Excellent, excellent article. Explains in detail why Obama is "an unfolding disappointment." If you want to hear an excellent interview with the author on Tomdispatch, click
here. He notes that the drift of events aren't encouraging, but it's still early in the Obama administration and he can recapture the momentum and move to the progressive left if he wants to. He could go down the road of public works and industrial recovery. It's an unfinished story.
http://www.commondreams.org/view/2010/02/11-6Published on Thursday, February 11, 2010 by TomDispatch.com
The New Deal in Reverse
How the Obama Administration Ended Up Where Franklin Roosevelt Began
by Steve Fraser
On March 4, 1933, the day he took office, Franklin Roosevelt excoriated the "money changers" who "have fled from their high seats in the temples of our civilization
they know only the rules of a generation of self-seekers. They have no vision and where there is no vision, the people perish."
Rhetoric, however, is only rhetoric. According to one skeptical congressional observer of FDR's first inaugural address, "The President drove the money-changers out of the Capitol on March 4th -- and they were all back on the 9th."
That was essentially true. It was what happened after that, in the midst of the Great Depression, which set the New Deal on a course that is the mirror image of the direction in which the Obama administration seems headed.
Buoyed by great expectations when he assumed office, Barack Obama has so far revealed himself to be an unfolding disappointment. On arrival, expectations were far lower for FDR, who was not considered extraordinary at all -- until he actually did something extraordinary.
The great expectations of 2009 are, only a year later, beginning to smell like a pile of dead fish with new rhetoric -- including populist-style attacks on villainous bankers that sound fake (or cynically pandering) when uttered by Obama's brainiacs -- layered on top of the pile like deodorant. Meanwhile, the country is suffering through a recovery that isn't a recovery unless you happen to be a banker, and the administration stands by, too politically or intellectually inhibited or incapacitated to do much of anything about it. A year into "change we can believe in" and the new regime, once so flush with power and the promise of big doings, seems exhausted, vulnerable, and afraid. A year into the New Deal -- indeed a mere 100 days into Roosevelt's era -- change, whether you believed in it or not, clearly had the wind at its back.
lots more...