There is no more pretense possible. As we’ve warned for some time, Obama is eager to put a notch on his belt by being the President that rolled back the New Deal programs that helped create broad-based middle-class prosperity and dignity. He’s cast himself as an adult inflicting discipline on profligate Americans. But in reality, the profligacy was most concentrated among elite financiers who used leverage on leverage vehicles to stoke liquidity that led to worldwide underpricing of risk. They paid themselves record bonuses in the years immediately preceding the crisis, and then in a grotesque display of ingratitude, did so again in 2009, able to do so only thanks to massive taxpayer support, alphabet-soup special borrowing programs, and the tax on savers known as ZIRP. And the direct result of their looting exercise that produced the crisis was the explosion in government deficits, due to a collapse in tax revenues and a rise in payments under countercyclical programs such as unemployment insurance and food stamps.
The catfood chronicles
Yes but, doesn’t catfood taste like tuna?
So it’s all kewl then? Rhetorical. Don’t answer.
And, wasn’t it worth it all to have a really cool transformative president?
And some people had those epiphanies, fainted from the ecstacy of being in his presence, and, miraculously, “saw the light.”
So, what’s wrong with a sick economy, impoverishment of millions, young people graduating into a new world of few decent jobs and future insecurity? And, now, seniors fearing loss of what they thought they had earned and paid for?
The elites as happy as flies on a rotting carcass, so it must be all good.
Right?
The elites as happy as flies on a rotting carcass, so it must be all good.
I am totally stealing that.