It’s always reassuring to see that there are a good number of people among us who aren’t easily manipulated by “the powers that be”. Let’s take a look at some examples:
Glen Ford is the executive editor of the Black Agenda Report. On January 11, Mr. Ford discussed how – up until now – the Occupy Wall Street movement has managed to avoid being co-opted by the Democratic Party and MoveOn.org. Unfortunately, the Obama regime may have succeeded in establishing a grip on OWS. Glen Ford offered this explanation:
The Democratic Party may have entered the Occupy Wall Street movement through the “Black door,” in the form of Occupy The Dream, the Black ministers’ group led by former NAACP chief and Million Man March national director Dr. Benjamin Chavis and Baltimore mega-church pastor Rev. Jamal Bryant. Both are fervent supporters of President Obama.
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It appears that Occupy Wall Street’s new Black affiliate is also in “lock-step” with the corporate Democrat in the White House, whose administration has funneled trillions of dollars to Wall Street and greatly expanded U.S. theaters of war.
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Black ministers in campaign mode routinely depict Obama’s political troubles as indistinguishable from threats to “The Dream,” whose embodiment is ensconced in the White House. That’s simply common currency among Black preachers pushing for Obama.
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It is highly unlikely – damn near inconceivable – that Occupy The Dream will do anything that might embarrass this president. Its ministers can be expected to electioneer for Obama at every opportunity. Their January 16 actions are directed at the Federal Reserve, which is technically independent from the executive branch of government – although, in practice, the Fed has been Obama’s principal mechanism for bailing out the banks. Will the ministers pretend, next Monday, that the president is somehow removed from the Fed’s massive transfers of the people’s credit and cash to Wall Street over the past three years?
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At this late stage, there is no antidote to the potential cooptation, except to rev up the movement’s confrontation with the oligarchic powers-that-be – including Wall Street’s guy in the White House. Let’s see what happens if OWS demonstrators join with Occupy The Dream at Federal Reserve sites on January 16 carrying placards unequivocally implicating Obama in the Fed’s bailouts of the banksters, as Occupy demonstrators have done so often in the past. Will the Dream’s leadership be in “lock-step” with that? Maybe so – I’ve heard that miracles sometimes do happen.
Anyone who challenges the Obama administration’s symbiotic relationship with the Wall Street banksters invites accusations of advancing the Republican agenda for regaining control of the White House. This problem will be solved once a populist third-party or Independent candidate rises to pose a serious challenge to the incumbent. Beyond that, an African-American commentator who dares to expose Obama as a tool of Wall Street is likely to face harsh criticism. Glen Ford has demonstrated more courage than most Americans by taking a stand against this venal administration.
Another exemplary individual, whose opinions were never compromised to justify or rationalize the current administration’s tactics, has been economist Joseph Stiglitz – the Nobel laureate who found himself ignored and shut out by the Obama administration ab initio. Professor Stiglitz recently wrote a commentary entitled, “The Perils of 2012” in which he dared to predict an election year fraught with economic despair. Such conditions make for an incumbent President’s worst nightmare. As a result, non-Republican economists are expected to avoid such prognostication. Nevertheless, Professor Stiglitz proceeded to paint an ugly picture of what we can expect in the near term, after first reminding us that there has been no sound policy advanced for mitigating the devastation experienced by the middle class as a result of the 2008 financial crisis:
The year 2011 will be remembered as the time when many ever-optimistic Americans began to give up hope. President John F. Kennedy once said that a rising tide lifts all boats. But now, in the receding tide, Americans are beginning to see not only that those with taller masts had been lifted far higher, but also that many of the smaller boats had been dashed to pieces in their wake.
In that brief moment when the rising tide was indeed rising, millions of people believed that they might have a fair chance of realizing the “American Dream.” Now those dreams, too, are receding. By 2011, the savings of those who had lost their jobs in 2008 or 2009 had been spent. Unemployment checks had run out. Headlines announcing new hiring – still not enough to keep pace with the number of those who would normally have entered the labor force – meant little to the 50 year olds with little hope of ever holding a job again.
