Interesting that a diary that basically says read Matt Taibbi's latest article makes the rec list.
Yesterday, I wrote a fairly elaborate diary on Taibbi's piece with additional links to various articles from the business press and investigate reports from leading newspapers.
http://www.dailykos.com/...
The gist of my diary, echoing Tabbi, is that the financial lobby has gained so much power in DC, that all the bail out plans are in effect, a wall street protection plan. I further suggested that Obama, via the Geithner and Sommers influence, was problematically being pulled into this financial quagmire.
The gist of my diary, echoing Tabbi, is that the financial lobby has gained so much power in DC, that all the bail out plans are in effect, a wall street protection plan. I further suggested that Obama, via the Geithner and Sommers influence, was problematically being pulled into this financial quagmire.
Now, today in the New York Times, Krguman assails the newly released Geithner plan as the triumph of the "Zombie ideas" and as "an awful mess."
The Zombie Ideas have won - Krugman in NYT
In my post, I also mentioned that over 2 trillion dollars have been infused into the system under the Paulson plan (which Geithner has continued to pursue) and the financial system is bleeding losses and credit markets are not flowing.
Arianna Huffington has some very nice commentary on this issue, which can be seen here:
Huffington on bailout - MSNBC
I was also called a liar for saying that the Fed and treasury have in fact poured trillions of dollars into the system, though this fact is part of the public record, as in the Feb. 4, 2009 NYT:
Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through March 18, the government has made commitments of about $9.9 trillion and spent $2.2 trillion. Here is an overview, organized by the role the government has assumed in each case.
http://www.nytimes.com/...
So, what it comes down to it is that the Kos community is receptive to critiques of the Republicans (fine by me)and criticisms of the DC, lobbying establishment in general.
However, any suggestion that President Obama may be influenced by the institutional forces, and powerful lobbies, that are prevalent in every sphere of national government and whose interest well-represented in the MSM is complete heresy.
Pointing out that candidate Obama went out of his way to garner (and receive) support from the Wall street lobby (and that might impact his decision), is completely beyond the pale. "Our guy" won and so we must assume that he is magically impervious to any kind of corporate influence.
Apparently, you support Obama or you support Joe the Plumber. No place for nuanced analysis that applaud Obama for some moves (like reversing many of Bush's war on terror policies) and criticize him for capitulating to the status quo.
I worked for Obama, I support him now but I refuse to become a cheer leader or to treat President Obama like some other than he is: a politician (as opposed to a saint or messiah). By the way, this kind of unconditional support is the kind of thing that those on the left so vociferously condemn on the right (as in the heyday of the Bush regime).
Quick update: I have probably missed the moment but, please, my purpose is not complaining about not making the rec list. In all honesty, I was perturbed by some of the responses but that is neither here nor there.
Rather, it seems to me that criticisms of Obama's policies have trouble getting real traction on this board, even when these criticism are being advanced by well respected thought leaders on the left, such as Paul Krugman. If this approach to the bailout were being undertaken by Republican, I am sure the Kossacks would be all over it and in a big way. But because its Obama and failing and expensive strategy that is creating perverse incentives seems to be getting a pass (for the most part). Okay, I am going back to sucking my thumb....