When the Democrats picked Obama over Clinton in their 2008 primary, I thought they had learned a hard lesson: Quit lurching to the right, compromising your values and trying to win elections by capturing centrist votes.
Then came the bank bailout and a resurgence of the Dow Jones- a subsidiary of Rupert Murdoch’s News Corp whose biggest shareholder is Saudi billionaire Prince Waleed bin Talil. Democrats went back to sleep, and back to their old ways of placating Republicans and shooting for that hallowed “middle ground”. Obama listened to their advice and the first year of his Presidency was a disaster.
The news from the past few days tells me that 2010 could be quite different. It’s as if Obama looked in the mirror on day 365 and said, “This ain’t working. Time to get tough”. First he announced a tax on the bailed out banks, who have taken that TARP money and gambled it on Indian tech stocks, palm oil and the Russian ruble. When they cried foul, he came back a few days later and announced that he would break up the big banks and crimp their magical derivative-driven power to wreck the global economy.
And he didn’t stop there. Goldman Sachs is now under investigation by the Department of Justice (DOJ) for financial market manipulation. Finally. And DOJ also announced it was filing a lawsuit to block the latest aquisition by Dean Foods, one of the three companies that monopolize the milk market and put the screws to dairy farmers for a living.
This is great news. Obama is going after the Wall Street parasite financier class that caused this whole mess in the first place. He’s targeting the Federal Reserve. Finally. Maybe he has learned that reaching your hand out to fascists only leaves you with one less hand. Maybe the election of a Republican Senator in Massachusets of all places, and to fill the seat of Obama’s close mentor Teddy Kennedy, was the last straw.
In any case, and no matter if you’ve supported Obama or not, we have to rally behind him on this one. Word has it that even his own Treasury Secretary Tim Geithner is opposed to it. Surprise. Surprise. And the corporate press will go after him hard. These are strikingly similar actions to the ones that President John F. Kennedy took right before the bankers had him assassinated. When Kennedy announced the issuance of a Treasury-based silver-backed currency to counter the private Fed, his Treasury Secretary Douglas Dillon (of the Dillon Read banking dynasty) came out against it. Soon the Council on Foreign Relations and David Rockefeller were viciously denouncing the plan. Months later Kennedy was dead and with it his plan to curb the power of the Fed.
So this is it. The big battle for economic sovereignty has begun. Obama has fired the first shot. I hope that every American Democrat, Republican or otherwise has the sense to strongly back Obama’s effort to cut these financial parasites down to size. Already CT Sen. Chris Dodd, the Democratic Banking Committee Chair, is voicing opposition. Americans need to contact their representatives and express support for this plan. These bankers have been feasting at the public trough for far too long.