[The Times, U.K.]
Folha, Brazil
'Bailout' Bush is
Life of Brazil's Ruling Party
"They [the Bush
Administration] put the last nail in coffin of neo-liberalism … the story of
neo-liberalism only counts for us. There was never neo-liberalism in the
developed capitalist world."
-- Dilma Rousseff,
Chief of Staff for President Lula
By Valdo Cruz
Translated By Brandi Miller
September 9, 2008
Brazil
- Folha - Original Article (Portuguese)
Believe it. The President of
the United States, George Bush, provoked a festive air amongst members of the Workers'
Party [PT] who met yesterday to commemorate the 200-year anniversary of the
Ministry of Finance. Ministers, advisors and economists linked to the ruling PT
couldn’t contain their happiness when commenting on the North American decision
to provide a mega-package of financial aid of $200 billion to two bankrupt
institutions in the real estate sector [Fannie Mae and Freddie Mac]. "They
put the last nail in the coffin of neo-liberalism," was what one heard the
most in conversations before, during and after the event which was held here in
Brasília [Brazil's capitol].
Posted by WORLDMEETS.US
Dilma Rousseff, Chief of Staff of
President Lula and a presidential candidate, made sure to say that the United
States has never practiced pure neo-liberalism. And she said it hasn't only
been the U.S., but Europe and Japan. She added that they always recommend that
developing countries follow this economic recipe. More or less along the lines
of "do what I say, not what I do." Or quoting Rousseff,
who defended the actions of the North American government: "The narrative
of neo-liberalism only applies to us. There has never been neo-liberalism in
the developed-capitalist world."
[Editor's note: On the
Latin-American left, the word neo-liberalism is synonymous with capitalism run
amuck, and control of the economy by a few well-connected individuals with ties
to the United States. In essence, the term implies a reliance on free-markets
and free-trade rather than government interventionism 
].
On Man's Nose:
'U.S. RESCUE PLAN'
Caption: 'JUST IN TIME'
[Het Parool, The Netherlands]
The sense of satisfaction was
so high that in order to take a jab at the United States, there were Workers'
Party members promoting something they had always criticized before. Such was
the case of economist Maria da Conceição
Tavares. "They have tragically buried neo-liberalism. It has cost a
fortune. Our PROER [Program of Incentives to the
Reconstruction and Strengthening of the Nation ] was much
cheaper," she said ironically, referring to the program implemented by
Fernando Henrique Cardoso's government to save bankrupt banks, which was so
criticized at the time by the PT in Brazil and which is similar to the program
now put forward by the United States. [Cordozo was of
the Brazilian Social Democracy Party ].
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It was humorous to hear not
only the ironies uttered by PT members, but the praise of the North American
government. Indeed, quite ironic praise. "This is responsible
pragmatism," stresses Minister Guido Mantega
(Treasury), while discussing the aid package to the two giants of the North
American real estate market. "It demystifies the idea that free markets
always lead better results," added Nelson Barbosa,
the Secretary for Economic Policy at the Treasury Department.
During the event's roundtable
discussions, aside from the ironic comments, everyone defended the measure
based on the justification that it would be a global disaster if the two
giants, Fannie Mae and Freddie Mac, collapsed. That’s right. Nothing
like taking things one day at a time. Or rather, there's nothing like
gaining power after being in the opposition. What was criticized here yesterday
is praised today. But not without a few good jabs.
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Valdo Cruz, 46, is a special reporter at
Folha. He was the executive director of Folha's
Brasília branch during the two terms of Fernando Henrique Cardoso and the
first of Lula. He was the managing editor at the branch and was an economics
reporter. He writes for Folha on Tuesdays.
E-mail: valdo@folhasp.com.br
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VERSION
[Posted by WORLDMEETS.US
September 21, 12:57pm]
