Wednesday, August 3, 2011

Obama: Debt reduction fight could've been different

In lawyerly tones, the American president opined that the protracted fight to raise the US debt ceiling could've been different.
Of course, it could've, if Obama had backbone.
According to polls, he is thought of by the American people as a 'follower, not a leader'. And there you have it in a nutshell. Obama's as though now he is an albatross round the neck of the Democrats.
As for his assessment that the law he signed on raising the debt is a 'balanced' [sic] measure, he need only looking at the world stock exchanges' reaction. Everyone is bailing out of the equity market. What does that mean? Lower corporate earning, slower than a snail's pace economic growth, impoverishment of the majority of Americans who unlike the top one percent who own 40 percent of the country's wealth, and the spiraling downwards trajectory as the US as a world power.
Obama is the Republicans cat's paw, in sum. Without taxing the rich and closing loopholes favouring the corporate elite pulling the strings of Congress through lobbies, the Obama has put the stamp of paralysis on the way America governs. Dysfunctional is the key word of how best to describe the current state of affairs of the way Washington works.
Will the iron grip of the warfare state show signs of cracking? No doubt about it. How can you justify an arms manufacturer like General Electric, whose CEO Jeffrey Immelt Obama appointed head of his Jobs Council, not paying a blessed cent in taxes? How can you allow the beleaguered Rupert Murdoch's News Corp. not only to escape paying taxes but getting reimbursed in right off totaling millions?
Already in the canyons of Wall Street, who are the people that brought us the global recession of 2008, thousands of protesters filled the streets calling for taxing the banks and the rich. Thanks to 'al Jazeera' television which is now running 23 hours on a New York cable system, a 25 minute episode documents popular protest and the obscene and decadent greed and life style of the one percent who run everything through hired hands in the halls of Congress, the White House, and yes, the Supreme Court. You won't find accounts of protest in the 'Washington Post' who pushed for the 'debt plan' and praised Republican intransigeance or the old grey mare the 'New York Times', which is the voice of the rich and powerful. And the US media as a whole is in bed with the elite.
Charlie Rose is a good barometre of political life in the US. The other night it featured 30 minutes with the much damaged Robert Rubin, probing for this man's advice. It is no happenstance that this banker of ill repute hid behind the situation is too complex and even the best minds are at odds in proffering solutions to the sick man of the world who is the US. Or Alan Greenspan who during his long tenure at the Federal Reserve prepared the way for the 2008 economic debacle. And who even today remains unreconstructed and unrepentant in his belief in the markets as the regulator of all things!
Unable to learn Obama reflects the stupidity and the idiocy of America's ruling class of which he is the willing servant. Yes, things could've been different if Obama wasn't the spokesman of the one percent. He's down his worst and for all his service, he's a one term wonder and the country and the world is left in the lurch.

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