If you have "no place to go," come here!

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.

(Shock doctrine)

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.

No votes yet


Submitted by Randall Kohn on


(The Ratchet Effect)


(The Ratshit Effect)


Because after all, catfood is just too expensive for the likes of us.

Submitted by jm on

some are smarter than others.

"Mr. Obama has always known who has been contributing primarily to his political campaigns."

Hudson is referring to Obama's benefactors in the financial industry, of course, but here is a lessor known fact: employees of Goldman Sachs were not the top contributor to the president's campaign in 2008. These chumps were, by a fairly wide margin, too. And what did liberals at the University of California get in return? Well, not much. Not only is Obama doing his level best to erase the liberal legacy of FDR and LBJ, his economic policies are effectively limiting access to higher education (even after this is accounted for).

As the economy continues to sputter while Versailles twiddles its collective thumbs, the UC system, which has undergone budget cut after budget cut lately, is once again facing the fiscal axe. And its students are facing yet another round of tuition hikes. This is having the combined effect of fewer students being accepted each year and those who are accepted having to pay a substantial higher cost.

You'd think liberal professors at places like UCLA would be pissed for having been punked. If so, you'd be wrong. I can only guess that contractually guaranteed lifetime employment with income safely within the top 5% of the income distribution colors one's perceptions of reality.

Meanwhile, Hudson and his colleagues at UMKC are being sneered down on as dangerous fools.