Thomas Ferguson, “The Story Behind Obama’s Remarks on FDR”


This is an excellent article that shows just how far gone Barack Obama really is. When Obama came into office, he said that we needed to do something right now and not wait 6 months like Roosevelt had done. The notion that Roosevelt waited 6 months before he did anything about the Depression is a lie that conservatives started at the time and have been hammering away at ever since. It’s even made into official histories of the era. There’s no truth to it at all. What’s alarming is that Obama has apparently bought into reactionary lies about the New Deal.

The truth is that when Roosevelt first came in, he was under tremendous pressure by the plutocrats, the corporations and banksters to go backwards, not forwards. If he would have listened to them, the Depression may have gone on forever. The banksters wanted Roosevelt to continue on the Gold Standard and do participate in the London Economic Conference. This would have meant continuing austerity and no fundamental reform which was necessary.

Hoover had been pursuing a politics of savage austerity since the Depression started that had only made things catastrophically worse. Bizarrely, this economic wrecking politics had the support of the banksters, which shows you that banksters will sink any economy if they have the chance and then throw concrete blocks in the sinking ship to keep it from being towed to shore.

FDR told the banksters to take a hike, and the economy was saved with the New Deal. If we include government work programs in unemployment figures which almost no one does, unemployment was as low as

Obama did the opposite. He followed the banksters’ advice for continuing and actually radically deeper austerity. If Obama’s debt ceiling bill passes, I assume that we may have up to 10 years of recession to depression. The immediate effect of slashing trillions from the US budget will have an effect on the economy similar to that of an atomic bomb on a city.

In addition, Obama will be effectively nuking any possible chance of re-election we will be virtually assured of having a Republican President in 2012. I don’t understand this guy. He’s either on a suicide mission or he’s lost his mind.

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0 thoughts on “Thomas Ferguson, “The Story Behind Obama’s Remarks on FDR””

  1. You don’t understand the guy? I think that is because you’re still looking at his nice smile and hearing how well he speaks but completely ignoring his actions. Darned right he’s following the bankster’s advice, General Electric CEO Jeffrey Immelt is heading the President’s Council on Jobs and Competitiveness. GE who shipped 25,000 jobs overseas in the last few years. BP was one of Obama’s biggest contributors. The foxes are in charge of the hen house and apparently you have no idea what’s going on. That’s the real problem, the American people are willfully ignorant.

  2. I hate to admit I made a mistake … for a looong time I just kept saying “But Hillary ran a terrible campaign, Obama ran a brilliant one, there really isn’t a doubt who’d run the country better.” Now I say fvck how candidates and their campaigns are, go by something else.” But I live in TX so my vote matters not.

  3. WASHINGTON – President Barack Obama killed proposed legislation on Thursday that struck at the heart of growing political rage over how banks have moved to evict struggling borrowers from their homes. The bill which would have made it more difficult for homeowners to challenge foreclosures came under the spotlight this week as the furor grew over disclosures that some of the biggest U.S. mortgage processors filed false affidavits in thousands of foreclosure cases.Obama sent the bill back to the House of Representatives for further discussion on how it would affect the foreclosure crisis one of the most visible signs of the deep economic problems gripping the country.The chorus of calls from political leaders for a suspension of foreclosures grew on Thursday with Senate Majority Leader Harry Reid and Representative Ed Towns the Democratic chairman of the House Committee on Oversight and Government Reform adding their voices.The bill the Interstate Recognition of Notarizations Act cruised through the Senate last week with no public debate and could have shielded bank and mortgage processors from liability for foreclosure documents that were prepared improperly.We believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections including those for mortgages before this bill can be finalized the White House communications director Dan Pfeiffer said in a blog posting.In a development first reported by Reuters the bill would have required courts to accept all out-of-state notarizations including those stamped en masse by computers in a practice that critics say has been improperly used to expedite foreclosure orders.Senate Majority Leader Harry Reid who is fighting a tough bid for reelection in Nevada where foreclosure rates have been the highest in the nation on Thursday called for the largest mortgage servicers to suspend foreclosures in Nevada.And Towns a New York Democrat called for top mortgage lenders and banks to voluntarily halt all foreclosures in the country and asked New York Attorney General Andrew Cuomo to investigate allegations of fraud and other possible criminal activity.Losing a home can be one of the most traumatic experiences faced by an American family.

  4. Don’t you think any President would have a problem as the financial situation stands? Bush raised the ceiling several times in his 2 terms – it never got so much publicity as when Obama tried to do it. The Tea Party movement doesn’t want to see debts increased but the Republican Senate could be making things worse than they should be. Lets watch the car crash and see what pieces are left to pick up either next year or when the Republicans regain power.

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