Can Obama Stop the Bush Administration's Final Economic Heist?

[Crewleader]

By Naomi Klein

Terrible looting of public capital has a habit of taking place during periods of dramatic political transition, and Bush has one underway.

To understand the meaning of the U.S. election results, it is worth looking back to the moment when everything changed for the Obama campaign. It was, without question, the moment when the economic crisis hit Wall Street.

Up to that point, things weren't looking all that good for Barack Obama. The Democratic National Convention barely delivered a bump, while the appointment of Sarah Palin seemed to have shifted the momentum decisively over to John McCain.

Then, Fannie Mae and Freddie Mac failed, followed by insurance giant AIG, then Lehman Brothers. It was in this moment of economic vertigo that Obama found a new language. With tremendous clarity, he turned his campaign into a referendum into the deregulation and trickle down policies that have dominated mainstream economic discourse since Ronald Reagan. He said his opponent represented more of the same while he stood for a new direction, one that would rebuild the economy from the ground up, rather than the top down. Obama stayed on this message for the rest of the campaign and, as we just saw, it worked.

http://www.alternet.org/workplace/106157/can_obama_stop_the_bush_administration%27s_final_economic_heist_/?

[enid602]

1. nothing left

Is there anything left to take? I think the author underestimates Bushco.

[Crewleader]

2. she added an interesting link

It's not too late to halt the robbery in progress, but it cannot wait until inauguration. Several great initiatives to shift the nature of the bailout are already underway, including http://bailoutmainstreet.com. I added my name to the "Call to Action: Time for a 21st Century Green America" and invite you to do the same.

[westerebus]

3. Sorry.

According to the President Elect, it will wait until 20 January 2009. In the mean time a spending stimulus is expected and if not forthcoming; it will be the first piece of legislation to be offered by the new administration. What is worrisome is the stimulus is in reality a relief package. Food stamps, unemployment benefits,and aide to the states while the banks recapitalize to a state of solvency. Or as close as they can pending the next leg down ward in the financial markets.