Obama's Bix Fix

[Crewleader]

June 19 - 21, 2009

Placating the Bankers, Again

Obama's Bix Fix

By CARL GINSBURG


The administration's financial fix-it plan was laid out this week and it was, underwhelming, to say the least. The New York Times dubbed it, "back to business as usual.." not a phrase commonly seen in the paper of record which, by the way, essentially managed to miss the true source of the country's crisis -- Underpaid America -- for two generations.

None of this comes as a surprise given the top priority Mr. Obama set early on to fund banks and financial institutions. Everybody else should hang in there and brace yourselves for the Great Marginalization. So, aid to banks stays in place; derivatives are to remain a critical part of the finance system; there’ll be enhanced protection for accredited consumers who can still borrow money and invest. In other words, the protection of existing pools of money and investment is the goal of this government.

That is fine unless, of course, you have little or none of that money. That would be the millions of Americans who helped raise America's productivity to new heights and got no rewards for the effort, for whom a pension system has fallen away and for whom there are now mounting health care and energy costs. Let's keep in mind that the average consumer debt of an American family is $10,000. Let's not kid ourselves: that's an amount that served to augment low wages (much like food stamps for the working poor) and did not fund extravagant lifestyles, a popular obfuscation in the media embrace of Obama's sociology.

http://www.counterpunch.org/ginsburg06192009.html

[MarjorieG]

1. Reliably Counterpunch. Easy populist fervor without the detail, blaming Obama for Bush bailouts.

[Skittles]

2. that's what you got out of this article?

[PSPS]

3. Sorry, but it's Obama's fingerprints on the $10 trillion shovel.

[TheWatcher]

4. "Any source that doesn't tell me what I want to believe or doesn't make me feel good is unreliable,

therefore I should stick my head in the nearest convenient dark place and pretend it doesn't exist."

Insert Obligatory "Football Team" Cheer Here

[sendero]

5. Obama IS to blame..

... he's expanded the initial 700B to TRILLIONS.

Make no mistake, Obama has now officially assumed responsibility for this mess and it is now HIS mismanagement that is making it worse.

Come 2012 nobody is going to remember that it started on Bush's watch, they are going to say "you've had 4 years" and rightly so.

All of you who think the country is going to continue to blame Bush are in denial. And those who think the economy will be fine by 2012 are extremely likely to be very disappointed.