Recipe for Disaster: DINOs Deliberately Ignoring Effective 21st Century New Deal Solutions for the Unemployment Crisis
"This country has become a blatant corporatocracy and two of the worse proponents and promoters of this shameful control of government of, by, and for the wealthy few and corporations: Bill Clinton and Barack Obama and their administrations.
"They apparently wanted to be in the ranks of the wealthy few, because they have become corporatist protectors to the detriment of regular Americans, especially the vast numbers of jobless and struggling workers.
"It certainly explains the lack of fervor or desire to create 21st New Deal jobs in this terrible unemployment crisis."
Bill Clinton and his Wall Street hack Treasury Secretary, Robert Rubin, joined with the GOP to kill the New Deal's Glass-Steagall bill and create other deregulatory policies that allowed the financial industry to pillage this country. Meanwhile, Obama and his Clintonite-Rubinite Wall Street economic crew made certain that the financial reform bill was only a Band-Aid on a severed artery.
As Matt Taibbi wrote in Rolling Stone: ".....from the Clinton era: the Gramm-Leach-Bliley Act of 1999, which allowed investment banks, insurance companies and commercial banks to merge, and the Commodity Futures Modernization Act of 2000, which exempted the entire derivatives market from federal regulation. Together, these two laws transformed Wall Street into a giant casino, allowing commercial banks to act like high-risk hedge funds, with a whole new galaxy of derivative bets to lay action on. In fact, the laws made Wall Street even crazier than a casino, because in a casino you have to put up actual money to make bets. But thanks to deregulation, financial companies like AIG could bet billions, if not trillions, without having any money at all to back up their gambles.
"....the final version of finance reform is like treating the opportunistic symptoms of AIDS without taking on the virus itself. In a sense, the failure of Congress to treat the disease is a tacit admission that it has no strategy for our economy going forward that doesn't involve continually inflating and reinflating speculative bubbles. Which sucks, because what happened to our economy over the past three years, and is still happening to it now, was not an accident or an oversight, but a sweeping crime wave unleashed by a financial industry gone completely over to the dark side. The bill Congress just passed doesn't go after the criminals where they live, or even make what they're doing a crime; all it does is put a baseball bat under the bed and add an extra lock or two on the doors. It's a hack job, a C-minus effort. See you at the next financial crisis."
Phil Rockstroh writes at CommonDreams: "Every two to four years, voters are instructed to clap their hands and believe in Tinker Bell. "Children, you have to believe -- you really, really have to believe in Tinker Bell." But behind the stagecraft is oligarchy. President Obama took millions from Goldman Sachs, et al. If there is a Captain Hook in this show, it is those Wall Street pirates who threw the global economy to the crocodiles for their ill-gotten gains.
"Of course, this is a tired, old show, riddled with shopworn devices, performed by a rotating cast of hacks. Ronald Reagan set the fool's gold standard of a president playacting the role of populist, matinee hero -- Clinton, Bush, and Obama all learned from him -- as, all the while, he, in reality, went about the business of protecting and enhancing the holdings of the moneyed elite.
"Thus far, Obama's role has been to front the status
quo. Whose interest do you think he had in mind when he picked Larry
Summers and Tim Geithner as his top economic advisors? Hint: not those
who clutch a subway strap nor sit stranded in freeway traffic, in
bank-financed motor vehicles, on their daily commute to and from
work.
"Obama, as was the case with Bill Clinton, will not challenge the corporate oligarchs. Both he and Clinton are gifted, intelligent men, but are products of their time. They are men of, what was once termed, "modest birth" who -- out necessity to rise past the circumstances of their origins -- studied, internalized, and made allegiance to the corporate structure....."
[There are many people of "modest birth" who never have and never will genuflect to the corporate oligarchy, but, unfortunately, they have never become president in the last 30 years.]
"Clinton could have used some saturnine apprehension
regarding the dark side of capitalism, rather than the intoxication
gained from the provisional, mutually serving alliances he made with his
Wall Street bubble salesmen buddies, Rubin, Summers, and Geithner.
"Clinton's periodic, erotic contretemps were not the problem; it was his and his advisor's flights of economic fancy that had real consequences for those of us who live at ground level among the debris and ash resultant from the inevitable fiery crash of their vanity and cupidity.
"Enter Obama when the bubble burst. The stage is set for sweeping reform. Instead, we have received faux populist bromides, as all the while, behind the scenes, he has gone about the business of accommodation, capitulation, and general lickspittle boot-buffing of the corporate class."
Therefore, placatory Obama refuses to see past his corporatist nose and deliberately dismisses the obvious, effective 21st century New Deal solutions, like government jobs programs, to overcome the unemployment crisis.
Les Leopold at Huffington Post in a piece entitled "Five Washington Excuses for Ignoring the Jobs Crisis warns the out of touch Obama and his administration: "We can't tackle the jobs crisis until we're willing to tackle Wall Street. Both Democrats and Republicans have stood idly by as the wage gap has turned into a Grand Canyon of inequality. (In 1970, the top 100 CEOs made 45 times more than the average worker; in 2008, they made 1,081 times more. See The Looting of America) Almost no one in Washington has the nerve to challenge Wall Street's socially useless and reckless financial games. They're afraid to say that it's wrong that the top 25 hedge fund managers made as much money during 2009 as 658,000 teachers -- or that the top ten hedge fund managers "earn" $900,000 an hour. The money for job creation is right there, in the hands of the elites who profited so handsomely from the financial meltdown they helped create.
"The American people are hungry for proposals to rectify this injustice. Why not turn Wall Street's ill-gotten gains into programs that put our people back to work? Here's a plan we'll probably never hear from Democrats, Republicans or the Tea Party:
"Place a windfall profits tax on the super-rich who profited from our
bailouts to pay for the jobs that these gamblers destroyed.
"Unless the Obama Administration finally organizes a major assault on the jobs crisis, there will be no relief for Mr. Gibbs or his boss. Many angry Americans -- liberals and conservatives -- will turn against the party in power.
"Too bad we no longer have a real Party of Jobs to support."




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