Two things that are true:
–The discussion of Larry Summers leaving his job as director of the White House Economic Council often failed to provide any sense of progressive criticism of his tenure, or of White House policy. (Republican criticism was well-represented, though.)
–The Washington Post‘s “Topic A” op-ed features are often terrible.
On Sunday (9/26/10) it all came together, with a Post “Topic A” discussion about the performance of Obama’s economic team.
The Post got responses from former Bush economic adviser N. Gregory Mankiw andMcCain economics adviser Douglas Holtz-Eakin, who are both unsurprisingly critical. The paper also sought comment from Dino Kos, a “managing director at Portales Partners LLC” who argued the stimulus was ill-conceived and declared that the “government has made commitments–especially Social Security and healthcare–that cannot and, ultimately, will not be fulfilled. Future governments will default on those promises one way or the other.”
Diane Lim Rogers of the center-right Concord Coalition stressed the need to”start living within our means.” Author Sebastian Mallaby says the Obama team “has gotten the big calls right.” He does have his criticisms, though: “The president’s rhetoric, if not his policy, has sometimes been excessively tough on business, contributing to nervousness in corporate boardrooms. There can be no durable recovery until businesses start to invest, so beating up on captains of industry may be good short-term politics but is lousy economic strategy.”
And Moody’s economist Mark Zandi–who has recently advised Republicans and Democrats–has a similar take, writing that the White House team “deserves high praise.”
But where are the voices who would criticize the White House record from the left? It seems as if that point of view can’t get much of an airing, in the Post or elsewhere.
The NYT treatment was no better, explaining with a straight face that Summers had to leave in order to maintain his tenure at Harvard.
Just for example, someone could have pointed out there there are many well-respected market economists to Summers’ (and Obama’s) left who could have been cited (and in a dream world brought on to the President’s team) such as, for starters Nobel Prize winners: Akerlof, Stiglitz, Krugman. And could someone ever mention the number of times Summers has screwed up high profile jobs? Anyone?
What is amazing to me is that no one seems to be talking about the fact that the MAJORITY of the people who voted Obama & the Democratic congress into office are ANGRY AT THE DEMOCRATS & unsure if they will be voting for any Democrat this go round, SPECIFICALLY BECAUSE THIS ADMINISTRATION & CONGRESS HAS CONTINUED THE FAILED RIGHT-WING POLICIES OF THE BUSH ADMINISTRATION & THE REPUBLICAN CONGRESS, instead of doing what they were elected to do (which was to begin undoing the humongous givaways of taxpayer money… in the form of tax breaks & incentives & subsidies… to the wealthiest corporations & individuals).
They were voted into office to bring the country back from the far right (where it has been for over a decade) & toward the left, in order to begin helping out the middle & lower income Americans for a change! But instead, Obama & the current congress continued Bush’s “bailout”, giving more money to Wall Street, & the Banksters.
All the power Obama had at the beginning of his term, he has squandered!!! If he had actually stood firm for what is in the best interest of the entire nation, he would have forced passage of a universal single payer form of health insurance reform, or at least insisted that there be a true public option! The claim that the Democrats did not have enough of a majority is ludicrous!!!!
I guarantee that if the Republicans had been in the same situation, they would have not stopped until they had exactly what they wanted. Obama has veto power & the power of the “bully pulpit”! He had this country in the palm of his hand! The majority of Americans wanted a Medicare For All system, & wanted the “stimulus” money given to the people most likely to spend it…. people in the middle class & below. We would have backed him to the hilt….. but he blew it big time, & with it, any hope of real political change in this country for who knows how long….. & in the short run… this failure has given the Republicans a better shot at recovering seats in congress (not that it will really make any difference, since almost every member of both parties have now been bought and paid for by the corporate wealthy).
Lee Stanfield – you have it EXACTLY correct.
I second every comment so far. Only in a blog can you see such reasoned responses. That’s why the dead tree empires are crumbling.
Except for in the blogosphere, one cannot hear the voices of the true majority in this country, poor working stiffs who want a better life for their kids and just want to work for it in decent conditions for fair pay. They want the government to provide decent services and are willing to pay a fair price for them, but they have been entirely drowned by mouthpieces for the rich.
Our working class president just couldn’t wait to shuck all that, leave us field hands behind and move into Massa’s big house for a while.
