I’m Just Not Impressed

Am I supposed to be?

It’s the economy, stupid.

with one comment

(I’m sure that is a blazingly original blog title this week…)

Now, I’m not going to pretend that I know a whole lot about economics.  The last time I took an econ class was in high school and I don’t recall that I did particularly well on the pretend-to-build-your-stock-portfolio assignment that is probably required for an Econ teacher to keep their accreditation.  I tended to nod off when Professor Hanson would gush over Richard Posner and the theory of law and economics.  I did somehow internalize the concept of the time-value of money, though, so I guess it wasn’t all for naught.

The point being, I am far from being some sort of financial wizard/expert/savant who can just explain to anyone – barely even myself – what the hell is going on on Wall Street this week.  And really, there are approximately 70 billion words written elsewhere on the internet that can explain the significance of the Freddie/Fannie takeover and the bailout of AIG and Merrill Lynch and Lehman Brothers and everything else (is there anything else yet?  Probably by the time I actually post this.)

I’m not even going to try to talk about the numbers.  But, of course, it’s never just about the numbers and this being an election year, it is even lessabout the numbers.  And while I cannot necessarily wax on about what this means for the Fed and foreign markets and what investors can expect over the next 18 months (Me? I’ll be over here not opening my 401k statement, thanks) but I also have a hard time understanding how giving more money – our money – to the same people who fsked things up the first time is going to encourage better behavior in the future.

Now, I’m not completely ignorant about the supposed benefits of corporate welfare and trickle down economics.  Help the big companies who employ thousands of people stay afloat so that those thousands of people are not suddenly out of work and needing to rely on the social service programs that supporters of the trickle down theory tend to oppose.  Because, in a perfect world, if the corporations are healthy and the people are working, then no one needs welfare or medicaid.  Or, you know, Social Security that’s outside the financial markets.

Clearly 8 years of dismantling/ignoring financial regulations and encouraging gigantic corporations to make money hand over fist until the bottom falls out has worked well with the current administration. Continuing the corporate welfare and laissez faire enforcement of the Bush administration is definitely the way to “change”.

There’s a reason why commentators on NPR this morning kept referring to FDR when they were talking about the kind of leader the U.S. needs right now. It’s convenient that he was a Democrat, but the real reason is that he listened to the people and he was not afraid of using the power of government to help the little guy – the real people who were out of work and loosing their homes. Not because the bottom fell out of their own investments, but because the bottom fell out of other people’s. The financial elite, if you will.

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Written by emandink

September 19, 2008 at 3:56 pm

Posted in Classism, Election 2008, Politics

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One Response

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  1. With Obama’s relationship to Fannie & Freddie (i.e., his being the second largest recipient of lobbyist money therein over the past 20 years – and he’s been taking it for only 3 years!), the fact that Franklin Raines plays an important role in his campaign, the fact that Obama voted against reform of the mortgage lending indutry 2 1/2 years ago (a reform bill sponsored by McCain)…no wonder he is not willing to announce his “plan” today toward economic prosperity. Why not wait – take a pass on committing oneself, something perhaps akin to voting “present”.

    He preaches “change” but has consistently voted the party line, and has not demonstrated a willingness to work across the aisle or compromise – ingredients each of which are required to “change” anything.

    See http://zazzle.com/politix for more information.

    politixican

    September 19, 2008 at 4:59 pm


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