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Thumbs down to Obama

Ever-increasingly, one is seeing disenchantment creeping in with the new US president Obama. Yes, he was touted as almost being the Messiah when elected - something quite unrealistic and unattainable given the myriad of problems confronting the United States - but he allowed the hype surrounding his campaign to almost put him on a pedestal.

Chris Hedges, writing on truthdig.com in "Obama Has Missed His Moment":

"Barack Obama has squandered his presidency. He had a fleeting moment to challenge the casino capitalism and financial recklessness of our economic and political elite. He could have orchestrated a state socialism that would have provided a safety net for tens of millions of Americans faced with dislocation and misery. The sums he has doled out to Wall Street could have been used to force companies to keep workers on the job or create new banks to open up credit. But he lacked the foresight and the courage to challenge entrenched power. And now we are headed down one of two frightening roads—massive deflation or hyperinflation. Neither will be pleasant."

Not quite in the same vein as Hedges, but reflecting a questioning where the Administration is going is this op-ed piece "Workers Walk the Plank" by Bob Herbert in the NY Times:

"I’m sure everyone is thrilled to know that the high rollers on Wall Street are bouncing back. With profits on the rebound, the big shots at the biggest institutions are on track, as The Times reported Sunday, to make as much money this year as they were hauling in before the mega-recession began.

The growing legions of the unemployed can be forgiven for not shouting hallelujah. It’s a little like watching the drunken driver who plowed into your family car and caused untold havoc and heartache, suddenly pulling up one morning, no worse for the wear, in a sparkling new vehicle.

The folks who led the nation to this financial abyss are the ones being made whole on the taxpayers’ dime. We can look after them, all right. But we can’t seem to get credit flowing in any normal way again; we can’t stanch the terrible flow of home foreclosures; and we’re not doing nearly enough to address the most critical need of all: putting people back to work.

While Wall Street is breaking out the Champagne yet again, the rest of the economy is beyond terrible, and will be for the foreseeable future."

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