By Patrick Martin
29 September 2008
Friday night’s presidential election debate between Democrat Barack Obama and Republican John McCain demonstrated that there is no choice in the 2008 presidential election within the confines of the official two-party system. Two candidates stood facing each other, espousing nearly identical positions in defense of Wall Street and American militarism which would, in any other country in the world, immediately identify them as representatives of the ultra-right.
Both agreed that all possible resources must be mobilized to prop up Wall Street, regardless of the cost to working people. Obama declared, “We have to move swiftly and we have to move wisely,” although he did not explain why speed was required to save the banks and speculators, but not to stop foreclosures, layoffs and the destruction of working class living standards.
McCain praised the bailout talks in Washington, saying, “We are seeing, for the first time in a long time, Republicans and Democrats together, sitting down, trying to work out a solution to this fiscal crisis that we’re in.”
Two days earlier, President Bush went on national television, to all but declare the bankruptcy of American capitalism, warning of an “imminent collapse” of investment banks, “the gears of the American financial system … grinding to a halt,” “a financial panic” and “a long and painful recession.”
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