"Neoliberalism", sometimes called "market
fundamentalism", i.e. the policy of non-intervention by the state in
the economy, has been the dominant ideology of the bourgeoisie for close to
three decades, involving widespread privatisation and all the
other policies that go with it. The present economic meltdown,
however, is forcing governments to intervene, regulate, and even
nationalise firms because they have no choice. So is "neoliberalism"
dead?

Bradford
& Bingley has finally been put out of its misery. After months of
cliff-hanging the government has been forced to nationalise the bank. In
many respects the ‘rescue’ plan is a clone of the $700bn Paulson plan being
pushed through in the USA. The basic idea is that the good stuff is sold off to
the private sector while the taxpayer is lumbered with the bad debts, the
toxins. Socialism for the rich and the rigours of free enterprise for the rest
of us!

Last week US Treasury Secretary Henry
Paulson unveiled a dramatic plan to arrest the present financial crisis and
prevent future economic catastrophe. It is to cost $700bn.

It sounds like a breathtaking break from
neo-liberal philosophy. It’s not really. Neo-liberalism was always a giant lie.
Homeless people don’t matter. People in danger of losing their jobs in a
recession don’t matter. But, when it comes to banks and billionaires,
self-reliance is for the birds. These people are hapless bums.