I was going to write a big long post about Matt Taibbi’s latest attempt to pin the “sellout” tail on the President’s donkey and maybe I still will. But really, the bottom line is much shorter and largely ignored: This is a war between Wall Street and the rest of us.
- Take your eyes off Geithner, Bernanke and the rest of the Wall Street boys. They’re no different than any of the others out there. Change the name, the outcome is the same.
- The issue with Wall Street is that we are at war with them. This is what Taibbi misses along with Sirota and all the rest of those who make the Wall Street debacle the President’s responsibility.
- The harder and more important story that needs to be told is how investment bankers and Wall Street used the power of credit control to force this nation to its knees. It’s not a question of whether Geithner or Goolsbee was sent to clean it up, because they’re all spawned from the same father: Goldman Sachs, the New York Fed, and the church of Saint Dollar the Divine.
- As early as February, 2008 threats were made about Obama’s election, and how credit markets would tighten and freeze if he were elected in order to ensure that he was a one-term President. Make no mistake, that is the goal.
- If you think I’m a whacknut conspiracy theorist, I encourage a look back at history on the long view. Go back to the early 1900’s, then look at how long the New Deal measures took to take effect, the tradeoffs FDR made to move them forward (like lifting the profit caps from defense contractors, for example).
I recommend fighting the war by naming the enemy, who is not the President. Over a year ago I suggested a movement to invest our money in the country, rather than selling bonds overseas. The idea was similar to the war bonds sold during World War II; that we would retake control by putting our own money into the government we believed in as an investment rather than a tax.
I still believe this is a strategy worth some progressive consideration. It certainly beats the hell out of taking potshots at a President who might actually have the intellect and skill to lead us out of this mess. Don’t sacrifice him on the altar of a scratched surface. Look deeper.
Related: Slaying the Subprime Vampires, Schooling Tim Rutten on 401k plans