Cue titles posted by Richard Seymour

The concerted intervention by global states into the financial markets has, for the time being, restored 'confidence' to the banking system, lowering inter-bank rates and stimulating an increase in share values. As a televisual drama, we can now consider it concluded for the time being. The climax has been reached, and the iconic freeze-frame image (left) should now usher in the titles: Executive Producers, George W Bush, Henry 'Hank' Paulson, Ben Bernanke... Everything else that matters - foreclosures and growing resistance, pay cuts and strikes, job losses, potential political realignment - were really sub-plots of the master-narrative. These other problems will work themselves out, while the euphoria of the good guys defeating the disrupting alien presence will keep us going through the adverts, so we can start buying stuff again. But what with?

Labels: banks, government bail-outs, neoliberalism, stock market, television

9/11 on the stock exchange posted by Richard Seymour

Biggest plunge since 9/11. Bush advocating a stimulus package (tax cuts for business, mainly). Wall Street panicking. Dramatic increase in long-term joblessness among skilled workers. What on earth is going on?

Some sort of crisis, I wager.

Labels: economy, jobs, recession, stock market, wages