you are not a robot

The Next Time Around

The Show Goes On

How Obama Saved Capitalism and Lost the Midterms

by Timothy Egan, NY Times

...The banking system was resuscitated by $700 billion in bailouts started by Bush (a fact unknown by a majority of Americans), and finished by Obama, with help from the Federal Reserve. It worked. The government is expected to break even on a risky bet to stabilize the global free market system. Had Obama followed the populist instincts of many in his party, the underpinnings of big capitalism could have collapsed. He did this without nationalizing banks, as other Democrats had urged.

Saving the American auto industry, which has been a huge drag on Obama’s political capital, is a monumental achievement that few appreciate, unless you live in Michigan. After getting their taxpayer lifeline from Obama, both General Motors and Chrysler are now making money by making cars. New plants are even scheduled to open. More than 1 million jobs would have disappeared had the domestic auto sector been liquidated.

“An apology is due Barack Obama,” wrote The Economist, which had opposed the $86 billion auto bailout. As for Government Motors: after emerging from bankruptcy, it will go public with a new stock offering in just a few weeks, and the United States government, with its 60 percent share of common stock, stands to make a profit. Yes, an industry was saved, and the government will probably make money on the deal — one of Obama’s signature economic successes.

Interest rates are at record lows. Corporate profits are lighting up boardrooms; it is one of the best years for earnings in a decade.

All of the above is good for capitalism, and should end any serious-minded discussion about Obama the socialist. But more than anything, the fact that the president took on the structural flaws of a broken free enterprise system instead of focusing on things that the average voter could understand explains why his party was routed on Tuesday. Obama got on the wrong side of voter anxiety in a decade of diminished fortunes.

“We have done things that people don’t even know about,” Obama told Jon Stewart. Certainly. The three signature accomplishments of his first two years — a health care law that will make life easier for millions of people, financial reform that attempts to level the playing field with Wall Street, and the $814 billion stimulus package — have all been recast as big government blunders, rejected by the emerging majority.

But each of them, in its way, should strengthen the system. The health law will hold costs down, while giving millions the chance at getting care, according to the nonpartisan Congressional Budget Office. Financial reform seeks to prevent the kind of meltdown that caused the global economic collapse. And the stimulus, though it drastically raised the deficit, saved about 3 million jobs, again according to the CBO. It also gave a majority of taxpayers a one-time cut — even if 90 percent of Americans don’t know that, either.

Full Article: http://opinionator.blogs.nytimes.com/2010/11/02/how-obama-saved-capitalism-and-lost-the-midterms/?src=me&ref=general

Prelude to the Afternoon of a Faun - Debussy

Trey-dio Departmentz

To every action there is always an equal and opposite reaction

I like playing in the sand what's mine is ours
If it doesn't remind me of anything

Lose it in the End

Just Like Tom Thumb's Blues

I started out on burgundy
But soon hit the harder stuff
Everybody said they'd stand behind me
When the game got rough
But the joke was on me
There was nobody even there to bluff
I'm going back to New York City
I do believe I've had enough.

Confounding Fathers: The Tea Party's Cold War roots

Confounding Fathers: The Tea Party's Cold War roots
http://www.newyorker.com/reporting/2010/10/18/101018fa_fact_wilentz

A few seperate clips:

Several times a week, Beck informs his audience that socialists (whom he also sometimes calls Fascists or Communists) led by Obama have seized power, and that patriotic Americans must take their country back. His TV show for some time featured “Comrade Updates,” in which Beck described perfidy while the Soviet anthem played in the background. He attacks all the familiar bogeymen: the Federal Reserve System (which he asserts is a private conglomerate, unaccountable to the public); the Council on Foreign Relations (born of a “progressive idea” to manipulate the media in order to “let the masses know what should be done”); and a historical procession of evildoers...

Beck’s readings of Progressive-era politics are nearly as bizarre. Whatever can be said about Theodore Roosevelt, he was not a crypto-radical. It was Roosevelt who coined the term “lunatic fringe” to describe the extreme leftists of his day, and his concept of New Nationalism—in which an activist government built a vibrant capitalism, partly by regulating big business—looked back to Alexander Hamilton, not Karl Marx. Nor was Wilson a Bolshevik; in fact, in 1917 he sent American troops to Russia to support the anti-Bolshevik White Army. At home, his reforms sought to break up monopolies in order to restore competition among small companies. “If America is not to have free enterprise,” Wilson declared, “then she can have no freedom of any sort whatever.”

The current right-wing resurgence has more to do with the inner dynamics of American conservatism in the past half century. In the nineteen-fifties and nineteen-sixties, the far right was condemned by liberals, as might be expected; in November, 1961, President Kennedy devoted part of a speech in Los Angeles to denouncing those “discordant voices of extremism” that “equate the Democratic Party with the welfare state, the welfare state with socialism, and socialism with Communism.”

For the moment, though, it appears that the extreme right wing is on the verge of securing a degree of power over Congress and the Republican Party that is unprecedented in modern American history. For defenders of national cohesion and tempered adversity in our politics, it is an alarming state of affairs.