Let's face it folks, Obama and the Democrats in Congress are part and parcel of the betrayal of the American worker.
http://www.manufacturethis.org/?cat=18 (Scroll down about 20% of the way to read the relevant article.)
Harvard professor Elizabeth Warren expresses her doubts about the viability of America's middle class:
"America today has plenty of rich and super-rich. But it has far more families who did all the right things, but who still have no real security. Going to college and finding a good job no longer guarantee economic safety. Paying for a child's education and setting aside enough for a decent retirement have become distant dreams. Tens of millions of once-secure middle class families now live paycheck to paycheck, watching as their debts pile up and worrying about whether a pink slip or a bad diagnosis will send them hurtling over an economic cliff.
America without a strong middle class? Unthinkable, but the once-solid foundation is shaking."
(Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard and is currently the Chair of the U.S. Congressional Oversight Panel.)
Consumer credit is shrinking, bank lending is down, and one out of four homeowners is upside-down (more mortgage debt than house value). Money is not moving and the economy is on a ventilator. Conclusion: We need more stimulus -- for American workers, not for Chinese workers!
But there won't be another round of stimulus because Larry Summers and his sniveling companion Tim Geithner won't allow it. They have other plans. Oh yeah, Wall Street and the banking Goliaths will still get as much monetary stimulus as they need (under the phony moniker of "quantitative easing", liquidity swaps, or excess reserves). But as for the working slob -- zilch.
It seems that Summers' assignment is to bring the broader economy to its knees; to crush big labor by keeping unemployment high, to force state and local and governments to privatize more public assets and services, and to generate as much human misery as possible. In short, Summers is laying the groundwork for structural adjustment within the US, a policy which reflects his ongoing commitment to multinational corporations and neoliberalism. It's the shock doctrine redux. These people are monsters. http://www.counterpunch.com/whitney11272009.html
America's looming banking disaster will dwarf what has transpired thus far