Why Obama Likes the Banksters
Obama's approach to the financial crisis has been to continue to prop up the banks that were at its very center. He has essentially excused their outrages with his "No laws were broken" mantra - a damnable lie, to be sure. Up-and-down the line laws were broken - fraudulent loan applications were filled out, fraudulent lines were processed, non-performing loans were bundled and sold over-and-over again and misrepresented as viable securities. We're talking standard, common-law fraud here - a very serious crime carrying a stiff sentence. But Obama would prefer to look the other way and forgive and forget. Why?
Because the very underpinnings of his vision require a relatively large, very affluent elite that will finance and promote the transformation of American society. The wealthy - better yet, wealthy institutions, are Obama's perfect tools. They can be targeted for tax increases, sure, but more than that the large institutions they run provide the kind of well-regulated corporate environment necessary to implement widespread "diversity" measures, to promote progressive causes such as environmentalism, to promote "volunteerism" and to do whatever left-wing bidding large institutions will do to avoid negative publicity and class-action lawsuits.
Notice that the only thing that gets Obama's goat regarding the banks is that they're "not lending enough". But of course the reason they're not lending is that there's very little capacity to borrow. But "capacity to borrow" is a concept Obama does not understand, because to him lending is based on who needs money, not on who could reliably pay it back.
Taxing the middle class is not viable politically - indeed Obama is publicly a big advocate of middle-class tax cuts. So by having a large wealthy elite, he can tax them - the fact that this elite is raping the middle class to acquire its wealth is besides the point - the point is to extract any residual wealth of the vast middle class to fund minorities and his progressive-lite agenda. The terms "education reform" or "health-care reform" are just more palatable ways of telling the middle class "we need more of your money."
So to go after the crooks on Wall Street who brought this country to its knees would only be killing the goose that laid the golden eggs - and Obama needs the eggs.
Because the very underpinnings of his vision require a relatively large, very affluent elite that will finance and promote the transformation of American society. The wealthy - better yet, wealthy institutions, are Obama's perfect tools. They can be targeted for tax increases, sure, but more than that the large institutions they run provide the kind of well-regulated corporate environment necessary to implement widespread "diversity" measures, to promote progressive causes such as environmentalism, to promote "volunteerism" and to do whatever left-wing bidding large institutions will do to avoid negative publicity and class-action lawsuits.
Notice that the only thing that gets Obama's goat regarding the banks is that they're "not lending enough". But of course the reason they're not lending is that there's very little capacity to borrow. But "capacity to borrow" is a concept Obama does not understand, because to him lending is based on who needs money, not on who could reliably pay it back.
Taxing the middle class is not viable politically - indeed Obama is publicly a big advocate of middle-class tax cuts. So by having a large wealthy elite, he can tax them - the fact that this elite is raping the middle class to acquire its wealth is besides the point - the point is to extract any residual wealth of the vast middle class to fund minorities and his progressive-lite agenda. The terms "education reform" or "health-care reform" are just more palatable ways of telling the middle class "we need more of your money."
So to go after the crooks on Wall Street who brought this country to its knees would only be killing the goose that laid the golden eggs - and Obama needs the eggs.
posted by ziel | 3/19/2010 07:42:00 AM
5 Comments:
....our goose seems to print orders for its golden eggs these days, and has some other bird lay them them across the sea for a promissary note that we probably dont intend to pay it back
I know, Im so mean...
Well, yeah, that's all part of the equation, hence the 1+ trillion annual deficits these days.
Obama needs the eggs.
"this guy goes to a psychiatrist and says, "Doc, uh, my brother's crazy; he thinks he's a chicken." And, uh, the doctor says, "Well, why don't you turn him in?" The guy says, "I would, but I need the eggs."
-- Last joke in "Annie Hall."
I was hoping someone would catch that:)
It does make sense of wealthy democrats fondness for redistributive policies: Sure, we (rich bankers) will support (somewhat) higher taxes on us, in return for policies (free trade, cheap labor, "privatization" of social security, etc.) which make us so fantastically wealthy that we can easily afford those taxes. It sure beats those paltry 3-5% returns we had to settle for 40 years ago.
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