The Big Mass Loss: Voters think Obama sides with the banks

“Massachusetts voters have given up on President Obama as an agent for anything but the status quo, and this is most evident in his willingness to dole out trillions of dollars in direct and indirect support to the banks. The Massachusetts polls show this issue to be foremost on the minds of the voters.” Numerian

Michael Collins

The article exerpted below is the first and may end up being the best analysis of the Massachusetts disaster, the loss of the late Senator Edward Kennedy’s seat in the United States Senate.  The “all knowing” pundits have already tagged this as some sort of revolt against President Obama’s health care legislation or a sea change in United States politics.  But there are a few facts that point to the likely cause of the defeat.  Financial commentator Numerian laid it out out very clearly at the start of his analysis:

“An interesting observation was made today by the pollster for Martha Coakley, the hapless Democratic candidate for the Massachusetts senate seat held almost forever by Ted Kennedy. It appears polls are showing that the voters, especially independents who would normally vote Democratic in a liberal blue state like Massachusetts, have instead run to support the Republican candidate as the agent of change. Wasn’t that supposed to be Barack Obama’s signature tune?

“Massachusetts voters have given up on President Obama as an agent for anything but the status quo, and this is most evident in his willingness to dole out trillions of dollars in direct and indirect support to the banks. The Massachusetts polls show this issue to be foremost on the minds of the voters.”   Numerian

That’s pretty clear isn’t it.  Massachusetts voters are not concerned about health care reform.  They already have a program equal to or more comprehensive than the current legislation.  There is no Teabagger movement emerging there.   However, the information from polling and the general concern across the country about give aways to bankers while the rest of us get nothing stands out as the cause of voter disaffection and abandonment of the Democratic candidate.

(President Obama’s) …  “actions this past year have been completely at variance with his rhetoric. He is, in fact, almost as completely addled as the bank executive cronies he appears to court and coddle. This past week also saw testimony from some of the top executives in the banking industry, including Lloyd Blankfein of Goldman Sachs, Jamie Dimon of JP Morgan Chase, and John Mack of Morgan Stanley. They were all very skilled at accepting regret for what happened without accepting responsibility.”   Numerian

This is the enduring problem with the White House, a tin ear to the fears of people enduring a real world recession/depression with fully allocated unemployment now at 17% (Bureau of Labor Statistics, U-6 results).   The Democrats, Obama, Coakley, almost all of them fail to recognize these fundamental truths:

When you lose your job, you know it.

When face the loss of your home, you know it.

When your health insurance disappears, you know it.

When you get nothing while the banks get trillions of dollars, you clearly know it.

Who is to blame for the failed economy?

That’s not a difficult question and there is an answer:

“These are men making millions of dollars a year, and they couldn’t see the housing bubble of the century in front of their eyes? If Jamie Dimon had a soupçon of personal honor he would have already resigned over this failure, and fired all his top management to boot. We are left to conclude that bankers are as much bereft of personal honor as they are lacking in a sense of personal responsibility for their failures.”  Numerian

These are the FOB (friends of Obama) on public display, the people he’s aligned with to serve whom?  Not the 300 million citizens of the Unite3d States living in financial limbo and fear.

“Maybe the electoral situation will force President Obama to see the light, but if so, he is going to have to take dramatically different action to do anything serious about reforming the banking industry. Many of the ideas afoot, like a tax on banking profits or a consumer regulatory watchdog, are helpful but don’t constitute real reform. Here, then, is an insider’s view of what really is necessary. ”  Numerian

Numerian has a clearly outlined eight step program to educate Obama, the Democrats, or anyone seriously interested in a real recovery for all citizens. That’s essential but even before that, it is vital that we understand the clear message of the Massachusetts election — it’s not time to move to the center, it’s time to move to sanity and an equitable, efficient economy for all of us.

END

This artricle may be reproduced in part of in whole with attribution of authorship and a link to this article.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s