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Was Obama elected to overthrow capitalism and replace it with a system in which money did not purchase social power? News to me. I thought he was supposed to be a mild reformer. Obama came to office during the typhoon and at the first sign of stability he is proposing major changes in how the system works - including a stronger glass-steagal act and a consumer protection agency. I'm  favor of both of those, although neither will make the fundamental injustice of the system go away, and so don't understand the tactical utility of calling the guy proposing these reforms an inept sellout. It seems to me, one might be better off saying "great, but not far enough, let's get these through and see" and attacking the chamber of commerce and banking lobbies.
by rootless2 on Sat Jan 23rd, 2010 at 06:33:24 PM EST
[ Parent ]
I'm in favor, as you are, of mild reform.

When we've seen reform of any sort, (and I have my doubts that we'll see any such thing, partially because of the Obama administration's tactical miscalculations) we can debate what all of this means.

Fai de bèn a Bertrand, te lou rendra en cagant

by redstar on Sat Jan 23rd, 2010 at 07:36:25 PM EST
[ Parent ]
And yes, part of that change, the political environment in the US increasingly indicates, was to change the money to social power to economic power self-re-inforcing circle.

I'm certainly not as impressed as you seem to be of his current financial reforms proposals. Geithner being against them isn't enough for me to be for them (though it is a good sign.) In fact though, very few people are impressed, and if you can link to an independent, favorable review of what is currently proposed, I'd surely like to see it.

He may have wanted to be a mild reformer but, if that's all he is about now, he will be a failed President like Clinton was. And, he won't have the magic of a bubble market to cover up the mess like Clinton had.


Fai de bèn a Bertrand, te lou rendra en cagant

by redstar on Sun Jan 24th, 2010 at 05:20:54 AM EST
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