How Obama Saved Capitalism and Lost the Midterm Elections

I just read an excellent article by Timothy Egan at the New York Times, discussing how President Obama essentially saved the day and saw his party sent to the showers anyway. It’s a good example of the disconnect that the average American has with cold, hard facts. In the end, what took a bite out of the Democrats’ butts during the mid-term elections was the simple fact that they did not effectively sell their accomplishments. Too many Americans have been bullshitted by Fox News and the Right-Wing talking heads into believing that the Democrats are destroying the country, even as their policies and those of President Obama are responsible for getting the economy turned around and started in the right direction.

In short, the Democrats’ legendary lack of spine and distaste for political battle has hurt them again. There wasn’t a single Democrat who was willing to stand up and say “these people are full of shit, America”. It might have saved them during the mid-terms if one of them had been more confrontational in the face of the Republican misinformation machine.

Anyway, I recommend that you read Timothy Egan’s article. Excerpts follow;

If I were one of the big corporate donors who bankrolled the Republican tide that carried into office more than 50 new Republicans in the House, I would be wary of what you just bought.

For no matter your view of President Obama, he effectively saved capitalism. And for that, he paid a terrible political price.

Suppose you had $100,000 to invest on the day Barack Obama was inaugurated. Why bet on a liberal Democrat? Here’s why: the presidency of George W. Bush produced the worst stock market decline of any president in history. The net worth of American households collapsed as Bush slipped away. And if you needed a loan to buy a house or stay in business, private sector borrowing was dead when he handed over power.

Of course, the big money interests who benefited from Obama’s initiatives have shown no appreciation. Obama, as a senator, voted against the initial bailout of AIG, the reckless insurance giant. As president, he extended them treasury loans at a time when economists said he must — or risk further meltdown. Their response was to give themselves $165 million in executive bonuses, and funnel money to Republicans this year.

Money flows one way, to power, now held by the party that promises tax cuts and deregulation — which should please big business even more.

Read Complete Article @ New York Times >>

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