Giving Obama a Rough Time?
As I read the commentaries today nearly all of them are giving Obama a rough time: why did he freeze federal salaries for two years? Does he really think he can persuade the Republicans to drop their tax break for the superrich? etc., etc. About the one positive report in my emails today is the DAVID E. SANGER piece in the NY Times Week in Review (“Cables Depict Range of Obama Diplomacy”).
It is pretty obvious that the Republicans are bent on destroying Obama and helping the superrich lobbyists rather than rescuing Americans in dire trouble — losing homes and facing hunger for themselves and children — and dying needlessly because they cannot afford a doctor. Presumably Obama will have to compromise to keep unemployment monies flowing as long as possible. Our employment situation is not going to improve radically because our global competitors — particularly China — are grabbing jobs with minimum supports of their workers and fiddling their currency.
Thank God Obama is smart, young, healthy, and has a happy family!
I think it is time that our opinionated media start taking seriously the massive problems which Obama inherited from previous Republican regimes which sabotaged government regulations and allowed huge profits to corporations while gutting our economy. I don’t know how many people there are that could juggle hand grenades and cluster bombs while keeping our nation moving in the best possible direction.
We will shortly be having some bad bank news from Wikileaks. 149 have failed in 2010 so far and guess who pays the damages, i.e. for replacement public employees and guarantees of balances up to $250,000?
Bank of America is rumored to be the next Wikileaks revelation. The following Washington Post article today is not encouraging:
By Steven Mufson
Washington Post Staff Writer
Sunday, December 5, 2010
“When Bank of America agreed to buy Countrywide Financial for $4 billion in January 2008, the bank’s chief executive, Kenneth D. Lewis, called it a “one-time opportunity.”
“When this opportunity knocked, however, it blew the door down. More than two years after the acquisition, Bank of America has taken write-offs of $5.5 billion because of troubles at Countrywide. And the losses are still mounting.
“Now, instead of celebrating its improved profits and stronger capital base, the bank is trapped in a “Groundhog Day”-style routine of fending off crisis.”
Could it be that we may need to bail out this monster and those with their monies tied up in it? Such news would not be good — 14 MILLION loans?
“A war is just if there is no alternative, and the resort to arms is legitimate if they represent your last hope.” (Livy cited by Machiavelli)
Ed Kent [blind copies]