Neoliberalism Is Dead

At least in academic circles according to Joseph Stiglitz:

Asked by Business Insider whether he thought the economic consensus surrounding neoliberalism was coming to an end, Stiglitz argued: "I can talk about this from the point of view of academia or even in policy circles. In academia, I think it has pretty well become rejected.

Of course we all know that academic rejection and decades of policy failures haven't stopped Grover Norquist and the Republican Party from preaching the "tax cuts increase government revenue" mantra.

Stiglitz went on to argue that one of the central tenets of the neoliberal ideology - the idea that markets function best when left alone and that an unregulated market is the best way to increase economic growth - has now been pretty much disproved.

"Pretty much" disproved? Can someone explain that to the economic flat earthers? But Stiglitz knows The Vampire Squid still has some fight left in it:

Neoliberalism may not be completely dead, as Stiglitz argues, but it is certainly being challenged from many angles.

http://www.businessinsider.com/joseph-stiglitz-says-neoliberalism-is-dea....

The TPP is The Vampire Squid's lifeline to immortality. Will Hillary put a fork in it? Or continue to surround herself with TPP hacks?

In turn, some progressives are urging Democratic presidential nominee Hillary Clinton to publicly call on Obama and Democratic leadership not to hold a lame-duck vote on the trade deal. Especially in the wake of this week's appointment of TPP backer Ken Salazar to head her transition team, to do so would be "the perfect way for Clinton to restore liberal confidence in her on the issue of trade," reporter Daniel Marans wrote at the Huffington Post.

http://www.commondreams.org/news/2016/08/20/resistance-mounts-tpp-becomi...

Isn't that special? The head of Hillary's transition team is a TPP hack. Showing additional opposition to Obama's TPP crusade, Hillary stops by to campaign for DWS:

Clinton appeared beside the embattled incumbent at her strip-mall campaign headquarters in Davie, Florida, telling supporters: "I have to have her in Congress, by my side, working day after day...And I am committed to doing whatever I can to support her as she returns to the Congress with your support."

Can't possibly get the job done without avid TPP supporter DWS, but the primary reason to vote for DWS has nothing to do with TPP:

Speaking to the congresswoman's campaign staff, Clinton "also touted Wasserman Schultz's budget-committee role in Congress—a senior position Canova wouldn’t immediately be able to fill—and the fact that Wasserman Schultz is the mother of school-age children. Canova is unmarried and doesn't have kids," the Miami Herald reported.

http://www.commondreams.org/news/2016/08/10/heated-presidential-primary-...

Are you fucking kidding me? Canova is unmarried and doesn't have kids? Please tell me that's not a homophobic dog whistle for the Dade County red necks.

It has been apparent for some time that Hillary doesn't have an honest bone in her body. I'm beginning to wonder if she has a soul or a conscience.

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Alex Ocana's picture

Good morning, MM.

Maybe a sidenote... there is much talk about the effect of TPP and other so-called "trade agreements" on Americans, American jobs and so on. What isn't being talked about is the effect on smaller countries like Dominica, whose economy was destroyed by these agreements. Millions of lives are being destroyed in our countries to the south. Not only trade agreements, but everything from weapons sales to GMOs... sweat shops to religious beliefs are part of the "neo-liberal" bag.

Psychopathic political and economic leaders and their marionettes have mind washed much of the population into acceptance of predatory capitalism and mass destruction of whole countries.

Electoral politics isn't working. And nobody can seem to get more than a few thousand people to protest...

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From the Light House.

Review and other "pariah" economic outlets. Don't mistake establishment censoring for lack of analysis, please.

Where was Stiglitz 30 years ago? Monopoly capital has ruled the global political/economic roost at the point of the US military and NATO might for 50+ years. It's a little late to hear peeping sounds from him. He's better than Krugman - big deal.

Neoliberalism doesn't depend on academic fanny pats to exist: Raw power backs up the system and I don't see and counterbalance in the works.

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"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

gulfgal98's picture

Neoliberalism doesn't depend on academic fanny pats to exist: Raw power backs up the system and I don't see and counterbalance in the works.

I completely agree. Neo-liberals are in total control of the levers of power in this country. The Democratic Presidential primary showed just how far they are willing to go to ensure one of their own is in control. The rot is all the way down the system at the state and local level in most cases.

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Do I hear the sound of guillotines being constructed?

