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Sunday, August 07, 2011

Obama stared into the eyes of history and chose to avert his gaze

If you haven't read this indictment of Obama in today's NY Times, do so. It's a must read, even if a bit long. Here's a sampling:

IN contrast, when faced with the greatest economic crisis, the greatest levels of economic inequality, and the greatest levels of corporate influence on politics since the Depression, Barack Obama stared into the eyes of history and chose to avert his gaze. Instead of indicting the people whose recklessness wrecked the economy, he put them in charge of it. He never explained that decision to the public — a failure in storytelling as extraordinary as the failure in judgment behind it. Had the president chosen to bend the arc of history, he would have told the public the story of the destruction wrought by the dismantling of the New Deal regulations that had protected them for more than half a century. He would have offered them a counternarrative of how to fix the problem other than the politics of appeasement, one that emphasized creating economic demand and consumer confidence by putting consumers back to work. He would have had to stare down those who had wrecked the economy, and he would have had to tolerate their hatred if not welcome it. But the arc of his temperament just didn’t bend that far.

2 Comments:

Blogger marketingace said...

On the money, and, Obama's handmaidens were the Goldman boys such as Rubin who led (under Clinton)the undoing of Glass-Staegall that enabled the financial meltdown, like Paulson, who ordained Goldman and Morgan bank holding companies (not be any strech of the imagination) thereby giving them access to tax payer money ($52 bil for Goldman alone)for purposes of covering their reckless investments, and, Geithner, who orchestrated what amounts to a $13 Trillion government risk assumption, hence, that of the taxpayer to date $53,000 per capita.

1:33 AM  
Blogger marketingace said...

P.S. Compare Obama to FDR who when warned he was going to make a lot of bankers angry at him, replied:
"that's just too bad." As Sen. Bensten might have said: "I knew FDR, he was a friend of mine. Mr. Obama, you've no FDR."

1:37 AM  

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