Whalen: We need to stop the bailouts and the corrupt corporate statism

September 13th, 2011


I enjoyed this video in which The Daily Ticker’s Aaron Task and Henry Blodget interview Chris Whalen of Institutional Risk Analytics.

Chris pours cold water on recent claims from Nouriel Roubini that Karl Marx was right about the self-destruction of capitalism and goes on to give a history lesson, including recommending they read George Orwell’s Animal Farm. Chris tells them that the current US model is:-

“A fusion of the old robber-baron model with a socialist, European, statist model … FDR imported that from Europe …

“[What is going to happen [in the United States] is that we have to remake our economic dialogue. We are far too confined by the labels and the terminology of the 19th century … “

I quoted from Chris Whalen in this blog from October 2010: Government dishonesty about state of banking system a form of tyranny

h/t Barry Ritholtz’s The Big Picture

Short URL: http://www.ianfraser.org/?p=4728

Posted by on Sep 13 2011. Filed under Blog. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

1 Comment for “Whalen: We need to stop the bailouts and the corrupt corporate statism”

  1. Just to clear something up…are you suggesting that this six minutes of bluster was an answer to Roubini (and Marx) or are you being ironic and laughing at a man intellectually masturbating himself for the amusement of people who have actually read both? I’m not an economist or a financial journalist so I honestly don’t know but I thought his performance was pretty miserable. I could hardly say he doesn’t know what he’s talking about but the quickest way to revive Marxism and socialism is to explain to ordinary people what creative destruction means and how it will benefit them (especially in societies as polarised as the US and UK…I live in Scotland). As they say “good luck with that”.

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