“Those who make peaceful revolution impossible will make violent revolution inevitable." ~ President John F. Kennedy

GreatLakeSailor's picture

WHEN Joseph Stiglitz said in November that he would quit as the World Bank's top economist, plausible speculation said that he had been forced out. Mr Stiglitz had made a great nuisance of himself during his two years in the post, attracting attention with a series of speeches that rubbished the International Monetary Fund, especially for its policies in Russia and East Asia during the recent crises. That was bad enough, bearing in mind that the Fund and the Bank are supposedly sister institutions. But Mr Stiglitz also made time in his busy schedule to attack many of the Bank's programmes and the thinking that lies behind them. In short, he cast himself as a scourge of the Washington establishment. By the end, his boss, the hitherto-supportive James Wolfensohn, had turned less warm.

from 1999 in The Economist: http://www.economist.com/node/269669

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Compensated Spokes Model for Big Poor.

Meteor Man's picture

Theonly effects of global neoliberal policies of budget cutting "austerity" are more severe in the so called developing countries. The combination of austerity and pointless western wars of aggression are literally destroying civilization across the globe.

Our entire political class is insane. The media propaganda empire pretends there is nothing out of the ordinary, when they are not actively encouraging political idiocy.

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"They'll say we're disturbing the peace, but there is no peace. What really bothers them is that we are disturbing the war." Howard Zinn

TheOtherMaven's picture

No soul, no conscience, nothing but a ravening deep hole of greed greed greed.

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There is no justice. There can be no peace.

I don't think that Hillary's reference to Canova not having kids is exactly a homophobic dog whistle; look at her famous 1995 Beijing speech, where she could not say "women" without immediately following it with "children". If women cannot be worth anything without bearing children, what about men?

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On to Biden since 1973

Meteor Man's picture

That explains the part about DWS being married and having children. What is the relevance of Canova not being married and not having children?

This presidential campaign is geting more bizarre by the day.

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"They'll say we're disturbing the peace, but there is no peace. What really bothers them is that we are disturbing the war." Howard Zinn

This is a method to paint Canova as not a "real" adult. Actually quite similar to how Bernie supporters were depicted. Don't forget, HRC and her supporters are the "real" adults, here to explain reality to those of us immature enough to believe there is any other way to accomplish "liberal" goals.

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Perhaps DWS needs the political job more, so her kids are fed and housed? Think of the children! Wait - only think of her children - not of all the others harmed/to be harmed by actions taken by such as DWS and the Clintons.

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Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.

A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.

edg's picture

First, the Miami Herald article is from August 9th, almost 2 weeks ago. Second, it's not clear whether Clinton said the part about Canova or it was snide dog-whistling by the Herald. It's not written in quotes.

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Meteor Man's picture

I missed the fact that it was a capricious editorial comment by the Herald. Why? So I googled The Miami Herald:

On September 8, 2006, the Miami Herald's president Jesús Díaz Jr. fired three journalists because they had allegedly been paid by the United States government to work in anti-Cuba propaganda TV and radio channels. The three were Pablo Alfonso, Wilfredo Cancio Isla and Olga Connor.[12] Less than a month later, following the pressure of the Cuban community in Miami, Díaz resigned after reinstating the fired journalists. Nevertheless, he continues to claim that such payments, especially if made from organisms of the state, violate the principles of journalistic independence.[13] At least seven other journalists who do not work at the Herald, namely Miguel Cossio, Carlos Alberto Montaner, Juan Manuel Cao, Ariel Remos, Omar Claro, Helen Aguirre Ferre, Paul Crespo and Ninoska Perez-Castellón, were also paid for programs on Radio Martí or TV Martí,[12][14] both financed by the government of the United States through the Broadcasting Board of Governors, receiving a total of between $15,000 and $175,000 USD since 2001.

https://en.m.wikipedia.org/wiki/Miami_Herald

Another completely compromised media propaganda outlet.

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"They'll say we're disturbing the peace, but there is no peace. What really bothers them is that we are disturbing the war." Howard Zinn

SnappleBC's picture

Asked by Business Insider whether he thought the economic consensus surrounding neoliberalism was coming to an end, Stiglitz argued: "I can talk about this from the point of view of academia or even in policy circles. In academia, I think it has pretty well become rejected.

