Obama's Perilous Compromise with Looters

[Christian30]

I was watching Naomi Klein and Jeremy Scahill on BookTV last night and thinking about Scahill's belief that Obama will keep Blackwater in business. I find the very idea disturbing. Then this afternoon I found this column on HuffPost and want to know what the rest of you think.

I'm willing to give Obama the benefit of the doubt with regard to the stimulus package. I sincerely doubt that he will be as blithe as the Bush administration. But given that he's packed his economic team with a bunch of liberal free marketeers, I'm a bit worried.

Thoughts?

Looters have taken over America's Treasury. The executives who successfully ransacked their own banks, investment funds and insurance companies have set their eyes on Obama's stimulus. Tragically, the architects of the current economic fiasco have been placed in charge of America's recovery.

President Obama has made an enormous mistake. Instead of cracking down on serial looters and complicit regulators, he wants to guarantee the financial sector's obligations, which are several times larger than America's economy. This is a Ponzi scheme far beyond Bernie Madoff's imagination. Simply put: The government is breaking the rules of capitalism to reward the most reckless capitalists. Such is not the "creative destruction" Schumpeter hailed.

Edited to add link - My bad

http://www.huffingtonpost.com/jeffrey-klein/obamas-perilous-compromis_b_155004.html

[FrenchieCat]

1. Do you give links to go along with paragraphs you post?

Just askin'.

[Kittycat]

2. "President Obama has made an enormous mistake." - He's not even in office yet.

Seriously people, WTF? Give him a chance to swear in first.

[BlooInBloo]

3. These are people who at most only *pretended* to like him.

[Christian30]

4. I do like Obama

In fact, more than I thought I would considering I didn't support him in the primaries. But there's a difference between a vision and realpolitik. And I have to question if putting Rubin and Summers back in the hen house is wise.

If you're familiar with Naomi Klein's work, you can see that this has classic Shock Doctrine potential and given Obama's willingness to compromise, it concerns me. Not because I don't like or trust him, but because these guys managed to deregulate Wall Street during the last Democratic regime.

[AtomicKitten]

5. The problem is there aren't enough troops to replace Blackwater's people.

They have taken over so many duties in Iraq that Obama will be hard-pressed to replace them immediately. It's a Catch 22.

[Christian30]

6. I get that

and in the case of Iraq, I agree that it's a Catch 22. What I don't want is for them to receive any contracts for domestic work. I'm also torn because our troops have done so many tours, but I'd love to see the mercenaries sent home first.

[AtomicKitten]

7. I hope the Obama Admin speaks up loud about the war-profiteering that has gone on.

That and zero oversight has blown a massive hole in US coffers.

[Christian30]

8. Amen to that, brother!

:)

[Kdillard]

9. kick. Hopefully Obama will keep his word about transparency and accountability for where any money

is being spent.

[debbierlus]

10. Blackwater needs to be shutdown - criminal to the teeth

Obama showed his cards when he supported the bail out bank heist.

This isn't surprising.

Obama isn't change. He is the new face of the same old politics, brand Obama was created to please the masses.