Archive for September 13th, 2010

The great American Stickup

September 13, 2010

Robert Scheer has been one of the great American journalists of the past 40 years.His latest book is a primer with what is wrong with America .His subtitle is” How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street”.

He traces the catastrophic economic free fall back to Clinton and his main economic advisor Richard Rubin, a market enthusiast who helped in the deregulation mania which losened controls imposed by Glass-Steagal. Rubin of course went on to Citigroup to enrich himself as most of these Wall St and Pentagon pork barrelers do.”Greed is good” apparently was their mantra.

The Clinton bubble then paved the way for  the Bush pirates to complete the demolition job which has sent global economics into free fall  and left ordinary folks holding the bag and shouldering the consequences of this sell out.Today 1% of the US takes home almost one quarter of America’s total income. Today there are 11 million homes underwater and of course a lack of consumer demand to revive the dormant economy.This has aslo given us the Tea Bagger phenomenon, angry people who are jusifiably hopping mad  (“a campaign of lunatics”) but lack the analysis to correctly place the blame.This accounts for bubbleheads like Sarah Lalin’s popularity.

Scheer points out that Obama has placed the disciples of Rubin in key positions—Summers and Geithner to name two.Three to four trillion bucks have been given to to the banks who are holding the mortgages of these homeowners.One of his suggestions—place a moratorium on these foreclosures. It is devastating for a family to lose a home. Enough anger has already been generated but the depoliticized and ignorant public will now probably vote against incumbents (read Democrats and Obama). Laying the blame here as Bill Maher once quipped is like “blaming the maid after Led Zeppelin has trashed the hotel room.” Bush Jr. should be dragged before the court of public opinion.Instaed like Blair he is pulling down megabucks on the speakers’ circuit.
Lamentably the little guy pays— for not paying attention and bathing daily in the warm baths of amnesia, celebrity culture and reality shows created by advanced capitalism.

And where are the voices of American bishops, those “pro-family” Republicans in all of this subversion of American families?