If we are looking for people to blame for the current crisis, the right people are the market ideologues and the politicians they seduced. They are the ones who will benefit from scape-goating the bankers. And the appropriate response to them is political, not moral. We don’t have to abolish greed (good luck!), but we do have to find our way to a better understanding of the role of the state in the economy. We have to take state power away from people who despise the state. We have to defeat the champions of deregulation. The place to begin is in the debate over the bailout, but this is a long political struggle.It is more than deregulation. It is, as I have argued for years, as the thinkers and writers and political actors I most admire keep saying, vital that people who hate the state for everything except the ability to amplify their own brute force be prevented from gaining power and tearing down the institutions and boundaries that defend us from exactly those desires.
Those who want to be in command, yet claim that government is the problem, are no friend of democracy.