That seems pretty clear. Let me be pretty clear in return. I think Stiglitz is either a raving lunatic or on the pay of some neolib master. Really... with the two parties being nearly identical on economic policies and TPP coming to a lame duck session near you, it seems to me like Neoliberalism is poised to rule the world rather than die.

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A lot of wanderers in the U.S. political desert recognize that all the duopoly has to offer is a choice of mirages. Come, let us trudge towards empty expanse of sand #1, littered with the bleached bones of Deaniacs and Hope and Changers.
-- lotlizard

Steven D's picture

because the host dies.

That's how neo-liberalism will die, when the world around it collapses into chaos.

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"You can't just leave those who created the problem in charge of the solution."---Tyree Scott

Cant Stop the Macedonian Signal's picture

He's speaking here as an academic, and what he means by neoliberalism dying is that it is dying as an idea. In other words, there is no longer any way to defend it without foregoing basic respect as an intellectual. Anyone supporting neoliberalism as a defensible idea from here on out is either a shill, a liar, or a fool.

Now I agree that we had reached this point long ago, but prominent academics working in the mainstream are considerably more cautious than I am.

Translation: neoliberalism, like climate change denial, no longer has a leg to stand on.

Addendum: That's both very important--in that it's a symptom of one of the major political trends of our time--and completely insignificant, in that it won't matter a damn whether the idea survives as an idea or not.

The object of power is power. Who the fuck cares what is real, or what is right.

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"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

legit from a theoretical standpoint. It only served to prop up global capitalism which has a grow or die mandate built in and has always been known to be unsustainable.

Neoliberalism in its black heart depends upon exploiting the wage differential between developed countries and emerging countries(No I don't like these terms either but they are in general usage and understandable to most.) Neoliberalism depends on exploiting natural resources in the global south, leaving waste to be dealt with by others, and shipping profits and goods back to the global north impoverishing the exploited country and/or region.

A neoliberal like Summers was quoted as saying that Africa was "underpolluted."

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"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

Cant Stop the Macedonian Signal's picture

the mainstream academic world agrees too.

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"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

forward to see how this loss of academic support will be spun in the business press and capitalist economic journals. Stiglitz has been on the left of Krugman and most of the rest of academia and I am hoping his views are expressing the opinions of his cohorts.

Anyway, it was nice to read and thanks for posting it here.

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"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"

Cant Stop the Macedonian Signal's picture

In turn, some progressives are urging Democratic presidential nominee Hillary Clinton to publicly call on Obama and Democratic leadership not to hold a lame-duck vote on the trade deal.

May I rephrase?

"In turn, some progressives are urging Josef Stalin to protect freedom of expression for all citizens of the USSR."
"In turn, some progressives are urging Lee Iacocca to build safer vehicles."
"In turn, some progressives are urging Bill Gates to stop stealing other people's ideas."
"In turn, some progressives are urging Michele Rhee to support good pay and job security for public-school teachers."
"In turn, some progressives are urging Charles and David Koch to protect America's water supply."

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"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

Meteor Man's picture

I would have liked to know the identity of "some progressives". Maybe they are trying to set the stage for a similar question in the Presidential debates. Maybe it's an effort to further clarify her duplicity.

Personally, I'm convinced the woman will tell any lie and make any false promise to maintain the facade that she gives a rats ass about anything besides her corporate contributors.

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"They'll say we're disturbing the peace, but there is no peace. What really bothers them is that we are disturbing the war." Howard Zinn

She doesn't give a rat's ass about anything but the greater glory o of Hillary. She'd call for the execution of her corporate contributors if she thought that was her only option to be an historical figure. Or most of humanity, whichever works best.
Trade is one thing, but what worries me is she seems to have truck with the 'nuclear war is winnable' crowd.

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Orwell: Where's the omelette?

thanatokephaloides's picture

the woman will tell any lie and make any false promise to maintain the facade that she gives a rats ass about anything besides her corporate contributors.

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"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar

"All power corrupts absolutely!" -- thanatokephaloides

and if that thing passes BEFORE, it might hurt her already woefully ugly chances to win. By "killing" it in the lame duck, she can claim Obama's mantle all the while knowing that she herself will pass it, along with her Repugnant Congress. And she'll then lie through her teeth telling us all it's a great thing, all those job and environment and sovereignty issues were "taken care of" and maybe she'll get lucky enough that the real ugly shit doesn't truly hit the fan until her second term. Just a wild ass guess.

