Skip to main content

View Diary: Krugman: "The Competition Myth" (292 comments)

Comment Preferences

  •  We had another battle (3+ / 0-)
    Recommended by:
    PrahaPartizan, Jimdotz, CA TreeHugger

    in the plutocrats long running war on the working class, and the plutocrats were once again victorious. This will be the thrust of the State of the Union address. Nothing will be done to impede the upward flow of wealth from the working class to the already wealthy and getting wealthier. In fact, this upward flow of wealth will be presented as evidence of our ongoing economic recovery, i.e., it will be alleged that this upward flow of wealth will be used to make job creating investments.

    We had an economic crisis that destroyed millions of jobs, caused by Wall Street, as it made enormous gambles on the housing bubble, and lost, leading to a taxpayer funded bailout. The Obama administration made a failed attempt to bring some needed reforms to Wall Street to prevent such a crisis from happening again.

    The Obama administration will now preside over the continuation of the anti-regulatory regime that's been ongoing for decades, without reservation, and without hedging their bets by throwing a bone to working Americans

    Wall Street is, however, run by a mob of cynical bastards, who will demand incontrovertible proof that the Obama administration will remain faithful to them, and is willing to incur the wrath of the common folks by grabbing with both hands the third rail of politics in the form of Social Security reform. Wall Street must do this, you understand, or how else can they be certain that Obama isn't merely biding his time, awaiting another opportunity to reign them in?

    Of two things we can be certain. One, there won't be a single legitimate job creation initiative implemented in 2011, because successful job creation initiatives tend to divert wealth to the wrong people, and the wealthy are too short sighted to see how they would benefit from that. Two, Social Security will be reformed in some manner that leaves no doubt that Obama is willing to risk the anger of working Americans. I mean, once a president decides his primary mission is the welfare of working Americans, who knows where that might lead?

    And when he came back to, he was flat on his back on the beach in the freezing sand, and it was raining out of a low sky, and the tide was way out. --DFW

    by klingman on Mon Jan 24, 2011 at 03:38:45 AM PST

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site