And I voted for the jerk.
Primary, anyone?
Oh boy here I go again….Lee Stanfield you are so wrong.What Obama was elected to do- is exacty what he has done.I disagree with everything he says and does,but where has he lied?There are no surprises here at all.You all cant play dumb now.Be big enough to admit that the utter failure here of this administration is do to inexperience,ideology,economic insanity,(a belief in Keynesian economics)etc etc…Instead you have come full circle and have said his failure is from(get this everybody)- being too much like the republicans???Sweet Jesus cant you people just fail….and admit it?Uneasy one even called him an uncle Tom.
And did you actually say” the majority of people wanted the stym money given to the majority of those willing to spend money-the middles class.”………WHAT WHAT WHAT?Are you telling me the majority of people wanted a handout?Just so they could spend the money/??????IM LOOSING MY FRIGGING MIND.Where did this class warfare against successful people and corporations begin?On word………..DEMOCRATS!You are living in the wrong country pal.This is America.Not some socialist tin pot.
I wish he was elected to stop stop the humungus givaways of tax payers money.Of course You mean by that that he was elected to crush business and wealth in the United states(I mean something very different).Maybe he was elected by some of you for that.But there were plenty of “us’ who said not so fast there partner.Since when though was the profit of individuals,corporations,the automatic property of government for redistribution?Guess America listened.And that is why he is going to get thrown out on his very prominent ears.And you sir …..sound like a socialist.Again wrong country buddy.It was the stop six stops back.You missed your stop there
Mikey. Let me answer your least well thought out question first. “Where did this class warfare against successful people and Corporations begin?”. It began, my uninformed fellow, with the American Revolution. For a breif but concise history of Corporations before and throughout American History try following the link proveded here. http://www.thirdworldtraveler.com/Corporations/Hx_Corporations_US.html
Those who love Corporatons commonly dispise Unions, not recalling that it is the collective bargaining movment that, for a while, curbed the Dikensien world that was the result of the corporatization of most of the economy throughout America and the rest of the world. This concentration of wealth and power in the hands of a very few and the impoverishment of the vast majority of the population is what led to the development of theories of Socialism and Communism as a means of preventing the subjucaton of the masses by corporations that was as bad, or worse than feudalist societies in royalist times. Certain though I may be that you would have been one of the tiny percent of inhabitants of such a society that would have survived and prospered even had you not been born to the Manor, can you tell be with equal certainty that each of those subjucants dominated and impoverished by such a system deserved his or her fate because they were lazy? None were given lesser status as a result of their color, creed or orientation? I believe strongly in the american theoretical system of advancement, meritocracy, though it seems to seldom be put into practice. It is far easier to say simply that there will always be poor among us than to attempt to remedy the condition. I have run my business for 27 years and, as I started out as a union painter, have always paid those on whom we rely to assist us a wage and benefits package far above the minimum required to keep them indentured. In america today, far too often the way to get ahead, stay ahead and move to the top of the heap ammounts to how Psychopathic one is, not how well they perform their job (or does job performance equate to a Psychopathic willingness to place corporate profits above ethical treatment of those whose labors produce corporate profits?). And if it is true that in todays corporate structure there is no place for ethics, all the more reason and need for the government to become involved in both consumer and employee protection in order to serve the needs of “We the People”. Otherwise what are we but another Mexico that used to have a top quality educational system and strong middle class. Obama’s economics team should, if it is for “America” not be souly focused on providing an atmosphere condusive to corporate interests, hoping this will lead to the economic improvement of the society as a whole. It was the innovation of America’s corporations teamed with the productivity and quality of America’s workers that led to the greatest middle class in history. And it will not extend into the 21st century unless BOTH factors enter into the equation. Don’t get me started on how our response to climate change will affect out economic future.