But I for one do think they'll ram that fucker through the lame duck, so Obama gets his "legacy" of global dominance for American Corporations, which is the total goal of these people to begin with. I'm sure he too will get a nice payoff. I hope one day his own daughters revile him for what he's done to this country while lying through his teeth and smiling with that big beautiful smile - a Cheshire Cat smile if there ever was one.

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Only a fool lets someone else tell him who his enemy is. Assata Shakur

earthling1's picture

I've been saying for awhile that nothing will change until we hit absolute bottom. Just like your typical addict.
When the American people feel the sting of the rulers whip on their back. Nothing will change until then.

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Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.

lotlizard's picture

by Harried-net Feature Stowe.

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earthling1's picture

All we can do is refuse to remain rubes.
Refuse to do business with TBTF banks.
Stop being consumers of foreign products.
Reuse, recycle, rehabilitate whenever possible.
Demand police unions police their own ranks or close their doors.
Demand Congress be suspended without pay until their approval rating tops 20%.
Like the French, English, and Polish people, grow some balls and engage a national strike whenever needed to force compliance.
Return the rule of law to the upper classes with bankruptcy inducing fines AND long prison sentences.
This should be an essay, I know.

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Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.

martianexpatriate's picture

that showed an absurdly young venture capitalist driving about town in his limousine. He had made an incredible amount of money very young trading on the market. Then he learns that he made a bad deal where he staked everything he owned on it, and he's about to lose everything.

Cosmopolis_Poster.jpg

He drives around town meeting all the people he knew in his life. Along the way, he passes a street, and there was some interesting graffiti on the wall. It read, "The ghost of capitalism haunts the world." As he drove, a financial crises was happening and the city was descending into riots.

The movie made some interesting points I think, though I'm not certain everyone who watched movie got it all. It's a difficult subject to tackle.

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earthling1's picture

"The economic anarchy of capitalist society is the real source of evil."
Albert Einstein

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Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.

martianexpatriate's picture

with the statement, but stating it like that is unlikely to convince anyone who doesn't already believe it.

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Dying? Yeah, I can believe that.

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Cant Stop the Macedonian Signal's picture

As a power in the world--absolutely not.

Is it dying, or winning? It's so hard to tell with disaster capitalism.

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"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

TheOtherMaven's picture

trying to do something about that." Biggrin

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There is no justice. There can be no peace.

The Guardian

After almost nine years, we are finally beginning to reap the political whirlwind of the financial crisis. But how did neoliberalism manage to survive virtually unscathed for so long? Although it failed the test of the real world, bequeathing the worst economic disaster for seven decades, politically and intellectually it remained the only show in town. Parties of the right, centre and left had all bought into its philosophy, New Labour a classic in point. They knew no other way of thinking or doing: it had become the common sense. It was, as Antonio Gramsci put it, hegemonic. But that hegemony cannot and will not survive the test of the real world.
The first inkling of the wider political consequences was evident in the turn in public opinion against the banks, bankers and business leaders. For decades, they could do no wrong: they were feted as the role models of our age, the default troubleshooters of choice in education, health and seemingly everything else. Now, though, their star was in steep descent, along with that of the political class. The effect of the financial crisis was to undermine faith and trust in the competence of the governing elites. It marked the beginnings of a wider political crisis...
Large sections of the population in both the US and the UK are now in revolt against their lot, as graphically illustrated by the support for Trump and Sanders in the US and the Brexit vote in the UK. This popular revolt is often described, in a somewhat denigratory and dismissive fashion, as populism. Or, as Francis Fukuyama writes in a recent excellent essay in Foreign Affairs: “‘Populism’ is the label that political elites attach to policies supported by ordinary citizens that they don’t like.” Populism is a movement against the status quo. It represents the beginnings of something new, though it is generally much clearer about what it is against than what it is for. It can be progressive or reactionary, but more usually both.
The wave of populism marks the return of class as a central agency in politics, both in the UK and the US. This is particularly remarkable in the US. For many decades, the idea of the “working class” was marginal to American political discourse. Most Americans described themselves as middle class, a reflection of the aspirational pulse at the heart of American society. According to a Gallup poll, in 2000 only 33% of Americans called themselves working class; by 2015 the figure was 48%, almost half the population.
Brexit, too, was primarily a working-class revolt. Hitherto, on both sides of the Atlantic, the agency of class has been in retreat in the face of the emergence of a new range of identities and issues from gender and race to sexual orientation and the environment. The return of class, because of its sheer reach, has the potential, like no other issue, to redefine the political landscape.
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SnappleBC's picture

A significant part of neoliberalism is fascism (oligarchy/plutocracy/corporatism/whatever). By accumulating wealth and using that wealth to buy governments the ultimate success of neoliberalism is assured.

