Naomi Klein

Coming
in Sept!

This Changes Everything
Capitalism Vs. The Climate
Tour Dates
See full tour schedule

September 15: Toronto September 16: Montreal September 18: New York

Recent Articles

Real Change Depends on Stopping the Bailout Profiteers

Huffington Post

To understand the meaning of the U.S. election results, it is worth looking back to the moment when everything changed for the Obama campaign. It was, without question, the moment when the economic crisis hit Wall Street.

Up to that point, things weren’t looking all that good for Barack Obama. The Democratic National Convention barely delivered a bump, while the appointment of Sarah Palin seemed to have shifted the momentum decisively over to John McCain.

The Bailout Profiteers

Rolling Stone

Editor’s note: The online version of this story has been amended to reflect developments since the publication of the print edition.

On October 13th, when the U.S. Treasury Department announced the team of "seasoned financial veterans" that will be handling the $700 billion bailout of Wall Street, one name jumped out: Reuben Jeffery III, who was initially tapped to serve as chief investment officer for the massive new program.

On the surface, Jeffery looks like a classic Bush appointment. Like Treasury Secretary Henry Paulson, he's an alum of Goldman Sachs, having worked on Wall Street for 18 years. And as chairman of the Commodity Futures Trading Commission from 2005 to 2007, he proudly advocated "flexibility" in regulation — a laissez-faire approach that failed to rein in the high-risk trading at the heart of the meltdown.

The Bailout: Bush’s Final Pillage

In the final days of the election, many Republicans seem to have given up the fight for power. But don’t be fooled: that doesn’t mean they are relaxing. If you want to see real Republican elbow grease, check out the energy going into chucking great chunks of the $700 billion bailout out the door. At a recent Senate Banking Committee hearing, Republican Senator Bob Corker was fixated on this task, and with a clear deadline in mind: inauguration. “How much of it do you think may be actually spent by January 20 or so?” Corker asked Neel Kashkari, the 35-year-old former banker in charge of the bailout.

When European colonialists realized that they had no choice but to hand over power to the indigenous citizens, they would often turn their attention to stripping the local treasury of its gold and grabbing valuable livestock. If they were really nasty, like the Portuguese in Mozambique in the mid-1970s, they poured concrete down the elevator shafts.

Note to Journalists about False Quotation

NOTE TO JOURNALISTS ABOUT FALSE QUOTATION: A September 26 AFP wire story incorrectly attributed a quote to Naomi Klein that should have been attributed to Arun Gupta. The error has been corrected by AFP but please note that the call-out below was NOT written by Naomi Klein and though she supported the original protest call, the statement is correctly attributed to Gupta, as stated in the corrected AFP article also posted below. We would greatly appreciate if this error was not repeated.

Call-Out by Arun Gupta

This week the White House is going to try to push through the biggest robbery in world history with nary a stitch of debate to bail out the Wall Street bastards who created this economic apocalypse in the first place.

This is the financial equivalent of September 11. They think, just like with the Patriot Act, they can use the shock to force through the “therapy,” and we’ll just roll over!

Now is the Time to Resist Wall Street's Shock Doctrine

I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place...).

The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday, Gingrich laid out 18 policy prescriptions for Congress to take in order to "return to a Reagan-Thatcher policy of economic growth through fundamental reforms." In the midst of this economic crisis, he is actually demanding the repeal of the Sarbanes-Oxley Act, which would lead to further deregulation of the financial industry. Gingrich is also calling for reforming the education system to allow "competition" (a.k.a. vouchers), strengthening border enforcement, cutting corporate taxes and his signature move: allowing offshore drilling.

Subscribe
to Naomi Klein's Newsletter.

More About No Logo

More About Fences and Windows

The Take: A Film by Avi Lewis & Naomi Klein
A Film by
Avi Lewis & Naomi Klein

Featured Activist Campaign

Occupy Wall Street!