Wednesday, December 16, 2009

The Third Way: A Concise Definition

In a Matt Taibbi post we get this critique of one of the architects of Obama administration economic policy:

"Rubin is the quintessential “new Democrat,” a Wall Street oligarch who believes strongly in balanced budgets, free trade and a laissez-faire deregulatory posture toward big business but sees himself as a political liberal because he favors minimal social safety nets of the sort dreamed up in cherry-paneled offices at the Brookings Institute, i.e. expanded unemployment insurance or wage insurance. In other words, repeal Glass-Steagall by day, give eight bucks to the soup kitchen by night. The more recent Rubinite legacy has been the push for huge and unrelenting bailouts of Wall Street companies followed by ameliorative and comparatively much smaller one-off bailouts of actual human beings, spread out over the entire population".

When I'm in a bad mood, this starts to look like a pretty good description of New Labour.

Try changing a few proper names and see what happens...