That crisis presented a huge opportunity for Obama and the Democrats to bring about real change in Washington -- the central promise of his campaign -- by capitalizing on (and becoming the voice of) populist anger and using it to wrestle away control from Wall Street and other financial and corporate elites who control Washington. Had they done so, they would have been champions of populist rage rather than its prime targets. But, as John Judis argues in his excellent New Republic piece, they completely squandered that opportunity. Rather than emphatically stand up to the bankers and other oligarchical thieves, they coddled and served them, and thus became the face of the elite interests oppressing ordinary Americans rather than their foes. How can an administration represented by Tim Geithner and Larry Summers -- and which specializes in an endless stream of secret deals with corporate lobbyists and sustains itself with Wall Street funding -- possibly maintain any pretense of populist support or changing how Washington works? It can't. MORE...
Friday, August 27, 2010
Greenwald: "Racial and ethnic exploitation of economic insecurity"