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Mar 28 2011

The incredible whininess of the oligarchy

Glenn Greenwald has another excellent piece on how the US oligarchs, as represented by the Koch brothers, are so greedy as to be delusional, seeing themselves as the oppressed ones, fighting against a President Obama who in their eyes is a ‘dedicated egalitarian’ who has ‘internalized Marxist models’ and is ‘the most radical president we’ve ever had as a nation’ because he has had ‘antibusiness, anti-free enterprise influences affecting him almost all his life’.

Greenewald contrasts this with the reality:

Since Obama was inaugurated, the Dow Jones has increased more than 50% — from 8,000 to more than 12,000; the wealthiest recieved a massive tax cut; the top marginal tax rate was three times less than during the Eisenhower years and substantially lower than during the Reagan years; income and wealth inequality are so vast and rising that it is easily at Third World levels; meanwhile, “the share of U.S. taxes paid by corporations has fallen from 30 percent of federal revenue in the 1950s to 6.6 percent in 2009.” During this same time period, the unemployment rate has increased from 7.7% to 8.9%; millions of Americans have had their homes foreclosed; and the number of Americans living below the poverty line increased by many millions, the largest number since the statistic has been recorded. Can you smell Obama’s radical egalitarianism and Marxist anti-business hatred yet?

Then there are those whom Obama has empowered. His first chief of staff, Rahm Emanuel, is a business-revering corporatist who made close to $20 million in 3 short years as an investment banker, while his second, Bill Daley, served for years as JP Morgan’s Midwest Chairman. His Treasury Secretary is undoubtedly the most loyal and dedicated servant Wall Street has ever had in that position, while Goldman Sachs officials occupy so many key positions in his administration that a former IMF and Salomon Brothers executive condemned what he called “Goldman Sachs’s seeming lock on high-level U.S. Treasury jobs.” Obama’s former OMB Director recently left to take a multi-million-dollar position with Citigroup. From the start, Obama’s economic policies were shaped by the Wall Street-revering neo-liberal Rubinites who did so much to serve corporate America during the Clinton years. Meanwhile, the President’s choice to head his Council on Jobs and Competitiveness — General Electric CEO Jeffrey Immelt — heads a corporation that “despite $14.2 billion in worldwide profits – including more than $5 billion from U.S. operations – [] did not owe taxes in 2010″: an appointment the White House still defends.

Yes, these are definitely the actions of a doctrinaire egalitarian determined to destroy the capitalist system in the US and usher in a Marxist dictatorship.

1 comment

  1. 1
    Steve LaBonne

    If only Obama understood the principle of “may as well be hanged for a sheep as for a goat”.

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