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Capitalism: A Love Story -- the just-announced title of Michael Moore's global financial meltdown doc -- works for me. It's a little beside-the-point, a little bit of a "come again?"...but it's fine. I mean, why squawk about it? Why be a contrarian by suggesting that a more accurate (and arguably catchier title ) for Moore's film would be Reagan: A Love Story?
The crisis that kicked in last fall and which will, in all likelihood, submerge this country in a Japanese-styled recession slumber for many years to come, is not, of course, a creation of capitalism per se. It's a result of a pattern of free-for-all economic speculation and debt-splurging and wild-west profiteering that began with the policies of Ronald Reagan.
N.Y. Times columnist Paul Krugman explained it all on 5.31, in a piece called "Reagan Did It." "The more one looks into the origins of the current disaster, the clearer it becomes that the key wrong turn -- the turn that made crisis inevitable -- took place in the early 1980s, during the Reagan years.
"Attacks on Reaganomics usually focus on rising inequality and fiscal irresponsibility. Indeed, Reagan ushered in an era in which a small minority grew vastly rich, while working families saw only meager gains. He also broke with longstanding rules of fiscal prudence.
"On the latter point: traditionally, the U.S. government ran significant budget deficits only in times of war or economic emergency. Federal debt as a percentage of G.D.P. fell steadily from the end of World War II until 1980. But indebtedness began rising under Reagan; it fell again in the Clinton years, but resumed its rise under the Bush administration, leaving us ill prepared for the emergency now upon us.
"The increase in public debt was, however, dwarfed by the rise in private debt, made possible by financial deregulation. The change in America's financial rules was Reagan's biggest legacy. And it's the gift that keeps on taking."
Moore said yesterday that Capitalism: A Love Story "will be the perfect date movie. It's got it all -- lust, passion, romance and 14,000 jobs being eliminated every day. It's a forbidden love, one that dare not speak its name. Heck, let's just say it: It's capitalism."
Heck, let's just really say it: it's unbridled yeehaw Reagan- and Dubya-styled deregulation . It's "let's make the opportunities as lavish and imperial as possible for our rich Wall Street buddies so they can take care of us while we wrap ourselves in the flag and old-style Christianity and family values and stir up the yahoos by railing against gay marriage and abortion, etc."
Capitalism: A Love Story (Overture) will open on 10.2.09.
Posted by Jeffrey Wells on July 9, 2009 at 7:05 AM
comment #1
Jeffrey Wells
says ...
HE reader "pm123" wrote following a few minutes ago. It was buried when I re-posted so here it is again:
"Deregulation and profiteering ARE capitalism -- the very essence of capitalism: If you have money, use it to get as much more as possible. If you don't, suffer and die! There's no altruism or social justice in capitalism. Read Adam Smith. Reagan gave people permission to maximize their own comfort and wealth, with the specious argument that that would somehow by osmosis help the more needy. "A rising tide lifts all boats" or some such nonsense. The irony is that somehow Americans, using breathtakingly twisted arguments by people like Reagan, have managed to argue that Christianity and Capitalism are compatible, when they could not possibly be less so."
Posted by Jeffrey Wells
at July 9, 2009 7:20 AM
comment #2
bondjamesbond
says ...
I don't know, it seems to me the problems are more fundamental. One can hardly blame pigs for rooting around in shit, though you can blame humanoids for having the character of pigs. So, while Reagan and Dubya may have opened doors, the humanoid pigs who rioted through them have individual responsibility.
And then, greed and diseased opportunism and financial crime have existed for a very long time. That these are codified in the philosophies of capitalism and propagandized to appear virtuous is regrettable. And further, the basic concept of "ownership" is merely an idea. There's a car in the driveway, and I'm sitting here. The relationship between us, i.e., "I own that car," is only a thought, and upon thoughts like these, insubstantial as they are, all manner of disturbances have been made possible.
Posted by bondjamesbond
at July 9, 2009 7:22 AM
comment #3
bondjamesbond
says ...
My post was a response to the JW blog entry, not pm123's response, which was well-said, imo.
Posted by bondjamesbond
at July 9, 2009 7:23 AM
comment #4
EdHavens
says ...
Why suggest an alternate title when one isn't sure where Moore is going? For all we know, Moore could go back to Nixon's taking the nation off the gold standard as the impetus for everything that happened after. Or he might ignore Nixon and Reagan completely, and stick only with Bush and Cheney for being at fault for all the shit we're in now.
Posted by EdHavens
at July 9, 2009 7:34 AM
comment #5
mccool
says ...
The most significant bit of deregulation that can be tied to the banking crisis is the repeal of the Glass-Steagall Act in 1999. That was signed by Clinton. Does it matter that Clinton was a Democrat? No. Does Reagan;s political affiliation matter? No. The nearly thirty years of prosperity and material accretion that correlates with their administrations LIFTED most people and has been especially good for developing nations. What's wrong with that? Wells is as guilty as anyone with his gadgets, tvs, and fucking air travel. He subscribes to the hedonist lifestyle he's chastising Reagan for ushering in! Last I checked restaurants are still packed and lines for iPhones still wrapped around the block. If everyone's indulging in it, who's in position to criticize the "culprit"? Kind of like a junkie blaming his dealer...What hypocrisy!
