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 3% from 1932-1941. Roosevelt truly saved US capitalism.
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.