Yesterday's sunday funnies post talked about what we think our government is versus what it really is; that is to say a Corporatocracy. Matt Taibbi at the Rolling Stone puts it even more bluntly. Check out his article here.
If you make it through the multipage piece you will come out the other end knowing more about CDOs and CDSs than most of your friends and workmates.
I want to believe that the Sec of Treasury's plan announced today is about Obama seeking the middle ground. Many do not. Instead they believe it's either not enough or totally wrongheaded. Either way it doesn't sound too promising for the average taxpayer. The market's 300 point rise today makes it only clearer that Wall Street likes it, which means we are probably getting fucked again.
All these folks are basically just economists. I say this not to undervalue or downplay their opinions, because to a large extent I agree with them. What I wonder is this:
Is this less than optimal, in-between, sort of half-way solution a compromise that the pragmatic Obama is making in an effort to save political capital or even garner some for the fights ahead on health care, the environment, the EFCA bill, the wars in Iraq and Whoknowsistan and what ever else is on his plate and mind?
If that's the case, then I see his reasoning, but doubt the outcome. The opposition party is making hay of every faltering move, gaffe and mistake while all the while benefiting it's major backers; mainly big business and wall street. It seems a no-win, no-win situation for the president if that's indeed his strategy.
By not getting at the dysfunctional elements currently controlling our economy and culture he is avoiding the fight we elected him to take on. I hope my estimate of this situation is wrong.
What do you think?