Well said Stanfield. I would only take objection to your following remark: “They were voted into office to bring the country back from the far right (where it has been for over a decade)” Since 1968, except for the Carter years, America has been lead from the far right. It has just gotten progressively farther right as that time span has concluded. Yes, I am including the Clinton years, except that He kept us out of wars, a trademark of the right these days. I don’t know how old you are, but like myself you may think of the left as it was in the middle of the last century. It is interesting to note that President Obama’s formative years took place in the midst of this rightward movement (particularly those in which he developed his political leanings). He honestly doesn’t seem to have the same frame of reference regarding liberality that I have. Recognizing that if he were in politics today, Dwight Eisenhower would be significantly to the left of Bill Clinton, as would Barry Goldwater except for his paranoia concerning the Soviet Union and the Communist menace. Obama seems to have a case of the national naivete concerning the corruptability of power and commerce, or an acceptance of our inability to combat it. I truely chuckle when I hear or read from those on the right who propigate or regurgitate the obscenly fallacious remarks concerning Obama’s “Socialist” or “Communist” leanings. “Faciest”, maybe but the right is far closer to the latter than Obama. Young “Progressives” must be either very politically estute or have incorporated their leanings from their parents. In general, I’m beginning to think the middle of the last century was an anomaly that might not ever be repeated as our educational system and media continue to devolve. (Ouch! sometimes I scare myself when I get too reflective).
Ouch! I just copied my remarks into my email and spell checked both replys. I really need to write my remarks where they can be spell checked first and then cut and paste them here. sorry if my obvious inability to spell my verbage is disruptive to anyone reading this.
David well said and spell check be damned.Interesting remarks that seem….seem I say to point to you supporting some of the ideas of the collective,socialism ,unionization etc..You are really simply saying empower the government into our lives because you trust them to do the job you have charged them with.For all the good things you believe they could accomplish to even the playing field.You swing forward and back in history to cherry pick on moments of clarity.Let me be very clear.The founding father and the documents that formed this union did the most brilliant thing in Weakening the power of the federal government in every way their minds could conceive.The message was very clear.
You write clearly but without any example as to how it is you would disempower corporations(the most common form of business ).Re-empower unions.Re grow the middle class. Deflate the so called upper class.Or any other hopeful dreams of future equality.We are after all -all created equal.To promise that you will finnish equal is not the job of any free government.To say socialism always fails because sooner or later you run out of other peoples money is at its core true.And Unions cannot be subsidized.I am glad you paid your workers so well. Hopefully there was a profit in doing so(keeping good men where you need them)But as a legislator I could not order you to do so- so as to subsidize a system, no matter how well intentioned.The boogyman is not coorporations.It is not right leaning thoughts of personal freedom over the collective.It is not manner born or achieved.It is against personal success.The new progressives as you call them bristle at that seminal achievement.Unless…unless it as used as a mule to carry the collective water.
We will move to overturn that movement as soon as the next vote.It is not the America we know, with all her faults.In the arena of ideas I believe we have a stronger case as aligned with the constitution.
Ps class warfare of course goes back as far as man.It has another word…. jealousy .An ugly little word.
If Obama was ever a Liberal it was in the past. He definitely isn’t now. More of a Regressive in Liberal’s clothing. He has not only supported all the Bush doctrines but enlarged them and expanded them. From supporting DADT to rendition to death orders against Americans overseas. You get the idea.
David…the link you sent me was derived from a fellow ( w keller..)who started addbusters magazine.Please read his bio.I love his naming top war criminals – Bush Cheaney,Ashcroft,and Rumsfeld.I spent the last hour researching him .Not to put too fine a point on it….He is a liberal nut. Nothing he says could have any real value.His ideas on economics are laughable.A college prank.Or at least I hope so.
Mikey, Mikey, Mikey. There you go again. Because in your opinion William Kalle Lasn (who you researched for an hour and came up with a name of “w keller” is a “liberal nut”, you are absolved of having to inform us of the inaccuracies of his historical record of Corporations in America. But thanks for uncovering him enough for me to become interested in finding out more about him and his “Addbusters” agency. I had just googled Coroprations, history and america and this was the first thing that came up. I did so because I recalled many of the points in his history from earlier research and he bore it out quite nicely. When you can’t dispute history, discredit the historian. Speaking of history, I will leave it to future historians to clarify The culpability of those in the Bush II administration in the treasonest acts used to lie the American People into a war with a Nation that had nothing to do with the attack on the World Trade Center on 9/11. Or the cowardly acts of torture and murder countananced by them in the name of Fear. Fear that was the result of the inaction that allowed the terrorist plot to reach fruition. I can still see President Bush (deference shown to the position) staring into space in the childrens classroom forever, it seemed. Later, when chronologies were disclosed I surmised that he must have been thinking “they sent someone to my Texas ranch to warn me that this was coming… and I patted him on the head and sent him on his way”…. Then He waisted two trillion dollars and 10,000 american boys lives and finished deregulating Corporations and that’s why our economy is in such a shambles today. See, I brought it back to the topic at hand.
