Obama holds press conference, promises “whatever is required” for Wall Street

(IS it time for all out Class War? – promoted by buhdydharma )

Original article, by Tom Eley, via World Socialist Web Site:

On Monday, US President-elect Barack Obama held a press conference in Chicago to announce selections for his “economic team.” After these introductions, Obama spoke briefly and in vague terms about a proposed economic stimulus package, and then took five questions from reporters.

I guess by now we can’t really call what Obama’s choices have been a bait-and-switch. He’s made it clear where he is on the economy, that is in the hip pockets of the bankster frauds, bosses and capitalist parasites. Obama is the epitome of success as defined by our current corrupt era. It shouldn’t be surprising that he’s part of the problem.

The 26-minute press conference was intended primarily to reassure investors that his administration will defend the interests of Wall Street, and that it will shift the cost of the economic crisis onto the working class.

And trillions of dollars will go to the financial sector, while you and I get stuck with the bill. The profligate bosses will get their nest eggs saved, while your nest egg gets destroyed. Is this the change you voted for?

Obama repeated five times some version of the formulation that he would do “whatever is required to stabilize the financial system.” On the other hand, Obama warned of cuts to social spending. “To make the investments we need,” Obama said, “we’ll have to scour our federal budget, line-by-line, and make meaningful cuts and sacrifices as well.”

The sacrifices will be made by the poor, working and middle classes. That’s most of us. What sacrifices will the bankster frauds, bosses and capitalist parasites have to make? Will they be anywhere near the level of everybody else?

The class character of the Obama administration was further underscored by two key appointments. Timothy Geithner, the head of the Federal Reserve Bank of New York, will be his Treasury Secretary, and Lawrence Summers, the former Treasury Secretary under Bill Clinton, will head the National Economic Council. Both are Wall Street and Washington insiders whose careers have been spent defending the interests of the American financial elite. (See, “A look at Obama’s economic team“)

The financiers who got us into this mess are the people to get us out of it. They’re the only ones who understand just how bad things actually are. Give me a break. Obama’s promising us more of the same, when more of the same is broken.

When asked about the proposal to bail out the auto industry, Obama took a very different position. In contrast to his promise to do “whatever is required” for the financial industry, he declared, “We can’t just write a blank check to the auto industry. Taxpayers can’t be expected to pony up more money for an auto industry that has been resistant to change.”

Compare that to trillions of dollars being siphoned off for the financial sector. The one industry which is on the verge of collapse that could be considered vital to our national security and there’s likely not to be any money for it, unless the brunt of any job and wage cuts are taken by the workers themselves. It’s gushing up and trickle down economics continued.

It’s clear which side of the current economic war Obama is on. He’s chosen the side of the rich and the financial sector. Which, once you think of it, makes sense if he wants to secure his financial future. The rest of us are peons. Period. It looks like it’s time for actual class struggle, and to throw off any loyalty to the national Democratic Party that’s part of the duoparty.

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  1. Read the original article.  It’s amazing how Obama seems to be agreeing with what W’s doing.


  2. I hate seeing money-for-nothing investors supported while those who are without jobs and insurance see services cut.  Crap, crap, crap.

  3. Since in selling off a big chunk of the economy to the owning classes, the Obama team will have made it impossible for the rest of us to become the model consumers they want, the bailouts count as the “golden parachute” for the CEOs.  

    We can now expect a transition from capitalism to a “gray area” in which constant government intervention will decreasingly succeed in propping up the illusion of an “economy.”

  4. Those of us who do not belong to the class that buys legislatures and therefore “owns” everything have been on the receiving end of it.  Most Americans don’t seem to be consciously aware yet that this war is even being waged, and for that reason there’s very little prospect that this situation will change during the coming administration.  The class war and its “two” facilitating “parties” isn’t going to stop itself.

  5. Industrial Workers of the World.

    Yep, the Wobblies!  They’re small right now (some 2000 workers), but it looks like they’re not big on bureaucracy.

    Take a look at where they stand and see if they might be a starting point for the coming/continuing class struggle:

    Information on joining.

    Information on organizing.

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