While one can usually turn to Michelle Bachman for an easy target and example of the latest, craziest Republican meme, her desire to pin public anger over Wall Street’s near destruction of the country on Obama is par for the course among Republicans. They can so rarely figure out how to do so, since Obama, despite doing most of his economic recovery work for the sake of Wall St., is hated by Wall Street for the financial regulation bill that he passed. Even daring to suggest that Wall Street has a problem has earned him self-righteous fury from the entitled masters of the universe who live by a simple rule: privatize the profits, socialize the losses.
Yes, these people who threatened to take down the country with them, who have seen nothing all this time but bigger and bigger bonuses, have also demanded nobody ding their egos or reputations. Yes, we the people had to save them, but we should have been thankful for the privilege.
And so while Obama has done a lot for Wall Street (even re-regulation was necessary to restore some integrity and trust in the system), he can’t compare with the Republicans, who have done everything from fight re-regulation to blaming the entire crash on blacks and Jimmy Carter. Recovery attained, Wall Street had nothing to lose by going back to the GOP.
It’s hard to be stupid as spectacularly as Michelle Bachman, but in this case it’s just standard Republican mendacity, she’s just the latest and loudest one. The Party of Wall Street is ever tasked with fooling the public into thinking they’re fighting for the ordinary American too, and Reagan’s supply side voodoo economics has been the ready-made tool that answers all questions while the middle class crumbles.
UPDATE: This whole debt ceiling talk is mostly bluff, because Wall Street is cracking the whip:
Congressional Republican leaders know full well that they have to raise the debt ceiling. It’s not optional — to fail is to crash the economy again, only this time would be the result of partisan stupidity on a historic scale.
But GOP leaders also know they have some leverage, and want to see what they can get out of Democrats in the form of ransom before doing what has to be done. Indeed, we learned last week that House Speaker John Boehner (R-Ohio) has already reached out to financial industry leaders, asking how much time he has to screw around before doing lasting damage. He was told that “even pushing close to the deadline — or talking about it — could have grave consequences in the marketplace.”
I’m starting to wonder what the hell the point of a debt ceiling is. If we hit it, disaster, so we always raise it. Excessive debt does its own damage, but adding an artificial cap with even more destructive potential doesn’t seem to have any upside, except to give politicians something to bitch and moan about. Yeah, Tea-tards think they want to vote against raising it, but the inmates haven’t taken over the asylum quite yet. Republicans will get them under control, or else. Wall Street will probably never give up on the GOP entirely as the GOP usually does whatever they want, but this kind of out-of-control clusterfuck would be just another bubble, a shortsighted bad investment in a gang of idiots that finally blew up in their faces. Democrats and the last few (relatively) sane GOP senators will have to save the day, even thought Democrats know they will only get beat up more for doing the right thing…but that’s serving your country;)