Of course, such things are by their nature unstable and I'm sure we'll be getting to collapse/revolution some time shortly. But in the mean time, the neolibs have swept the field and are quite clearly winning rather than failing.

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A lot of wanderers in the U.S. political desert recognize that all the duopoly has to offer is a choice of mirages. Come, let us trudge towards empty expanse of sand #1, littered with the bleached bones of Deaniacs and Hope and Changers.
-- lotlizard

Cant Stop the Macedonian Signal's picture

It's being held in place by force--and by a particularly brutish form of propaganda that, in a sense, doesn't even try to persuade.

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"More for Gore or the son of a drug lord--None of the above, fuck it, cut the cord."
--Zack de la Rocha

"I tell you I'll have nothing to do with the place...The roof of that hall is made of bones."
-- Fiver

really "trickle down, supply side, Reaganomics" all "new" labeling aside. And it hasn't worked and has gotten us where we are today. But just look at how many people in this country STILL think cutting high end taxes is THE answer? And some still believe that the Rump is going to get rid of the TPP, all while he still talks about cutting high end taxes and abolishing the estate tax. It is being held in place by force, but the propaganda has now been fully absorbed by so many that even so called Democrats are on board with it. I don't think it even HAS to try to persuade anymore, we've bought it already.

They'll hold it by force physically when the time comes. And I don't think most of America will even see that it still isn't working until the need arises for that physical force. They are as willfully blind as the Tea Baggers ever thought about being and just about as damned stupid too.

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Only a fool lets someone else tell him who his enemy is. Assata Shakur

the Great Society of JFK/LBJ, when was it not simply trickle down? In my view, both FDR/Truman and JFK/LBJ acted out of fear of revolution, but, even if I am wrong misspeaking about that part, what else was there? Some local health clinics SCHIP (RIP Ted Kennedy), but nowhere near enough of either. Some low income housing, but nowhere near enough of that, either. Federal funding for public schools and, now, charter schools. Anything else? (It's been since 1789. I must be leaving out a tsunami of stuff, right?)
.

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thanatokephaloides's picture

Are you fucking kidding me? Canova is unmarried and doesn't have kids? Please tell me that's not a homophobic dog whistle for the Dade County red necks.

It's not strictly homophobic, but it is a dog whistle. The implication is that anyone who doesn't actually breed, regardless of who they want to couple with, is untrustworthy.

From the lips of the single least trustworthy candidate for President I've ever seen, I might add. And at 58, I remember Nixon, don't forget.....

Sad

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"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar

"All power corrupts absolutely!" -- thanatokephaloides

People can be married and not "breed." They can also have kids without being married. But, never married and childless? How many hetero male politicians fit that description?

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thanatokephaloides's picture

But, never married and childless? How many hetero male politicians fit that description?

I fit that description. Does that, ipso facto, mean that I'm gay?

Or does that mean that, maybe, I've never had the quality of livelihood or relationship which an ethical person would commit to for life and/or bring children into?

To my mind, this would argue for Tim Canova over the quite obviously unethical DWS. But then, I'm not a Southern Man.....

[video:https://youtu.be/kVRxdPWV3RM width:480 height:360]

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"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar

"All power corrupts absolutely!" -- thanatokephaloides

my view about what a dog whistle about a male politician means.

Dog whistles about politicians often don't say anything valid about the politician, let alone about a poster. For example, Obama was not a foreigner, nor were his voters, regardless of their own color, people who were lazy, simply because Hillary's 2008 primary campaign used those kinds of things as dog whistles against him and his voters.

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... It has been apparent for some time that Hillary doesn't have an honest bone in her body. I'm beginning to wonder if she has a soul or a conscience.

The lack of these human traits, essentially empathy and conscience, define the psychopath she's so clearly shown herself to be...

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Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.

A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.