America’s liberals lay into Obama

[ProSense]

America’s liberals lay into Obama

By Edward Luce in Washington

Published: March 27 2009

The liberal backlash against President Barack Obama has begun with many prominent left-leaning economists in the US attacking the administration’s plans to bail out the banks.

Paul Krugman describes the toxic asset purchase plan as “cash for trash”. Jeffrey Sachs calls it “a thinly veiled attempt to transfer hundreds of billions of US taxpayer funds to the commercial banks”. Robert Reich depicts Tim Geithner, Treasury secretary, as a prisoner of Wall Street while Joe Stiglitz says the plan “amounts to robbery of the American people”.

On the blogosphere and beyond, Democratic economists accuse Mr Obama – along with Mr Geithner, and Lawrence Summers, the president’s senior economic adviser – of taking dictation from the same financiers who have brought the economy to the brink of depression.

Mr Reich, who was Bill Clinton’s Labour secretary in the 1990s before resigning over the former president’s reluctance to pursue a strong public investment agenda, says that he and his colleagues fear a replay of the Clinton years under Mr Obama.

Mr Reich now talks of the “Paulson-Geithner approach” to demonstrate what he sees as the continuity between Hank Paulson, George W. Bush’s last Treasury secretary, and the current administration. Mr Reich says bank nationalisation is the only answer to today’s crisis.

“Bill Clinton chose to pursue a set of policies that Wall Street agreed with but at the expense of his long-term agenda of boosting public investment,” says Mr Reich. “Bill Clinton’s Wall Street agenda in the end brought America and the world crashing down with it. I hope we are not seeing history repeat itself with Mr Obama.”

Not every Democrat agrees. Brad DeLong, a former Clinton official, says that every banking crisis – barring the Great Depression – has been resolved by government recapitalisation of the banking sector, as Mr Obama is likely to attempt in the near future.

Nor, says Mr DeLong, is it fair to paint Mr Geithner as a creature of Wall Street.

“Hank Paulson is a man who grew up in American finance and cannot imagine a world in which America does well and its financial sector does badly,” he says.

“Tim Geithner, by contrast, is a bureaucrat and a policymaker. He has never pulled down a multibillion-dollar bonus. They are not the same type of people.”

link

Interesting!

[firedupdem]

1. I could have sworn the Clinton budget and economy fostered

a surplus that shrub screwed up. Am I missing something?

[Exilednight]

2. The Clinton budget did have a surplus, but ............

there was a trade-off that was made. Many Democrats, Clinton supporters in particular, hate to admit that Clinton had as much to do with the deregulation of Wall Street as any Republican did. Let us also not forget about NAFTA.

If people were to fairly grade the Clinton economy, they would probably give it a C.

[firedupdem]

4. I just started actually paying attention to the world under shrubs

presidency...so thanks for the additional information.

[PurityOfEssence]

31. The similarities between Bill Clinton and Barack Obama are more obvious with each passing day,

not that this is any big surprise.

They're both middle-of-road corporatists, and they're both seemingly in such soul-rending need to be loved by everyone that they constantly suck up to a right that thirsts for their destruction regardless of how far right they drag the country out of appeasement.

Sadly, it seems that, whether successful or not, the country will be dragged ever farther to the right. By dragging the Democratic Party that way, it shifts the fulcrum of debate toward our seemingly inevitable corporate feudalism. At least there's some refreshing friendliness toward labor and a respect for science, but most of the rest of it is pretty depressing.

[natrat]

41. cue idiot obamabots to say it isnt so

[iamthebandfanman]

3. saw that response comin from a mile away

...

tech boom anybody ?
internet modernization?


these are the things that made the economy surge.

not the republicans in congress.
and not bill clinton as president.

[firedupdem]

5. Thanks for your input as well. I'm not sure why you saw my response

coming from a mile away.

[Captain Hilts]

7. If it happens on your watch, you get credit for it. nt

[Exilednight]

8. I don't fully agree with that. A balanced budget does a lot to bolster the psychology of ..........

investors. If a Republican was in office, we would have never had a balanced budget.

The tech boom really turned out to be a bubble that eventually went bust. People were investing in anything that had a .com in its title, but few had any real experience in knowing how markets work. Online investing is a great thing, but it's like playing with gun powder while smoking a cigarette. You'll get luck for a while, but eventually you'll throw the cigarette on the ground and end up blowing something up.

[Odin2005]

12. You forgot Al Gore's legislation that supported the growth of the Internet.

You know, what the Pukes disgustingly twisted into "Al Gore said he invented the Internet".

[HysteryDiagnosis]

15. The next boom.... Beer and the disappearing automobile

http://www.fuelcellenergy.com/files/SustainableFacilityReprint120507.pdf


In addition to reducing overall fuel requirements and
carbon dioxide emissions, the system eliminates
air pollutants equivalent to removing 500 gasolinepowered
cars from California roadways each year.

[genna]

24. But what was the underlying cause for all that loose money?

Deregulated industries that did not need to have high cash reserves to back whatever securities they were selling.

[acmavm]

32. tech bust anybody? outsourcing?

Pfffffft!

