Thursday, March 05, 2009


....Fox 'We Tell No Truth' News, Lou Dobbs, Jim Cramer, Larry Kudlow, and let's not forget Rick Santelli.

All of them one large cluster of idiots.

From Robert Reich via Salon.

Is Obama responsible for Wall Street's meltdown?
March 5, 2009 | Is Obama responsible for the meltdown of the Dow? The consistently wrongheaded Wall Street Journal's editorial page says so, as does Republican Fox News, CNN's reliably demagogic Lou Dobbs, and now CNBC (where, full disclosure, I frequently appear as a token liberal). CNBC's Jim Cramer, who bloviates nightly about stock picks, says Obama is pushing a "radical agenda" that's destroying investors' wealth. My friend Larry Kudlow, who rants nightly about nearly everything, says Obama is destroying capitalism. CNBC reporter Rick Santelli's ballistic nonsense about Obama's mortgage plan made him a pop-populist icon for a week or so.

The argument that Obama is somehow responsible for the collapse of Wall Street is absurd. First, every major policy that led to this collapse occurred under George W.'s watch (or, more accurately, his failure to watch). The housing and financial bubbles were created under Bush and exploded under Bush. The stock market began to collapse under Bush.

Second, it's inevitable that stocks, led by the bloated financial sector, would lose their remaining hot air as the new administration begins "stress-testing" the big banks, many of which are technically insolvent. After all, their share prices were built on a tissue of lies and dreams.


Finally, none of the financial wizards who are now charging Obama with leading America into the abyss have offered an alternative plan for getting us out of the mess that, not incidentally, many of these same wizards happily led us into. For years, the Wall Street Journal editorial page and the financial gurus of cable news cheered as Wall Street leveraged its way into oblivion.


The Wall Street Journal's editorial page, along with CNBC, alternates between attacking Obama for bailing out Wall Street and excusing Wall Street's excesses.


.......the next populist uprising will be born in this moneyed quagmire. It is here -- within the muck that was created by AIG, Citigroup, Fannie and Freddie, other giant financial institutions, now in combination with the U.S. Treasury and Fed -- that the public is most confused, bears its most serious scars, and is potentially most burdened in future years.......

At one time I actually admired Lou Dobbs because I thought he was a moderate. Not any more. As far as I'm concerned he's doing nothing for the working people of this country, he's taken sides with the Rethuglicans.....let him sink with them, too.

It's a good read, go check it out.


One Fly said...

Dobbs is a horses ass. Amy Goodman interviewed him and boy did he ever squirm.

Grandpa Eddie said...

Damn! I wish I would have seen that!

One Fly said...

You can Gramps.

Grandpa Eddie said...

Thanks, One Fly.