And what is the obsession with trying to pin this on one group or one person? This country has been headed down a path towards materialism and excess for nearly a century now, accelerated by the boomers who betrayed the ideals of their youth. An entire GENERATION is to blame, not one person or political party.
A guy who can't pick up the irony in a "McCain voter" t-shirt is lecturing on macro economics? This may be the most laughable and character-damning thing Wells has ever written, and that's saying something.
Delete. Bang. Zoom. Adios, I'm sure....
Posted by mccool
at July 9, 2009 7:38 AM
comment #6
Mark
says ...
I prefer Moore's title. More apt to attack a priniciple. America tendancy to demonize/heroize individuals too often distracts us from what is actually taking place.
Posted by Mark
at July 9, 2009 8:11 AM
comment #7
Joel
says ...
The Federal Reserve isn't a tool of capitalism, and it will be interesting to see how Moore approaches that subject.
Posted by Joel
at July 9, 2009 8:16 AM
comment #8
MC75
says ...
"Last I checked restaurants are still packed and lines for iPhones still wrapped around the block."
Mccool:
No offense, but it's obviously been a while since you checked.
Posted by MC75
at July 9, 2009 9:19 AM
comment #9
Travis Crabtree
says ...
Mccool.... you think THAT'S funny, check out the latest post. Jeffrey Wells, writer for the web site Hollywood-Elsewhere, explains it all for us.
shorthand version....
Republicans = Bad
Democrats = Good
Posted by Travis Crabtree
at July 9, 2009 9:26 AM
comment #10
poseidon72
says ...
As a small business franchise owner in the travel industry I would say that this recession has destroyed 10 to 15 perfect of people in the country and I mean destroyed. The other 85 % are doing OK
Having said that Im all for this Moore film. Wallstreet's greed is destroying our culture of pure right and wrong. They need to be called out and knocked out!
Also While Im not really religious I totally agree with Wells that its amazing how so many people in this country were sold on the un-fact that Capatalism and chrisianity go hand in hand. To me there the exact opposite in ideas.
Posted by poseidon72
at July 9, 2009 10:14 AM
comment #11
Indeed
says ...
"Meanwhile, economic policy should encourage other spending to offset the temporary slump in business investment. Low interest rates, which promote spending on housing and other durable goods, are the main answer."
- Paul Krugman, 7/18/2001
"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
- Paul Krugman, 8/2/2002
Anyone with an IQ higher than a toaser should seriously question the intelligence of anybody who puts any stock in what Krugman says.
Posted by Indeed
at July 9, 2009 12:34 PM
comment #12
Indeed
says ...
toaser = toaster
Define irony.
Posted by Indeed
at July 9, 2009 12:34 PM
comment #13
Phatang!
says ...
It's too cute. Obviously he doesn't mean it's a love story. What he means is "Capitalism: A Tragedy." Or some kind of tragic love story. Love gone too far. But this title is coy and a little annoying. I don't want to even have to say it when I'm talking about the movie. I'll call it "The New Michael Moore Documentary," as will most people.
Posted by Phatang!
at July 9, 2009 1:18 PM
comment #14
DeeZee
says ...
It's not gonna be a date movie, but it'll probably break do alright with adults interested in this sort of thing. Sicko seemed to have a decent PTA. But yeah, the title sucks. As for capitalism, I'm for it, when there's a level playing field, not when only the top 1% is allowed to call the shots.
mccool: "That was signed by Clinton. Does it matter that Clinton was a Democrat? No."
Actually, it did, which is why his wife lost the primary last year. DINOs are going to be feeling the heat just as much as RINOs in this purge, guaranteed.
"Does Reagan;s political affiliation matter? No."
It does, when you realize that he was willing to demand freedom against communism, but not the apartheid-variation in South Africa...
"The nearly thirty years of prosperity and material accretion that correlates with their administrations LIFTED most people"
I guess the millions of Americans without health care don't count as "most people". Oh, and don't forget that the people who do have jobs get paid less per hour, in terms of inflation, than they would have 30 years ago, while those corporations which get trillions in bail-outs do their damnedest to stop the average worker from getting a living wage and/or the ability to form a union whenever they want. But don't let facts get in the way of your speculation.
"and has been especially good for developing nations."
Yeah, they certainly reaped the rewards of sweatshops, massive deforestation, and global warming-type air pollution.
"Wells is as guilty as anyone with his gadgets, tvs, and fucking air travel. He subscribes to the hedonist lifestyle he's chastising Reagan for ushering in! Last I checked restaurants are still packed and lines for iPhones still wrapped around the block. If everyone's indulging in it, who's in position to criticize the "culprit"? Kind of like a junkie blaming his dealer...What hypocrisy!"
Yeah, but the public is engaging in these activities less than in recent years. And those businesses which chose not to invest in hiring more staff at local branches, because they wanted to pocket the money, are probably going to be hurting, if the dollar does in fact get taken down as the dominant currency, as China and Russia are gunning to do right now.So no one really benefits in the long run.
"This country has been headed down a path towards materialism and excess for nearly a century now, accelerated by the boomers who betrayed the ideals of their youth. An entire GENERATION is to blame, not one person or political party."
Probably, but the person and party did encourage that behavior.
Indeed: It's be nice to get links, since those comments might be taken out of context.
Posted by DeeZee
at July 9, 2009 5:42 PM
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