Obama Won’t Let Our States Be Middle Class

David Sirota points out how our Democratic Corporatism is bringing back Reagan’s still-alive corpse. I discussed limousine liberals with John Nichols of the Nation the other day and you know, there’s a real way to have a free market and then there’s a way to let government prop up a few in a dangerous kind of free market.

The video on HuffPo is worth a look:

I’ll let you read the column to see how I believe the Massachusetts Senate race really proves that 21st Century Democratic corporatism is now fueling the revival of Reagan’s most pernicious anti-tax and anti-government messages. But make no mistake about it: That revival is not due to Republican brilliance but to Democrats conflating government with the most hated corporations in the land. Indeed, if President Bush made government synonymous with Halliburton, Democrats have made government synonymous with Goldman Sachs.

Sirota also points out in another column that our states have to cut “life” as budgets are slashed (The Case for Choosing Life):

The phrase “choose life” may be conservatives’ abortion shibboleth, but, as my new newspaper column today shows, it better sums up the economic decision communities all over America must now face when it comes to taxes, spending and budget deficits.

For the last week or so, I’ve been reporting on the state of the tax debate in places like Oregon, Colorado Springs and Pennsylvania (among others). Voters there – and soon, everywhere – are being asked to choose between tax hikes on the ultra-wealthy and massive spending cuts for basic social services. That is, they are being asked to choose between economic life and economic death.

It’s the same choice Congress will be forced to make quite soon, thanks to President Obama’s solid proposal to end George W. Bush’s high-income tax cuts – but also thanks to his awful proposals to potentially ram Social Security/Medicare cuts through a commission and freeze non-defense domestic spending.

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BOOKS

1)Barry Lynn’s “Cornered: The New Monopoly Capitalism and the Economics of Destruction, the most important book on the hidden monopolies in our country and how they impact our democracy.

2)Neil Barofsky’s “Bailout: How Washington Abandoned Main Street While Rescuing Wall Street, the story of the mishandling of the $700 billion TARP bailout fund.

3)Lawrence Goodwyn’s “The Populist Moment: A Short History of the Agrarian Revolt in America,” one of the truly great works of American history and how to build a foundation for 20th century American political economy.

MELTDOWN CAUSES: Articles and Interviews

1. Finger of blame points to shadow banking’s implosion -Financial Times
2. Musings on Structural Challenges to the Financial System -Yves Smith
3. Hedge fund Manager Goodbye -Andrew Lahde
4. The End -Michael Lewis
5. Alan Greenspan and the Fed -William Greider
6. Bill Moyers and Kevin Phillips -video
7. Destructive Rise of Big Finance -Kevin Phillips
8. The Quiet Coup -Simon Johnson


"FINANCIAL INNOVATIONS"

1. Genesis of the Debt Disaster -Financial Times
2. Reforming Credit Default Swaps -Institutional Risk Analyst
3. AIG Bailout -Yves Smith
4. Mark to Model -Yves Smith


WHAT TO DO ABOUT THE BIG BANKS THAT FAIL?

1. Willem Buiter -FT
2. Thomas Hoening -Kansas City Federal Reserve
3. Joseph Stiglitz -Nobel Laureate
4. Nassim Taleb -FT
5. Dan Tarullo -Federal Reserve


ANTITRUST

1. Breaking up the Banks -Zephyr Teachout
2. Too Big to Fail is Too Big -Willem Buiter
3. Vigourous Antitrust -Christine Varney, Asst Atty General of DOJ, AT

REGULATION

1. Regulatory Capture -Thomas Frank
2. Making Regulation Work -Zephyr Taachout, Shawn Bayern

WHAT'S IT MEAN FOR THE ECONOMY?

1. Evolution or Revolution -Bill Gross
2. The Future of the American Dream -William Greider
3. Tom Geoghegan and William Greider on the Economy - audio
4. Andrew Bacevich Interview With Bill Moyers - video

 

 

 

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