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Original article, by Michael Hudson and headed "Trying to Revive the Bubble Economy:", via
counterpunch.com:
Martin Wolf started off his Financial Times column for February 11 with the bold question: "Has Barack Obama’s presidency already failed?" The stock market had a similar opinion, plunging 382 points. Having promised "change," Mr. Obama is giving us more Clinton-Bush via Robert Rubin’s protégé, Tim Geithner. Tuesday’s $2.5 trillion Financial Stabilization Plan to re-inflate the Bubble Economy is basically an extension of the Bush-Paulson giveaway – yet more Rubinomics for financial insiders in the emerging Wall Street trusts. The financial system is to be concentrated into a cartel of just a few giant conglomerates to act as the economy’s central planners and resource allocators. This makes banks the big winners in the game of "chicken" they’ve been playing with Washington, a shakedown holding the economy hostage. "Give us what we want or we’ll plunge the economy into financial crisis." Washington has given them $9 trillion so far, with promises now of another $2 trillion– and still counting.
That's the first paragraph! Hooked yet? This is the type of article where commentary isn't needed, hence...no commentary (except for this). Read it. Let your blood boil for a bit, and realize we're being played, period. Perhaps Obama is, too, but he's to sharp for that (isn't he?).
PS: If DKos is a reality based community, it's important that we have a critical eye when we watch those who govern us (even if they're Dems). The question as to why we appear to be headed toward, at best, a reset to where we were before the current economic collapse started seems to be in our good interests. If the country voted for change, why is it that we have put the financiers who were the perps of the collapse in charge of the economy? Is this how we want Democrats to govern? And if not, how do we go about making the real change which this country is crying out for?
I know it's short into Obama's administration. However, he's, in terms which have been used before to describe his economic actions, doubling down on the people who led to the failure of the system in the first place. Remember: We (for the most part) are the one's who are going to be paying for this the rest of our lives. If this looting takes place, as Hudson thinks it will should the plan be put in place, how are we going to be able to do so? How, as a society, are we going to be able to get through this?