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Still in search of the American dream

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The collapse of Lehman Brothers -- the US' fourth largest investment bank -- will be four years old next week. That was the straw that broke the financial camel's back -- unleashing a global disaster that still lingers. To quote Rimbaud, this financial Drunken Boat is what actually swallowed what would have been a global epiphany; Obama's 2008 victory. 

True, expectations were so immense he could not possibly meet them, even though he appeared, and positioned himself, as the ultimate personification of Hope. Eventually, Obama seems to have been reduced to the role of just a cog in the infernal machine. 

The bottom line -- despite all the soaring heights reached by Michelle and Bubba; Obama won't be the new Roosevelt. There won't be any New Deal -- among other reasons because Republicans have done the impossible to sabotage it. 

Still, Michelle and Bubba were brilliant enough to make legions forget that Obama didn't crack down on Wall Street; the Justice Department, for instance, won't prosecute Goldman Sachs. That income inequality in the US keeps getting worse. That some of the US' most profitable corporations paid less than zero taxes between 2008 and 2010.[3] That only five too-big-to-fail mega-banks control 56% of the US economy. That the absolute majority of jobs created during the Obama administration are only low-wage. 

Yesterday's gone ... yesterday's gone. Michelle and Bubba, at least rhetorically, have relieved the American dream. But how equipped is Obama -- the man and the leader, not the myth -- to deliver the real deal? 

Notes:
1. See  here  
2.  Hillary reinforces US-China mistrust, Global Times, Sep 4, 2012
3.  Thirty Of America's Most Profitable Companies Paid 'Less Than Zero' In Income Taxes In Last 3 Years: Report, The Huffington Post, March 11, 2011 
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Pepe Escobar is the roving correspondent for Asia Times. His regular column, "The Roving Eye," is widely read. He is an analyst for the online news channel Real News, the roving correspondent for Asia Times/Hong Kong, an analyst for RT and (more...)
 

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"There won't be any New Deal"  ... by Marika on Friday, Sep 7, 2012 at 2:38:55 AM
The American dream has always been a myth, but a p... by R. A. Landbeck on Friday, Sep 7, 2012 at 12:26:22 PM
I do agree with at least the first line, Bill Clin... by catherine diamond on Friday, Sep 7, 2012 at 3:16:55 PM