Ted Rall: Memo to Obama: People. Need. Money. So hire them. Like FDR did.

If you object to harsh criticism of Obama, don't click on the link. Rall, like Yves at Naked Capitalism, clearly believes the president is beyond redemption. I excerpted his criticism of Obama's handling of the bank bailout because it contrasts well with his failure to push for a public works program a la FDR. If a multi-trillion dollar bailout is good enough for Wall Street, it should be good enough for the rest of us.

ON EDIT: The link on Common Dreams isn't working now, but you can go to Rall's site by clicking here. Again, be forewarned that Rall is extremely critical of Obama in this piece.

http://www.commondreams.org/view/2010/02/11-5

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Every time it counts, Obama doesn't have a clue. Consider, for example, the $700 billion TARP bailout.

The CEOs of Bank of America, Citibank, AIG, Goldman Sachs and several other giant corporations came to the Administration early in their term, wailing that (a) they would go out of business unless the feds bailed them out and (b) they would take a chunk of the economy with them, what with them being "too big to fail" and all.

Put yourself in Obama's position. I would have replied Tony Soprano-style: "OK, fellows, I'll help you out. I'll save your stupid asses. In return, the Treasury will take your next 10 years of profits. Your shareholders get squat. No bonuses. Your execs stay until we say they can quit, for $50,000 a year. If they don't like it, we prosecute them for fraud or unpaid parking tickets or terrorism, whatever, we'll come up with something. If you don't pay a decent return, we nationalize you."

"After all, if you're too big to fail, maybe you need to become part of the government."

Obama held all the cards. But he was stupid. And he was corrupt. (Two words: Timothy Geitner. Two more words: Goldman Sachs.) But more stupid than corrupt. And so, after AIG and Goldman used taxpayer bailout funds to redecorate their offices and pay extravagant bonuses to the corporate turds who ruined their companies in the first place, Obama was surprised. How could he be dismayed at "reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people"? He let them get away with it. You can hardly blame greedheads for taking money when you give it to them, no strings attached. But that's what he's doing--and it's seriously pissing people off.

Now that the prez is finally starting to think about the economy, he's proposing tax breaks for companies that hire new workers. Actually, it's a good idea. Or it would have been, when I proposed it back in the 1990s. Now it can't possibly work.

more...

Think they pulled it from the site?

On edit: it's here -- http://www.rall.com/rants.html

nt

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..and things are running smoother!

I think they are trying to tell us something.

It might offend some knuckle-dragging Republican bigot somewhere, and we can't risk that!

It is simply common sense to get concessions before handing over the money.
Everybody KNOWS that. Obama does too.
If no concessions were demanded, it was because no concessions were wanted.
This massive transfer of Wealth to the Ownership Class (theft) was perfectly timed to transpire during the transition giving BOTH Parties the ability to blame the other.

The Wall Street Bankers and their Ownership Class investors were NOT to feel a single moment of discomfort...Mission Accomplished!

This was NOT just Obama.
Don't forget to co-conspirators, also members of the Ownership Class.

NOW we have Your Children’s Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is “Bi-Partisanship” !
Better get used to it!!
Hahahahahahahahaha!



Anyone who believes the cover story that Washington is "too big", or "too partisan" to get anything done is buying into the BIG LIE.
It took the Washington Elites (Democrats & Republicans) less than a week to deliver a Trillion Dollars to the Ownership Class...no strings attached.

If you are an American who Works for a Living?.....tough shit!
"They feel your pain!"
Hahahahahahahaha!

It's part of the plan to break the back of government.