics
Out of context: Reply #2944
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Industrial society needs some degree of openness for a variety of reasons including scientific development, and product marketing efficiency. Excessive totalitarianism had a bad taste also from the excesses of horrors of World War II. Populist and Democratic forces for while had an upper hand. But the managers increasingly gained control of their own economic future by appointing essentially their own board of directors. Members of interlocking boards, the managers controlled their own destiny as well as the destinies of their companies. They were able to profit personally from the corporate lobbying their companies underwrote. Still they needed the ideology of capitalism to support their activity. They profited individually and as a class from U.S. policy to build up foreign governments to counteract the threatening power of the Soviet Union.
Now they need to be controlled and regulated. Treasury Secretary Paulson an exemplary member of that class, sometimes called the class of Davos, now recognizes the necessity of increased regulation of his class. Of course he doesn’t want it done under Congress’s continuous Scrutiny. He wants it to be done by the Fed an opaque mysterious body, something like the Soviet's Politburo although a bit more transparent in its current incarnation. One can understand why true believers in an increasingly dead capitalism sarcastically show Bernanke as Lenin in the recent cover on Business Week.