Saturday, January 31, 2009

The economy in a nutshell

Obama and the Oddsmakers

"America’s economy may be so hollowed out, its industrial base so eroded by twenty years of job exports to China and other low wage sanctuaries, that a bail-out may not turn the tide, Then the Republicans will have their told-you-so’s primed and ready to go in the mid-term elections"


"This is not a long-term cure, and leaves ordinary Americans drowning in debt, as before. It provides temporary relief to the big financial outfits on Wall Street which are, after all, the largest political campaign contributors and lobbyists. No doubt the unusually harsh denunciation by Obama of Wall Street’s $18 billion bonus payouts as “shameful” and “the height of irresponsibility” derive some of their edge from the fact that the bonuses make it harder for him and Geithner to sell yet another vast, extremely shameful multi-trillion giveaway to the banks."

"So Wall Street can feel satisfaction that its investment in Obama seems to be paying off. Can the same be said of the Israel lobby which rewarded Obama’s tireless blandishments last year with enthusiastic pre-election endorsements, to the effect that here was a true friend of Israel."


Keep your eye on this one: We are on the brink of war with the South, says North Korea. Would an outbreak of war on the other side of the world divert attention from the utter failure of the crusade for military authority in the Middle East?


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