Still slogging through Foner’s tome on Reconstruction when I come to the Long Recession of 1873. Once again I ask myself, “Why does America tolerate an economic system that crashes horribly every 25 years or so?” 1
Reading on, Foner describes the resulting hard swing to the right in the wake of the recession. Politicians and contemporary pundits blame socialists, reconstruction advocates, and—whaddaya know—former slaves. 2
Then it hits me! Obvious as hell. Bankers and capitalists love recessions and economic crashes because they get to blame the left and people of color. "It’s the commies and the blacks!” they shout, and financially insecure low- & middle-class Americans take the bait every time. 3
Fear is a great tool for controlling people, especially proud, devout, uneducated, untravelled people. Capitalists use that fear as a tool, and they can survive recessions, while socialists can’t. 4
