I supported Barack Obama in 2008. I was energized by his populist message. "We are the ones we have been waiting for." This is because I strongly believe that government has a direct and vital responsibility to moderate the nation's economy so as to provide employment for all Americans when the free market fails to accomplish this as is the case once again right now. We have a lot of work that needs to be done and we have millions of American workers ready to go right now. I also firmly believe that the government needs to regulate the financial markets, banking and the like. There were regulative protections built into the banking systems as a result of the 1929 stock market crash and subsequent prolonged depression. One of the instruments removed piece by piece was the Glass-Steagall Act of 1933. It regulated the speculative practices of banks and investment institutions that led to the "Great Depression." Alan Greenspan, Chairman of the Federal Reserve during the unfolding of the current "crisis", admitted before a Congressional committee that he was mistaken in believing that the financial markets could regulate themselves. That's amazing. I could almost picture the shadow of his mentor, Ayn Rand, peering over his shoulders. Yet, take a look at the anemic regulations that have emerged thus far in response to this collapse. "Too big to fail" is still too big to fail and growing larger. The financial industry is a law unto itself. Specifically, consider the newly created "Consumer Protection Agency." The founding architect of that agency, who also happens to be the most potent consumer advocate imaginable, was not selected by President Obama to run it. Why? The banks did not want Elizabeth Warren. She would have held them to account. I, for one, would love to see someone of the caliber of Elizabeth Warren pitted against President Obama in the Democratic Party primaries this coming year.
The banks and financial institutions were bailed out at tax payer expense. They risked our economy knowing full well they would be saved by the government dominated by Wall Street. And that is exactly what happened. Some estimates place the total transfer of wealth from the US Treasury to the banks at $13 to $14 trillion. However, the individual home owners, who were counseled to believe that their loans were secure, were themselves blamed when the speculative practices of the banks caused the collapse. They lost their homes and their dreams. They were not rescued. What happened to the people who were sold shoddy home mortgages reminds me of what happens to rape victims. The victims are blamed. Wall Street has managed to deflect the legitimate anger of the Tea Party from itself, where the blame truly resides, to the citizens who are the real victims. How diabolical.
Barack Obama seemed to represent for me the candidate best suited to lead our country out of the wars in
For me homeland security includes employment, education, health care, shelter, nutrition and public safety. More than 25 million Americans would jump at a chance for full time employment right now if it were available. Why isn't it? We've had over ten years of substantial tax relief. Our tax rate is the lowest among industrialized nations. That vaunted trickle ought to arrive about now, don't you think? Corporations are sitting on $2 trillion. None of it is being used to stimulate employment here in the
I expected from what I heard that Barack Obama would protect Medicare, Social Security and Medicaid. I even thought he might be the president who would deliver medical insurance to all Americans in a single-payer fashion. After all, Democratic presidents have protected and even enhanced Medicare and Social Security. Sadly, I have now come to realize, that I was mistaken. Perhaps it was wishful thinking. The populist rhetoric deployed during the campaign was merely that: rhetoric. Obama is a brilliant communicator. He used his skills to energize the progressive base of the Democratic Party and brought along millions of younger Americans who had never been involved in electoral politics before. However, once in office he emerged as Wall Street's Trojan Horse.
Let's just face facts. The President arrived on the national stage portraying himself as an energetic progressive who was going to bring "change." Little did I realize that the change he really contemplated was that of gutting of Social Security, Medicare and Medicaid. This Trojan Horse is a free-market fundamentalist who adheres to the ideology of trickle-down economics. He has willingly placed Social Security, Medicare and Medicaid on the chopping block in accordance with the wishes of Wall Street. He is neither weak nor is he allowing the Republicans to push him around. He is one of them. And we welcomed him into our city.
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