Michael Hudson on ZOMG!!!! Teh debt!!!!
Everything's up-to-date at UMKCThis is a great RNN interview with Michael Hudson; I've put the blogosphere shorthand after Hudson's statements:
Mr. Obama’s great with words. He says one thing, and he does the opposite. Here’s basically the charade that’s happening when he’s trying to be reasonable. In order for him to move way to the right and to continue the Bush administration policies, he needs the Republicans to move even further to the right.
(The Ratchet Effect)
[W]e do have to cut what’s inefficient. What’s inefficient? Paying for people on Medicaid. Got to cut it. What’s inefficient? Medicare. Got to cut it. What’s inefficient? Paying Social Security. What is efficient? Giving $13 trillion to Wall Street for a bailout. Now, how on earth can the administration say, in the last three years we have given $13 trillion to Wall Street, but then, in between 2040 and 2
075, we may lose $1 trillion, no money for the people? That is absolutely crazy.
("Free market" ideology)
It’s not about the debt ceiling. It’s about making an agreement now under an emergency conditions. You remember what Obama’s staff aide Rahm Emanuel said. He said a crisis is too important to waste. They’re using this crisis as a chance to ram through a financial policy, an anti-Medicare, anti-Medicaid, anti—selling out Social Security that they could never do under the normal course of things. They’re using this to stampede the Democrats.
Mr. Obama has always known who has been contributing primarily to his political campaigns. We know where his loyalties lie now. And, basically, he promised change because that’s what people would vote for, and he delivered the change constituency to the campaign contributors.
(President Fuck You)
NOTE More on KC (UMKC, if you didn't know, is where Bill Black and part of the MMT crowd work, also). Remarkably, this editorial on Grover Norquist is from a member of the Kansas City Star editorial board. Things are certainly stirring in the heartland.