opinion web
Liberal Opinion Conservative Opinion
David Sirota
David Sirota
25 Sep 2015
Should Companies Have to Pay Taxes?

Reading companies' annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. … Read More.

18 Sep 2015
A Fight Over One of America's Most Important Waterways

Environmental groups and Democratic legislators are pressuring New York Gov. Andrew Cuomo to say that General … Read More.

11 Sep 2015
Prosecution of White Collar Crime Hits 20-Year Low

Just a few years after the financial crisis, a new report tells an important story: Federal prosecution of white-… Read More.

Saying "No Deal" to this New Deal


The marriage of American capitalism and democracy has always been a Pamela Anderson and Tommy Lee affair — stormy and erratic since its hasty wedding. But during the debate over a Wall Street bailout this week, we watched that matrimonial knot unwind into a tangled tale of terror.

As a financial crisis became a political panic, capitalism murdered democracy (ironically, while pursuing a vaguely socialist bailout). Only, unlike a typical horror story, the dead body wasn't hidden, it was dumped in the nation's public square.

The fiasco started, like most, with unreasonable demands. Under threat of financial meltdown, capitalism's corporate lobbyists asked our democracy to forsake its usual deliberations and hand over $700 billion of taxpayer money in less than a week.

Many were surprised when democracy responded with such valiant defiance. As television screens split between the floors of the stock exchange and the House of Representatives, lawmakers initially voted with their constituents and against the bailout.

That's when this husband-and-wife argument escalated into a grisly crime of passion.

CNN's Ali Velshi frothed that "the banks and the companies don't care about the intricacies" of democratic deliberations. A CEO angrily told CNN that "the money is being held hostage to the political process" — as if government resources are rightfully Wall Street's. And as the Dow tanked, the Chamber of Commerce threatened retribution against recalcitrant lawmakers.

The final deathblow came from TINA, shorthand for "There Is No Alternative" — the motto that Margaret Thatcher used to peddle her corporatism, and that Washington and Wall Street used to promote theirs.

Whether it was a Barclays Capital executive telling reporters "there is no choice" or Rep. Joe Crowley, D-N.Y., insisting that "this needs to be done and it needs to be done right away," responsibly democratic prescriptions were pulverized by capitalism's deranged mantra of inevitability and urgency.

To even mention, as economist Dean Baker did, that the taxpayer giveaway could exacerbate the crisis was to risk flogging by columnists like Tom Friedman. The sycophantic flat-earther vilified bailout opponents (i.e., most Americans) as mentally incapacitated deadbeats who "can't balance their own checkbooks."

By the time the fight hit Congress' upper chamber, senatorial morticians were embalming democracy's corpse. Sen. Harry Reid, D-Nev., permitted consideration of just one alternative, and he rigged parliamentary procedure to guarantee its defeat.

Yet, if capitalism took democracy's life through a perverse legislative process, then it robbed its grave with the bailout bill's substance.

American democracy is defined by vesting government power in systems and rules, not in individuals and whims. We have been, as John Adams wrote, "an empire of laws, and not of men" — until now.

Instead of responding to this meltdown by updating regulatory institutions or investing in job-creating infrastructure, the bailout proposes giving one unelected appointee — the Treasury Secretary — complete authority to dole out $700 billion to bank executives, with little oversight. And here's the scary part: That lurch toward dictatorship was motivated not just by crony corruption, but also by a deeper ideological shift.

We now face market forces uninhibited by democratic governance — Chinese dictators and Saudi princes can move trillions of dollars without so much as a press release. This bailout, marketed as a speed enhancer, is an aggressive attempt to discard democracy's checks and balances and pantomime that kind of autocracy.

While our political culture still required a public sales job (thus, the fearmongering), the bill's czarism aims to permanently euthanize democracy in the name of improving our capitalism's global agility. In that sense, this week's spousal killing wasn't random. It was the beginning of a systematic assault on our Constitution and a radical departure from Franklin Roosevelt's original covenant — a dangerous "new deal" we must say "no deal" to.

David Sirota is a bestselling author whose newest book, "The Uprising," was just released in June of 2008. He is a fellow at the Campaign for America's Future and a board member of the Progressive States Network — both nonpartisan organizations. His blog is at



2 Comments | Post Comment
Sir; It is socialism to govern business, and insanity to be governed by it. The making of capitalism was interest. Rejecting a just profit killed the church to birth the religion of capital. No reasonable person can allow himself to be governed by the magic and mysteries of capitalism. And people will throw a loop over capital when they tire of it running mad through their garden. It don't work. No amount of money will make it work, because it won't work while we sit idle. ..Thanks...Sweeney
Comment: #1
Posted by: James A, Sweeney
Sat Oct 4, 2008 3:01 PM
Okay, Mr. Sirota, you've captured my sentiment pretty well about what was wrong with the bailout and what not to do. So, what should be done?
Comment: #2
Posted by: Masako
Tue Oct 7, 2008 8:47 AM
Already have an account? Log in.
New Account  
Your Name:
Your E-mail:
Your Password:
Confirm Your Password:

Please allow a few minutes for your comment to be posted.

Enter the numbers to the right: comments policy
David Sirota
Sep. `15
Su Mo Tu We Th Fr Sa
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3
About the author About the author
Write the author Write the author
Printer friendly format Printer friendly format
Email to friend Email to friend
View by Month
Veronique de RugyUpdated 11 Feb 2016
Froma Harrop
Froma HarropUpdated 11 Feb 2016
Judge Napolitano
Judge Andrew P. NapolitanoUpdated 11 Feb 2016

2 Aug 2012 In Face Of Emergency, We're Still Asking, 'Where's the Beef?'

22 Sep 2011 Two Heads of One Political Monster

6 Mar 2014 Do Companies Have a First Amendment Right to Track You?