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BDBlue's picture

Okay, comment of yesterday I'm a bit behind, by i on the ball patriot at Naked Capitalism in response to tan Edward Harrison post (internal block quote markers are mine):

Edward Harrison said:

Barack Obama has now come clean about his thinking on why his administration has decided to focus first on reducing the deficit and next on jobs. He fears a double-dip recession will occur if foreigners lose confidence in the U.S. dollar, causing interest rates to spike.

This is nonsense and it demonstrates how much at odds Obama’s economic thinking is with reality. This is the clearest indication that the Obama Administration doesn’t understand how modern money works. In fact, by focusing on deficit reduction, he has increased the chances of a double dip instead of decreasing them.

I think the Obama Administration understands very well how modern money works — and they don’t give a rat’s ass about a double-dip recession as it will be just another part of a well crafted (and well executed thus far) program to decimate the global middle class so as to reduce global consumption and consolidate power into a two tier ruler and ruled world. Obama is simply the current flunky con man actor in the decoy illusion that masks the machinations. Breaking past promises made for social programs and reneging on those obligations; pensions, social security, medicare, etc., is well under way and is a very obvious incremental component of the overall plan. You are getting the liquidation scenario, but it is the middle class that will be liquidated.

Addressing this problem in the very limited framework of economics, that includes only the “private sector, the public sector and the foreign sector”, without looking at the far more pivotally important — and now all pervasive — “corruption sector” as the driving force of societal direction is a distraction and a disservice to your readers. This disservice is especially so when you consider that whatever course you ‘advocate’ is a fantasy that will never be implemented because you have a totally ‘non responsive to the will of the people government’.

We need a path advocated to responsive government.

Deception is the strongest political force on the planet.

Does Obama not understand the economic suffering of the middle class or does he understand all too well? Or is it something in between? A debate, it seems to me, similar to the debate over exactly how weak are the Democrats.

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Submitted by hipparchia on

Does Obama not understand the economic suffering of the middle class or does he understand all too well? Or is it something in between?

i think he does understand the economic suffering of the middle class, and he may even understand somewhat how we got here, but i think he truly believes that neoliberalism is the way to fix things.

Submitted by gmanedit on

The second thing I ever learned about Barack Obama (after he talked about how Social Security needed "fixing") was about the freezing tenants in the eleven Rezko buildings in Obama's district.

That told me everything I needed to know.

We're in a fix, all right.

madamab's picture
Submitted by madamab on

His Reagan worship was a dead giveaway to me, as well as his FISA vote.

He doesn't give a sh*t about anyone but the people who bought him. Like all sociopaths, he believes that other people are just there to advance his personal agenda. As soon as they begin to lose their usefulness, they are under that famous bus.

S Brennan's picture
Submitted by S Brennan on


Brings up a good point to the "if only the Czar knew*" meme that defenders of Obama put out. Obama has a history of indifference bordering on sociopathic and his overt narcissism is way over the top.

Now I know my comment will bring out the "well...he's bad, but not" crowd, but before tapping away, do what I did.

In 2003 a famous national magazine columnist that I went to HS with wrote me to say that after talking with him he had determined that Obama was "The One", the perfect presidential candidate. That made me an early supporter LITE.

However, that's when I started digging...and outside of his verbal talent, there was not a damn thing I liked...but the thing that I hated about him the most is repeated penchant for betrayal...he never misses a chance when he longer needs the person. Like I said back then [2006-7], the guy is a creepy jerk, a typical rich kid with no sense of societal obligation. And his supporters on the blogs, Marshall, Drum, Ezra, Cole..ect all had one other thing in for the Iraq invasion. Those clowns had no sense of societal obligation either, Birds of a feather...

*Good willed, but weak...unknowing...hostage, excuse, excuse...excuse

DCblogger's picture
Submitted by DCblogger on

it really could be that Obama is sold on the neo-liberal bill of goods. He did come out of the U of Chicago.

Or maybe he is really that cynical, it is difficult to say.

gqmartinez's picture
Submitted by gqmartinez on

Of course one thing that we should have learned from Bill Clinton's presidency is that the neoliberal lines aren't true. You can raise money (e.g. top marginal tax rate increases) and do more for people without destroying the economy. That is clear. Professor Obama should know at least that much. Anyone that reaches high in politics should know that much.

TreeHugger's picture
Submitted by TreeHugger on

issues may be involved. First, Obama's pursuit of 'bipartisan' support for his policies fed directly into opposing congressional dems' focus on infrastructure spending (job providing) for stimulus spending. Instead, he gave away the ranch, getting tepid support from a couple of repubs in exchange for redirecting the stimulus to tax cuts....which even those who received them probably did not notice.

The other issue is the opposition of Summners/Geither to those economists who recommended a much larger stimulus from the beginning of the mess. Not only Krugman, Stiglitz, Galbraith and the usual suspects, but even the Administration's own Christine Romer calculated a larger stimulus would be needed. Likewise, as Krugman pointed out, the administration's models for the stimulus needed were dependent upon an unrealistically rosy projection of peak unemployment rates....they said it would top at around 8%.

I really don't know enough about Obama to make judgements about why he picked the financial team he did, but by following their advice he has led us further into the swamp. Whether this amounts to a simple belief in 'neoliberalism' I cannot say. To me it has the air of a CEO who gets a lot of input and then rolls the dice with the views of those he trusts the most.

I am no Obama fan. I predicted he would make Bill Clinton look like a flaming liberal. So far I find I underestimated how badly he not only fail to drain the swamp but also give the alligators a pass.