“Republican Socialism”

Peter Cohan: “Republican Socialism is the idea that he purpose of government is to enrich the top 1%.”

Peter Cohen (a financial analyst, not a partisan) writes:

Between January 2001 and January 2009, the U.S. was under the control of Republican Socialism, the idea that the purpose of government is to enrich the top one percent.

How does it work? Cut taxes on the rich; fight wars that put money into the pockets of defense contractors; cut wages; get people hooked on debt to make up the difference; deregulate Wall Street and when they crater use taxpayer money to pay bonuses to the bankers who created the mess while keeping their banks from failing.

This is the lead-up to a good argument making a quite different point: that the attribution of stock-market movements to news events is mostly bushwa.

Author: Mark Kleiman

Professor of Public Policy at the NYU Marron Institute for Urban Management and editor of the Journal of Drug Policy Analysis. Teaches about the methods of policy analysis about drug abuse control and crime control policy, working out the implications of two principles: that swift and certain sanctions don't have to be severe to be effective, and that well-designed threats usually don't have to be carried out. Books: Drugs and Drug Policy: What Everyone Needs to Know (with Jonathan Caulkins and Angela Hawken) When Brute Force Fails: How to Have Less Crime and Less Punishment (Princeton, 2009; named one of the "books of the year" by The Economist Against Excess: Drug Policy for Results (Basic, 1993) Marijuana: Costs of Abuse, Costs of Control (Greenwood, 1989) UCLA Homepage Curriculum Vitae Contact: Markarkleiman-at-gmail.com