Have no doubt that the bailout of the financial sector is reactionary. It’s a bunch of little boys sticking their fingers in the dike to save the bosses. Unfortunately, there are many more muskrats on the other side weakening the dike.
The brief mutiny is over. The Democrats, who control Congress, have pushed through the outrageous Paulson swindle, giving an initial $700 billion or so to Wall Street. The Democratic presidential nominee, Barack Obama, lobbied hard for the bankers’ bailout, according to reps and senators receiving his phone calls. Obama voted for the package of course, and so did the vice presidential Democratic nominee, Joe Biden.
Needless to say, Obama/Biden shouldn’t be let anywhere near the White House. The same holds true for McCain/Palin. They’re in the pockets of the bosses (I suppose it could be that they’re delusional, but that should keep them away, as well). We also now know that the two major national parties are in the pockets of the bosses (like we didn’t before…).
I never heard anyone speculate that Obama might, against all the odds, rally to the “No to Bailout” cause. His Yes was pure. He told reporters in Clearwater, Florida last Wednesday that “issues like bankruptcy reform, which are very important to Democrats, is probably something that we shouldn’t try to do in this piece of legislation.” In addition, he said that his own proposed economic stimulus program “is not necessarily something that we should have in this package.”
No need to worry, there’s not any money left in the till to pay for any reforms, except that of the Monopoly variety. Sure, the day of reckoning may have been put off, but there’s at least one last bubble to burst, and that’s the derivative bubble. It’ll make all of what’s going on look like a kid’s birthday party in comparison. On the other hand, we’ve handed the bosses over $1 trillion in the past few months to fortify themselves against the financial tsunami which will be unleashed when that bubble bursts. Which, when all is said and done, is what our two parties are designed to do.
In the crunch, almost invariably, Obama does the wrong thing and in my opinion he always will. Just count out the moments of surrender: reauthorize the Patriot Act? Aye, from Obama. The “class action fairness act”, sought by Big Business for years. Aye from Obama. Capping credit card interest rates? No-o-o from Obama. FISA? Aye from Obama. With Robert Rubin at his side, his bailout vote was as sure as that of the harlot of the credit card companies, the six-term senator from Delaware, Joe Biden.
Like Bubba’s mythical middle class tax cut, Obama spews out for ‘hope’ and ‘change.’ The only change is that he will be in the White House, and not W. As far as ‘hope’ goes, on only has to study Pandora to understand that is not something we should be electing government officials based on.
Obama’s designated role in these fraught times is to de-fuse, not inspire; to urge the angered crowd to remain calm, and disperse quietly, not to march upon the citadel, pitchforks upraised.
He’s playing his role to a ‘t,’ isn’t he?
I’ll let you read the rest of Cockburn’s article. The results aren’t pretty. Then again, neither is the near economic and political near future for our country. Just keep in mind that both major parties are in the pockets of the bosses. The beginning of a turnaround could be the vote that takes place November 4. Do I expect things will change in a manner that’s needed? No, but if one or two of the big rascals get thrown out it’ll be a start.