Who, exactly, represents the left extreme in the establishment blogosphere? You'd likely hear names like Jane Hamsher or Glenn Greenwald. But these examples are instructive. Is Hamsher a socialist? A revolutionary anti-capitalist? In any historical or international context-- in the context of a country that once had a robust socialist left, and in a world where there are straightforwardly socialist parties in almost every other democracy-- is Hamsher particularly left-wing? Not at all. It's only because her rhetoric is rather inflamed that she is seen as particularly far to the left.Freddie De Boer on the lack of left wing discourse in the blogosphere. [more inside]
"Although the word “entitlement” fits, it’s been used so frequently as to have become inadequate to capture the preening self-regard, the obliviousness to the damage that high-flying finance has inflicted on the real economy, the learned blindness to vital considerations in the pay equation. Getting an education, or even hard work, does not guarantee outcomes. One of the basic precepts of finance is that of a risk-return tradeoff: high potential payoff investments come with greater downside. But how did that evolve into the current belief system among the incumbents, that Wall Street was a sure ride, a guaranteed “heads I win, tails you lose” bet?"Yves Smith writes an essay on 'indefensible men.'