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norman kelley

norman kelley
Location
Washington, District of Columbia, USA
Bio
Norman Kelley is an independent journalist, author, and former segment radio producer at WBAI 99.5 FM Pacifica Radio. He has written for Society, L A Weekly, The Brooklyn Rail, The Village Voice, The Nation, New York Press, Newsday, Word.com, The Black Star News, New Politics, Black Renaissance/Noir, and The Bedford Stuyvesant Current. He is also the author of the "noir soul"/ mystery series that features "Nina Halligan" in Black Heat (Amistad), The Big Mango (Akashic Books), and A Phat Death (2003). Norman Kelley was also a contributing writer to Brooklyn Noir (Akashic Books, 2004) and DC Noir (Akashic Books, 2006) and Gig: Americans Talk About Their Jobs at the Turn of the Millennium (Random House 2000). He edited and contributed to R&B (Rhythm and Business): The Political Economy of Black Music (Akashic Books, 2005; 2002).

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SEPTEMBER 3, 2010 1:34PM

Shocking Bankster Behavior Suprises Obama

Rate: 3 Flag

If one read the September 6 edition of Newsweek, the "Obama's Old  Deal" article, by Micheal Hirsh, may explain why Barack Obama, although the president of the United States, is not a leader. He was actually surprised that the banks after having their bacon saved went back to their old ways:

Barack Obama was “incredulous” at what he was hearing, said one of his top economic advisers. The president had spent his first year in office overseeing the biggest government bailout of the financial industry in American history. Together with Federal Reserve chairman Ben Bernanke, he had kept Wall Street afloat on a trillion-dollar tide of taxpayer money. But the banks were barely lending, and the economy was still mired in high unemployment. And now, in December 2009, the holiday news had started to filter out of the canyons of lower Manhattan: Wall Street’s year-end bonuses would actually be larger in 2009 than they had been in 2007, the year prior to the catastrophe. “Wait, let me get this straight,” Obama said at a White House meeting that December. “These guys are reserving record bonuses because they’re profitable, and they’re profitable only because we rescued them.” It was as if nothing had changed. Even after a Depression-size crash, the banks were not altering their behavior. The president was being perceived, more and more, as a man on the wrong side of an incendiary issue.

This may well explain why Obama's numbers have gone south: he really doesn't appear to be fighting the banksters despite singing major financial reform legislation.  In fact, he's been rolled by Wall Street. Obama could never self-stoke any populist fire, which he has allowed the likes of Glenn Beck, the Tea Party and the Republicans to usurp. (For an interesting reading of how Obama lost the populist fight, see John Judis' The Unnecessary Fall.)
 
If Obama, supposedly the sharpest tool in the box, can get fleeced by Wall Street, then that means that the Democratic Party isn't going to look after the interest of most Americans. In short, we are defenseless.
 
BTW, stay alert as to how Obama's defecit commission may be fine tuning the defecit problem by attacking Social Security.

 

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That's what happens when the government hands out money with no strings attached.
Maybe Obama should go back to Harvard and study economics this time.
Norman where have you been? I guess learning the hard way that Obama is not a leader.
Obama wasn't alone in being duped, tho perhaps Hank Paulsen wasn't so much duped as complicit. In either case, both were participants in the Wimpy (see Popeye) dodge: "I'll gladly pay you tomorrow for a hamburger today."

The time to wrangle some semblance of human decency out of the banksters was while the bottom was falling out from under them, and they risked losing their cushy, over-compensated jobs.
I'm so disappointed in Obama. He's continued the Bush policies, is in bed with the military-corporate complex, hasn't fulfilled any of his promises, and put Goldman Sachs guys such as Geithner in charge of the economy! His hands drip with blood, and he continues the stupidity of making heroes out of soldiers, a true symptom of Fascism...you know, those "heroes" who film themselves putting grenades in Iraqi cars and murder Afghans for sport!!

Furthermore, my faith in elections is shattered. I always voted, in every election, and used to admonish my college students, particularly the women, about voting....a right that is still fought for in some places in the world. But now I think Ralph Nader was absolutely right! He always said there was no difference between Dems and Repubs. Repubs use racism and hatemongering to divide and distract us, often focusing on private issues such as abortion rights to distract from their endless wars, their rape of the economy, and their corporate ass-kissing. But now I realize that Dems use elections, "getting out the vote", "preserving our democracy", etc. to distract us from the real issues....they're all the same. I may never vote again......

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