On Man’s Nose: ‘U.S. RESCUE PLAN’
Caption: ‘JUST IN TIME’
[Het Parool, The Netherlands]
The current financial crisis is full of irony.
We have arguably the most free-market, deregulation-oriented president of the United States embracing perhaps the largest government bailout of private enterprise in world history. And according to this op-ed article from Brazil, the left-leaning ruling Workers’ Party is having a fine time teasing the Bush Administration for proving the fallacy of the neo-liberal model it has been foisting on Latin America, yet that same Party now sings the praises of a similar bank bailout passed by Brazil’s former right-leaning government.
Valdo Cruz writes for Brazil’s Folha:
“Believe it. The President of the United States, George Bush, provoked a festive air amongst members of the Workers’ Party [PT] who met yesterday to commemorate the 200-year anniversary of the Ministry of Finance. Ministers, advisors and economists linked to the ruling PT couldn’t contain their happiness when commenting on the North American decision to provide a mega-package of financial aid of $200 billion to two bankrupt institutions in the real estate sector [Fannie Mae and Freddie Mac]. “They put the last nail in the coffin of neo-liberalism,” was what one heard the most in conversations before, during and after the event which was held here in Brasília [Brazil’s capitol].”
The sense of satisfaction was so high that in order to take a jab at the United States, there were Workers’ Party members promoting something they had always criticized before. Such was the case of economist Maria da Conceição Tavares. “They have tragically buried neo-liberalism. It has cost a fortune. Our PROER [Program of Incentives to the Reconstruction and Strengthening of the Nation ] was much cheaper,” she said ironically, referring to the program implemented by Fernando Henrique Cardoso’s government to save bankrupt banks, which was so criticized at the time by the PT in Brazil and which is similar to the program now put forward by the United States … there’s nothing like gaining power after being in the opposition.”
By Valdo Cruz
Translated By Brandi Miller
September 9, 2008
Brazil – Folha – Original Article (Portuguese)
Believe it. The President of the United States, George Bush, provoked a festive air amongst members of the Workers’ Party [PT] who met yesterday to commemorate the 200-year anniversary of the Ministry of Finance. Ministers, advisors and economists linked to the ruling PT couldn’t contain their happiness when commenting on the North American decision to provide a mega-package of financial aid of $200 billion to two bankrupt institutions in the real estate sector [Fannie Mae and Freddie Mac]. “They put the last nail in the coffin of neo-liberalism,” was what one heard the most in conversations before, during and after the event which was held here in Brasília [Brazil’s capitol].
Posted by WORLDMEETS.US
Dilma Rousseff, Chief of Staff of President Lula and a presidential candidate, made sure to say that the United States has never practiced pure neo-liberalism. And she said it hasn’t only been the U.S., but Europe and Japan. She added that they always recommend that developing countries follow this economic recipe. More or less along the lines of “do what I say, not what I do.” Or quoting Rousseff, who defended the actions of the North American government: “The narrative of neo-liberalism only applies to us. There has never been neo-liberalism in the developed-capitalist world.”
READ ON AT WORLDMEETS.US, along with continuing translated and English foreign press coverage of the unfolding financial crisis.
Founder and Managing Editor of Worldmeets.US