Right you are, Lee Stanfield. But just because Obama continually tacks right doesn’t mean you should not vote for the the Democrat of your choice this November. The sad fact is that although, say, Harry Reid is a cowardly little toady, Sharron Angle is, incredibly, far worse. If I’m in Nevada I don’t think twice about voting for the Democratic toady over the horrifying Tea-Baggin’ Bagger Angle. Check out this link for a very nice commentary on the whole sorry affair from Harper’s Magazine’s Ken Silverstein: http://www.harpers.org/archive/2010/09/hbc-90007662
I don’t blame you for being pissed off, because I’m pissed off too. Let’s keep the good ones, throw the mutts overboard, and work at getting some real forward-thinking people into Congess, some real-live Social-Democrat types
P.S.: Don’t use spell-check, David W. Just paste the stuff into Notepad or Wordpad and use good old-fashioned proof-reading. The advantage is that you can not only catch mis-spellings, but also excess stuff that doesn’t need to go in anyway. As far as your verbiage being disruptive in it’s raw, unedited form–I can still understand you, unlike a certain You Know Who above, who’s the champ in these parts at bad grammar, punctuation, and spelling. And most of all, ideas. Everything you said makes perfect sense and is nicely thought out, the wisdom of the ages, currently being vigorously denied by back-sliders, toadies, and miscreants. Why? Because the totalitarian turn of mind has a certain appeal. They can’t possibly imagine that the Corporate World can be anything other than munificent, magnificent, and a wonderful thing for mankind. They don’t see that the Corporate Mindset is totalitarian, and always will be. It’s designed that way; utterly top-down in it’s management, utterly opposed to democracy, indeed, very nearly the opposite of democracy.
Finally, you say, “I’m beginning to think the middle of the last century was an anomaly that might not ever be repeated as our educational system and media continue to devolve.” I too am afraid you’re right.
P.P.S.: I’m a house-painter too, among other things.
Well Im happy hate America is alive and well.Dave believe his constant drivle(Kalle)against corporations if you want.He could say anything it seems.Me Ive read his nonsense and found it humorous.I hear he is starting a new piece called” black holes in space are caused by Us corporations”.I would bet anything every one of you would back it if he did.And Look at the dripping disdain you have for Bush. Elitist.. angry as cat piss ideologs.Soon to be voted out thank God.
Tim lets you and I dissolve all corporations in America today.What would you have in its place?
Interesting article….Type in “a fabian socialist dream come true”.Remind you of anyone?Remind you of where we are headed?Anyone here agree with the ideas?
Teddy Roosevelt started the progressive party in 1913.By 1920 without Tv or radio the American people became so frightened by it that it was toast until Hilary and Sorose gave it a rebirth in 2008.Soon it will be toast again.Because America is seeing and hearing and feeling what this is.
The right doesn’t â┚¬Ã…“Hate Americaâ┚¬Ã‚ they just â┚¬Ã…“Hate Americansâ┚¬Ã‚Â. There is no “Left”. At best Obama is a Centrist; certainly he was vetted by the financial and “Defense” industry. The present US system guarantees no true or closet populists will ever achieve high office; if they even dare run (like Kuscinich or Nader) one can confidently predict they will be marginalized at every turn and shut out of any debates (as if we actually have real political policy debates by candidates in this country anymore).
Once upon a time phrases like â┚¬Ã…“the appearance of improprietyâ┚¬Ã‚ or â┚¬Ã…“potential conflict of interestâ┚¬Ã‚ was enough to cause apoplectic shock, resignations, terminations and investigations by Justice and the FBI. Trust was something both business and government garnered and guarded. Of course, once upon a time, what was good for the nation was more important than political power, national news actually engaged in investigative reporting, and men walked on the moon.
Whether actually engaged in the CDO (Collateralized Debt Obligation) market or not, no one trusts any of the ratings companies. The AAA investment rating has become worthless and meaningless. I know what AAA SUPPOSIDLY means; I know what Moody, S&P, et.al. PROCLAIMs the rating to mean. But what the AAA rating has come to mean to me: less than nothing â┚¬“ a bad bet â┚¬“ I’ve got better odds at the local Indian Casino.