[Thrill]

6. Typical Democrats. Whats new?

[Zenlitened]

37. Your sig line has the irony-meter *pegged*

:rofl:

"Any time you speak out powerfully for change, the forces of status quo attack."

[LWolf]

9. As they should. nt

[lostnotforgotten]

10. Obama Deserves A Tongue Lashing For The Spate Of Bad Decisions

eom

[Teaser]

11. evaluate all your outcomes in advance, do you?

must be convenient, if somewhat paralyzing.

[lostnotforgotten]

17. Let's See - More Troops In Afghanistan - Bush War Crimes Not Punished - Health Care Policy A Failure...

What more does one need?

[AZBlue]

20. After two months? Please, tell me exactly what he was supposed to have accomplished in just 2 months

And be rational and logical and take into account the way Washington really runs.

[lostnotforgotten]

21. Let's Start By Not Rewarding Bankers And Financial Thieves

eom

[MarjorieG]

22. Found a way to price and sell toxic assets, regulation following. Realm of possible not pyrotechnic.

[EmilyAnne]

28. Thank you! nt

[PassingFair]

13. I'm with Robert Reich. I trust him completely. Smart and NOT a bootlicker.

I put him in the Dean/Feingold/Schakowski league.

[genna]

25. I'd take away Feinstein...oh FEINGOLD OK

I don't know enough about Schakowski to form an opinion.

[PassingFair]

29. You should check her out.

The fact that she wasn't on the
short list to take Obama's place
in the Senate was DISGUSTING.

http://www.house.gov/schakowsky/

She is a TRUE Progressive.
I haven't seen her come
down on the wrong side of
a vote, EVER.

[genna]

36. The only thing I knew about her had to do with her husband getting into trouble

I read her wikipedia page.

It takes too much to be a member of Congress. Even when I most disgusted with the laws Congress passes, I am still in awe of the personal sacrifice they make to take the abuse heaped on them.


I will listen for her name now that I know a little more about her.

[Skwmom]

14. Obama just needs to invite them to a Whitehouse party.

I'm sure that will get them on board.

[Drunken Irishman]

16. This will probably benefit Obama in the long run.

If this meme becomes mainstream. If Obama is being attacked from the left & the right, majority of Americans will probably take offense, since he's not riding the extreme.

The worst thing that can happen to a president in today's world is if he's pinned by either ideological extreme. That's what hurt Bush and it could kill Obama's administration. So, I guess if there is one good thing coming out of all of this, it'll make him appear more mainstream and that should play well throughout his presidency.

[MarjorieG]

23. Yes, if sounds pragmatic, taking realistic steps; but Krugman almost accuses unethical, compromised,

and wrong. That he could have done more, now, but I don't think so.

[genna]

27. Obama will benefit if he keeps his promises.

He need not put a chicken in every pot. If he can develop an economy where every one who wants to work (I'm sure there are those who don't feel inclined to get a job), has the opportunity to work.

He'd get Republicans, even those culture warriors, if he can craft an economy that allows for a single bread winning household (for single mothers, an equal pay single bread winner) where one partner stays home.

The social safety net, like Veteran's benefits, Social Security, and Medicare, in place and untouched (in the Al Gore lockbox sense).


Everyone (left, right, and center) can yell at Obama for the next 4 to 8 years if he improves the bottom and the middle's standard of living. We might even decided we need to rescind the 3rd term constitutional amendment if he treats us all well enough.

[leftofthedial]

18. All these Naderite, hater, McCainite, disrupter, trolls!

How dare they!

[lostnotforgotten]

19. I Voted For Obama And Contributed - He Has Not Met My Expectations

eom

[Peacetrain]

30. Question, what were your expectations?

[paulk]

26. let's hope Obama listens

[indimuse]

46. ...nice

trax...!





same place. /visualmuzique hope you enjoy and see you around. :)

[depakid]

33. "he and his colleagues fear a replay of the Clinton years under Mr Obama."

You won't get the degegulatory fervor- but only because the massive failure of that ideology is right in everyone's faces.

Otherwise- that's largely what folks are going to see.

Which is essentially what Obama laid out during the campaign.

[spanone]

34. and where were these 'liberal voices' for the last 8 years?

[Raineyb]

35. Being ignored by the mainstream media. n/t

[Political Heretic]

38. Yes interesting! The media begins its campaign to paint criticism as "radical" "fringe" "crazies"

Because there's nothing they fear more than actual reform that would do something other than maintain the status quo.

Yeah, that's the "Financial Times" for ya.

[earth mom]

39. Yep, the REAL liberals are speaking out against Obama's rethuglican-esque policies and plans.

Yet on DU, the Obama nuts paint us as freepers.

:crazy:

[empyreanisles]

40. Obama is a real liberal. You are a hysterical hater. (eom)

[Romulox]

42. Right--a "real liberal" who funnels trillions to Wall Street and busts up unions.

[empyreanisles]

44. Yeah, he's busting unions alright.

And unless you want a complete revolution in how money is created, we need to have banks as well.

He is doing what is necessary under very difficult circumstances.

[Romulox]

45. That kind of "liberal" is called a NEOLIBERAL. I can see why you're confused, though. nt

[wyldwolf]

43. "All this has happened before and will happen again."

Democratic president, undermined by the left and the right.