The Pantheon of Capital
Premediation:
So where does the agency of the market to prompt the federal government to hand over nearly $1 trillion to bail out Wall Street come from? This agency, I would argue, in some sense comes from, participates in, the agency of premediation. The tone of this mediation is urgency. We are to be on the alert, to be concerned, and ultimately to be scared. The agents that we should fear are called “the market” or “Wall Street” or “the Dow.” “The market will not be happy if too many limitations are put on this bailout.” “Wall Street is worried that unless the Fed acts, more turbulence lies ahead.” “The Dow is demonstrating its concern about the terms of the bailout.” Not unlike the pantheon of Greco-Roman gods, these powerful creatures need to be feared and respected and pacified. The mediasphere is filled with the priests and votaries of these gods, warning the public of the danger that could come if they are angered or their will is flaunted.
…But the gods of Wall Street are in turmoil and they are still at the present moment more powerful than the collective voices of Main Street. Only when the premediation of Main Street’s agency begins to compete with the premediation of Wall Street’s agency will it be possible to imagine an economic future in which the US government acts to bail out the overwhelming majority of the American public who are threatened by this financial crisis, not the minority of those whose investments and livelihoods depend upon the financial markets.
The Monstrous Body of Capital
Rough Theory has posted links to and excerpts from Steven Shaviro’s series of reflections on Capital, all of which are worth reading.
Is A Commodity Bubble Behind the New Housing Bubble?
There should be a market for speculating on what the next bubble will be. Who’s taking bets on what comes after the commodity bubble? Maybe a solar bubble? Either way, an informative article. (Via The Consumerist.)