There is no trust in the market by us mere mortals as government deregulation has begat anarchy. Until congress actually legislates directly to the ratings agencies conflicts of interest (which isn’t going to happen as long as the obstructionist Republican and Democratic Wall Street Sycophant’s prevail in the legislature), we mere mortals cannot tell what the difference is between Junk bonds, penny stocks, and AAA.
Between lovely lip service and opposition parties’ obstructionism, the Congress, the Executive branch, and the Judiciary have done nothing to change the perception of mass collusion. The fact that the former and present head of Treasury, the former and present Chairman of the Federal Reserve, and the former and this Presidents chief economic advisers were all former employees of one of the principle financial institutions in the middle of our financial debacle lends no confidence or credence to any proposed solutions.
Anyone and everyone involved with the CDO’s, Derivatives, and Credit Default Swaps have no business being anywhere in government this side of a Congressional Subpoena or Grand Jury investigation! The economy cannot be repaired until the market fundamentals are restored and one can’t get much more fundamental then basic trust in investment ratings.
Unfortunately, current and former members of congress have immunity from acts of legislative malfeasance. Blatant conflicts of interest are ignored by the media and Justice as former legislatures and regulators morph from government service and political office to industry insider and from corporate lobbyist into regulator and government official. Public perception be damned! No rules is the literal definition of anarchy and anyone who is crying “deregulation” is not “conservative”; they are anarchists.
I continually wonder how Wall Street’s Masters of the Universe threw away Adam Smith’s (paraphrase) â┚¬Ã‹Å“manufacturing is the only form of true wealth’ and continue to embrace off-shoring our manufacturing base. China is not our friend and I fail to see how it is in our strategic national interest to systematically dismantle our manufacturing base. At 54 my Bachelors of Science is virtually worthless. I have no retirement (Thank you Enron, BoA, Goldman Sacks, AIG).
Thank god I have no credit cards (lost those in my 2004 bankruptcy), I don’t even bother inquiring on my credit score since I’m powerless to do anything about it. I cannot leave my area for work; my car is falling apart like my finances and life. I am trapped geographically because of family obligations so I am taking Nursing classes, living hand to mouth; hopefully I’ll graduate before I end up in the homeless shelter.
If I die I want â┚¬Ã…“unemployed â┚¬“ unworthy of healthcareâ┚¬Ã‚ carved on my tombstone (if my ashes are not scattered or in an unmarked paupers grave).
“Free markets” are an Ideal like Plato’s perfect mirror world, “true democracy” or Aristotelian Crystal spheres; great for economic academia but limited in practical reality. Faith in free market and free trade solutions are to mammon worship as the Immaculate Conception and the Resurrection are to Christianity; yet even the most ardent fundamentalist do not step in front of a bus and expect God to save them from the laws of physics. â┚¬Ã…“Market Correctionsâ┚¬Ã‚ are completely amoral and can ultimately entail the demise of millions. How can one claim to adhere to Adam Smith’s “hidden hand” Capitalism, yet throw away manufacturing? Newt’s knowledge worker still requires 1st wave Agricultural and 2nd wave Industrial to support Toffler’s 3rd wave Information age! Why does anyone still listen to Ginrich).
All the biznes reporters, Wall Street insiders, corporate and government propagandists can plant stories day in and out how â┚¬Ã…“the recession is overâ┚¬Ã‚Â. Yeah, Right. And until the day it collapsed, Enron was a Great Buy. Congress never did fix all the Enron loopholes.
I’ve got news for the WSJ, Market Watch, Business Weekly, et.al. Main street is beyond angry; around here many of us suburbanites are in what could be more aptly described as a quiet rage. There are individuals that have done more damage to our country and society then ALL OF THE STREET CRIME COMBINED (including drugs), yet to date none have been held accountable and the principles have even collected Bonuses!
Bonuses for billionaires who did more economic damage than all the terrorists and terrorist acts in the world combined! If there was any justice in the world these “geniuses” including most of the past and present House, Senate, and Judiciary would be arrested for conspiracy, economic treason and continuing criminal enterprise; frog marched out of their estates handcuffed in their underwear!
Truly the big thieves hang the little ones: interesting times indeed!