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?
RT
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5 comments:
Yet another great post and I think that this is all political and he is not doing what he got elected to do.
I'm beginning to think that everyone elected to that office plays politics instead of getting down to the nitty gritty and doing what they should and not what the "establishment" says or wants them to do.
Sad Richard...I vote for you in 2012!!
Thom: We just have to wait and see; with the market up so much today, the rest of the world seems to love Giethner's plan. Maybe they can pull it off. I remain hopeful, yet dubious. Sounds conflicted, huh?
I think the "we" who elected him consists of a lot of people who don't see things your way.
The poor guy is trying to find a way to serve the whole " we" while being fired at from left and right.
Now you know why I like him.
Dr. John, once again methinks you misconstrue. I voted for Obama. I am just not happy with his financial people and their connections to Goldman Sachs, banks in general and failed governmental oversight institutions like the New York Fed,the SEC, FINRA and others.
I am not advocating for overnight success or action that will immediately turn around the economy. I am however advocating for utilizing folks with more objective views on the powerful influence exercised by corporations on our government.
Party is almost immaterial in this matter, since both have been effectively compromised by big $$$ for a few decades.
It is possible to support our president and not agree with his all his cabinet choices.
As did George Bush my friend and that I firmly believe
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