Bank bailouts exemplify society’s protective countermovement against markets

Evidence

Counter-­movements are considered necessary for providing a sense of security for the future and a politics of redistribution against the ravages of unregulated markets. The government-­ provided protection and social insurance marshaled by the New Deal (after the Great Depression) are examples of this historical function of the double movement—­and so are, by the same token, state interventions such as the controversial bailouts of US and European banks ensuing from the 2008 global financial crisis. — Aris Komporozos-Athanasiou, Speculative Communities, 400

Categorization

• QUESTION: Does the reader’s finance focus see the 2008 bailout-as-countermovement framing as useful or strained for how speculation reshapes imagination?
• XREF: Places financial crisis rescues within the same historical mechanism as the New Deal — a useful causal anchor for the finance/imagination study. — connects to: The protective countermovement to markets can itself be exclusionary — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 401; Bailing out finance was the single most important event protecting orthodox economics — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 975; Bankers escaped 2008 accountability because society depended on their payment systems — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 224