He had a choice. He could have upheld the Constitution with all of the pretty language on promoting the General Welfare or he could take the easy way out and let the private investors have taxpayer funded sweetheart deals to bail out the bankers. The bankers come out of this relateively unscathed. The private equity firms profit no matter which way the markets go. YOU work until you’re 85 or dead, whichever comes first, provided you can find work. You can hear the gory details in yesterday’s podcast from Planet Money. No matter how you slice it the taxpayers get left holding the bag.
The only thing left to do is figure out what to do about this. The Tea Party idea might be good if it weren’t populated by so many Malkinites who think the real problem is government spending on taxpayers, who you would *think* actually deserve to profit from their hard work. But that’s not the Republican way. No, the Republican way is to make you think that the people below you are the problem. It’s always the pecking order for them.
But what about Democrats? What’s the difference between Democrats and Republicans these days? Last year, the party traded in its guiding principles for Republican Lite. Barack Obama is definitely pro-”money class”. He’s proven that now by Geithner’s plan where the only people to benefit already have money. We can rage against Congress but they are feckless. They pretend to care whether billions of taxpayer dollars go to save the lifestyles of the rich and finance. But where are they where pensions are concerned? What about our 401K retirement accounts that we were all forced to take instead of a pension? What about the giant Ponzi scheme? If Congress doesn’t back up their diatribes with action to rein in the bankers and hold them accountable for the mess they’ve made, we might as well be voting for Republicans.
Meanwhile, the left seems paralyzed. Those of us who would rally the troops are trying to keep our jobs. Those on the left who sold out to Obamamania last year seem like bewildered children who discovered something nasty about their parents. They just can’t believe it. But it’s worse than that. Obama has effectively neutralized the left with the left’s help. His campaign attacked it from within and made it helpless.
A couple of days ago, I stumbled on this interview of Margaret Atwood on Bill Moyer’s Journal. The topic was religion and government but she could be talking about any group that seeks power for its own sake. The last five minutes of the interview is the relevant part:
This is something we recognized early on: *WE*, the liberals of the left, were Obama’s opposition because we were supposed to be the closest to him ideologically. He had to either co-opt us or discredit us and Voile!, no one on the left could stand in his way. That’s how the PUMAs and others like us became the old, uneducated, working class, menopausal females because who wants to sit at that lunch table? That’s why we were called racists because we supported the person who was the real progressive, the real change agent. That’s why we became the “Old Coalition”, as Donna Brazile called us. We were the heretics of a new religion. The question is, what do we do about it? Because if we do not reconstitute the left, all that remains is the right.
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