Americano Standoff

[don]

In a subtle but real sense, this stalemate is a reflection of two opposing forces: on the one side stand the competitive forces of market mechanism that require exposure, transparency and the cleansing of the balance sheets of the insolvent mega banks. On the other side stand the monopolistic power of these financial giants, supported by government policy makers, that is preventing the forces of competition from determining the value of their toxic assets.



Obama’s commitment to powerful business interests is best reflected in his unwavering support for giant Wall Street gamblers. Instead of calling for dismissal and accountability of the economic team of advisors that played a catalyst role in bringing about this systemic financial meltdown, he has placed them in decision-making positions, ensuring the continuance of the failed Bush policies of looting taxpayers and giving it to Wall Street financial titans.

The longer his administration continues on this doomed path, the longer the crisis, the more indebted the nation, and the more oppressive the economic hardship will get.

There is some speculation that the Obama administration might be compelled to nationalize the insolvent banks. Considering the financial-economic team of neoliberal advisors who would be in charge of carrying out the rumored nationalization, this measure would be committed largely to the powerful Wall Street interests. If implemented, the measure would be tantamount to the proverbial palace coup designed to salvage the rule of the royal family, that is, of the financial Kleptocracy.


http://www.counterpunch.org/zadeh01302009.html

[petertribo]

Re: Americano Standoff

Obama's Economic Policy Revealed and Simplified

From a NYT article Global Worries Over U.S. Stimulus Spending:

"A top White House adviser, Valerie Jarrett, promised in Davos on Thursday that once the stimulus plan achieved its intended affect, the United States would “restore fiscal responsibility and return to a sustainable economic path.”"

A fair reading then of US Economic Policy in the interim is to be fiscally irresponsible and continue on an unsustainable economic path. I guess this is really something you would not have wanted revealed during the election.

http://www.nytimes.com/2009/01/30/bu...l?ref=business

[vanvaley1]

Re: Americano Standoff

In a subtle but real sense, this stalemate is a reflection of two opposing forces: on the one side stand the competitive forces of market mechanism that require exposure, transparency and the cleansing of the balance sheets of the insolvent mega banks. On the other side stand the monopolistic power of these financial giants, supported by government policy makers, that is preventing the forces of competition from determining the value of their toxic assets.



Obama’s commitment to powerful business interests is best reflected in his unwavering support for giant Wall Street gamblers. Instead of calling for dismissal and accountability of the economic team of advisors that played a catalyst role in bringing about this systemic financial meltdown, he has placed them in decision-making positions, ensuring the continuance of the failed Bush policies of looting taxpayers and giving it to Wall Street financial titans.

The longer his administration continues on this doomed path, the longer the crisis, the more indebted the nation, and the more oppressive the economic hardship will get.

There is some speculation that the Obama administration might be compelled to nationalize the insolvent banks. Considering the financial-economic team of neoliberal advisors who would be in charge of carrying out the rumored nationalization, this measure would be committed largely to the powerful Wall Street interests. If implemented, the measure would be tantamount to the proverbial palace coup designed to salvage the rule of the royal family, that is, of the financial Kleptocracy.


http://www.counterpunch.org/zadeh01302009.html

Be nice to think that Obama is following some sage advice from an old timer: "Keep your friends close and your enemies closer." But I fear he's not a change agent so much as an enabling one to his 'friends' about him. I'm still pulling for a Swedish solution to the banking crisis.