Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who wrote (1546)	12/22/2000 4:38:07 AM
From: Oblomov	Read Replies (1) of 74559

Mike, I have just finished Tom Frank's book. I have been a reader of The Baffler for 7 years or so, and have come to enjoy Frank's righteous indignation at the follies of business culture. But, founded as they are on leftist principles, his apparent prescriptions are risible. "Economic Democracy"? Does that mean that J6P gets to withdraw some money from my bank account for a nice weekend out? Or "borrow" some of my gold eagles when the economic tough love comes? The intellectual heirs of Karl Marx seem to share his confusion as to how the "late capitalist" marketplace can continue to operate despite its "internal contradictions". My leftist friends are now gleeful at what is occurring in the Nasdaq. They seem to think that the collapse results in a reduction of the concentration of economic power. This is simply not the case. The middle and lower-middle classes benefited most from the bull market, and are hurt the most by a bear market. Dr. Frank seems merely to relish the idea that the public might clamor for the socialist solution, as if that would somehow make his views "right".

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