Financial Crisis and Scapegoating
Right-Wing Populism & the Economic Crisis: Watch Out for Scapegoats!
In the face of economic crises there is always a search for scapegoats. Particularly in the case of modern capitalism, there remains a certain level of disbelief that crises are built into the system, i.e., that capitalism generates crises (and always has!).Because many of us would rather believe that capitalism is a rational system that should work on its own, sort of along the lines of a self-aware computer (think Terminator), when there is an economic downturn, whether a mild recession, financial collapse, severe recession or depression, mainstream commentators often attempt to define the problem in terms of errors (or greed) on the part of specific individuals. Thus, in the current crisis it should not surprise us that Senator McCain has focused on WHO, that is, which individuals, are responsible for the meltdown rather than acknowledging that it is the system.
McCain, however, is not the worst of the problem, though he actually assists those who are. The real danger rests with right-wing populism and its adherents. Right-wing populism, an ideological current that promotes the idea that the people (usually defined in racial terms, and in the case of the USA, white people) are being trampled on by nefarious individuals - usually from a minority group - who are seeking to derail the “American Dream.” Such evil people allegedly conspire, often against allegedly good, patriotic working people and business people.
Conspiracy theory faults Jews for Lehman Brothers’ collapse
A new anti-Semitic conspiracy theory has been spreading online over the last few days, claiming that on the eve of Lehman Brothers’ collapse last month, the firm transferred $400 billion to Israel.
Viewpoint: Minorities a convenient scapegoat for U.S. financial woes
In the midst of a severe financial crisis - a meltdown fueled by clueless homebuyers, greedy lenders and money-grubbing financiers - some observers have decided to blame “minorities” for the mess. Though wiser heads have proclaimed the emergency too serious for partisan gamesmanship, some in the conservative commentariat still can’t resist playing the race card.Several days ago, Neil Cavuto, host of Fox News’ Your World, proclaimed, “Loaning to minorities and risky folks is a disaster.”
Will Wall Street crisis spur anti-Semitism?
In the world according to the comedy writers at “Saturday Night Live,” the pyramid of complicity in the current financial crisis runs like this:On the bottom are poor and minority homeowners victimized by predatory lending. Next come condo-flipping yuppies out for a quick buck. They’re followed by rapacious bankers who cashed out before the economy crumbled. And on top are billionaire financiers who pocketed the government bailout and quickly moved it offshore.
In the SNL imagination, the top two categories seemingly are populated by Jews.