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Blinking red

Eschaton:

Tweaks around the edges, or plans to establish programs with tax credits to blah blah blah don't do it. The system is blinking red, and politicians are failing to recognize that.

Then again, the system is not blinking red for everyone; and those for whom the system blinks green (the MOTUs) are the real constituents of both parties. We are not experiencing "failure to recognize." We are experiencing preferred policy outcomes.

Brooklynbadboy over at Kos has an interesting post on Velma Hart, the woman who asked Obama a question at a Town Hall. I'm going to quote from her:

[HART] Quite frankly, I'm exhausted. Exhausted of defending you, defending your administration, defending the man for change I voted for, and deeply disappointed with where we are right now. ...

Quite frankly, Mr. President, I need you to answer this honestly: Is this my new reality? ....

You can have all the hope in the world, but it has to be backed by action. It's been a long time since I had to make decisions about grocery purchases ....

Quite frankly, I thought that my question would set the platform for a response that would almost be, I don't know, whimsical, magical, very powerful.

So Hart thought she was throwing Obama a softball. As I keep saying, "You don't bat zero for the season without a plan!"

On the fact that he does believe he's made progress, I know he's made progress. The issue for me is that I'm not certain that the progress is being felt deeply enough. And that is where I'm looking for the bang for the buck.

Needless to say, Obama's answer -- ""As I said before, times are tough for everybody. So, I understand your frustration" -- was not magical for her.

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Submitted by jawbone on

Many have probably read it, but I guess I missed it. I've thought of Obama as Hoover-ish, but I had not known just how accomplisehd Hoover was prior to being elected president. As president, he was "somewhat" bold, "somewhat" unorthodox -- and it was so terribly not enough. He, like Obama, ended up making those to the right of him and those to the left angry and disappointed in him. Many of the criticisms from the right sound as if they were said today about Obama's middling, milquetoast actions.

Fascinating read.

Via commenter Tongorad in a post at FDL about how the health insurers are skirting the intents of the Obama/Heritage Big Health Industry Players Profit Protection Plan.

More to the point of this post is this commenter's quote from an MSNBC anchor's comments about Summers providing the means for banks to get their hands on our savings and pensions. No link to the MSNBC site, but it's someone on at 4PM--which is Dylan Ratigan's time slot.

Larry Summers is one of the key people going back to the Clinton Administration who conceived the idea that the economy would function better if it was possible for Banks to have access to the savings and pensions of the middle class…

…and instead of investing that money in the country, they used it to create debt and credit for poor people…

so the idea was we’ll take the pensions of americans, the teachers, judges, all this…and we’ll take that money and we’ll make it in to home loans, credit card loans…this comes out of Bob Ruben, Larry Summers, Arthur Levitt, and Bill Clinton in 1999…

that’s the President working wiht Financial Markets, that’s where the decisions wee made and all the things we’ve talked about since then

Larry Summers was CENTRAL to that decision, the idea was this will be the most efficient economic system ever because all that dormant middle class money will be used in our economy…

…interesting idea, but the fact of the matter is, it has resulted in the largest transfer of wealth in the history of ANY country ever – from a group of people in the country; the american taxpayer to a very small group of wealthy individuals who took control effectively…

…a few hundred, a few thousand tops, who wee in charge of a Credit Casino that Summers, Ruben, Clinton created and GWB expanded. that casino blew up in all our faces….

…and now 1 in 7 americans live in poverty as a result of Larry Summers economic policy.

you have a situation where you literally created a country where one very small portion is PROFITING from the destruction of the other portion, like a snake eating itself….

…THIS is the man who created it – was brought in to the Obama Administration to cover it up with money printing. and now walks away as one of the worst public policy administrators I have seen in my lifetime.

Booblehead (and you should have seen this poor gobsmacked guy) says – so, this development, his departure is a good thing ?

What I’m saying is it is unfortunate that he has already had the time to create the architecture to cover up everything he did – the FinReg bill was simply a way for thyem to continue the casino without the inconveinence of going back to Congress, the Ameican People for money – now they can simply go to the FED and take it out the back door

the problem for them wasn’t the Casino, the problem was when it blew up they had to go to the american people for more

basically, he’s completed the cover up so now he can go home

In "Obama Plots New Disappointments for Progressives" post.

Submitted by jawbone on

Format seems non-corporate.

I did hear a discussion of a new book by Mike Hirsh on the Leonard Lopate Show, with sub Andy Borowitz, on WNYC today (no transcript) where the author also made the point that Summers, major mover in deregulating under Clinton, then was brought on by Obama and had time to cement things...and cover up as necessary.

Audio only at station's site.

Former Newsweek reporter Michael Hirsh, now at the National Journal, explains why presidents, from Ronald Reagan through Barack Obama, have put Wall Street before Main Street. In his book Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street, he looks into how that preference has caused numerous economic crises around the world.

Commenter Jelani caught this quip by Hirsh, who says politicians gotta know by now that Wall Streeters, necessary evil that they are, will go apeshit whenever they have the chance:

"..its not about the ape [Wall Street] going ape..it's more about the zookeepers [Regulators]minding the zoo."

Submitted by jawbone on

call to service, but he did some great work in harrowing conditions. Truly dangerous "community" to be organizing in -- and he did it more than once. I'd known some of the things he accomplished, but not all. So sad he's now the name of incompetent managing of economic emergencies. Perhaps he will be supplanted in the public mythology....

And talk about a tough childhood!