Indeed, middle-aged people who thought that they would be unemployed for a few months have now realized that they were, in fact, forcibly retired. Young people who graduated from college with tens of thousands of dollars of education debt cannot find any jobs at all. People who moved in with friends and relatives have become homeless. Houses bought during the property boom are still on the market or have been sold at a loss. More than seven million American families have lost their homes.
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The pragmatic commitment to growth that one sees in Asia and other emerging markets today stands in contrast to the West’s misguided policies, which, driven by a combination of ideology and vested interests, almost seem to reflect a commitment not to grow.
As a result, global economic rebalancing is likely to accelerate, almost inevitably giving rise to political tensions. With all of the problems confronting the global economy, we will be lucky if these strains do not begin to manifest themselves within the next twelve months.
Another commentator who has been “too cool to fool” is equities market analyst, Barry Ritholtz. One of his recent blog postings documented how Ritholtz never accepted the propagandistic pronouncements of the National Retailers Association about Christmas season retail sales. Once the hype began on Black Friday, Ritholtz began his own campaign of debunking the questionable data, touted to boost unjustified confidence about the direction of our economy. Ritholtz concluded the piece with this statement:
Those of you who may have downplayed the potential for a recession to start over the next 12-18 months way want to revisit your views on this. It is far from the low possibility many economists have it pegged at.
Fortunately, not everyone has been as imperceptive as those on the Obama administration’s economic team who admitted that as late as 2009, they underestimated the extent of economic contraction resulting from the 2008 crisis. It’s time for the voting public to dis-employ the political hacks who have allowed this condition to fester. One effective path toward this goal involves voting against incumbents in primary elections. Keep in mind that America’s Congressional districts have been gerrymandered to protect incumbents. As a result, any plan to defeat those officeholders in a general election could be an exercise in futility. Voting against current members of Congress during the primary process can open the door for more capable candidates during the general election. Peter Schweizer’s cause – as expressed in his book, Throw Them All Out, should be on everyone’s front burner during the 2012 primary season.
Scary Economic News
The information which I’m passing along to you today might come as a shock to those listening to the usual stock market cheerleaders, who predict good times ahead. Let’s start with economist John Hussman of the Hussman Funds. For quite a while, Dr. Hussman has been warning us to avoid drinking the Kool-Aid served by the perma-bulls. In his latest Weekly Market Comment, Hussman offers yet more sound advice to those under the spell of brokerage propagandists:
Yale Professor Robert Shiller is the guy who invented the term “irrational exuberance”, which was title of his bestselling book – published in May of 1996. Although the widely-despised, former Federal Reserve Chairman, Alan Greenspan is often credited with creating the term, Greenspan didn’t use it until December of that year, in a speech before the American Enterprise Institute. Shiller is most famous for his role as co-creator of the Case-Shiller Home Price Indices, which he developed with his fellow economists Karl Case and Allan Weiss. While many commentators decried the idiotic economic austerity programs which have been inflicted across Europe, Professor Shiller investigated whether austerity is at all effective in spurring economic growth, seeking a better understanding of austerity’s consequences. In a recent essay on the subject, Dr. Shiller cited the work by Jaime Guajardo, Daniel Leigh, and Andrea Pescatori of the International Monetary Fund, who recently studied austerity plans implemented by governments in 17 countries in the last 30 years. The conclusion reached by Professor Shiller should sober-up the “rose-colored glasses” crowd, as well as those aspiring to implement similar measures in the United States:
The really scary news concerning the state of the global economy came in the form of a report published by the World Bank, entitled Global Economic Prospects (Uncertainties and vulnerabilities). The 157-page treatise was written by Andrew Burns and Theo Janse van Rensburg. It contains more than enough information to induce a serious case of insomnia. Here are some examples:
In other words, Europe’s economic austerity programs could turn another round of economic contraction into a global catastrophe (as if we needed another).
This is what happens when economic policymaking is left to the plutocrats and their tools. “Those who fail to learn from the past are doomed to repeat it.” It appears as though we are well on our way to a second financial crisis – with more severe consequences than those experienced as a result of the 2008 episode.