In address to Congress – Obama pledges bigger Wall Street bailout

Dandelion Salad

By Patrick Martin
http://www.wsws.org
25 February 2009

In his first presidential address to a joint session of Congress, President Barack Obama defended the ongoing federal bailout of the banks and pledged that even greater sums would be funneled from the US Treasury to support Wall Street.

The nationally-televised speech Tuesday night had two main themes. Obama sought to defuse the enormous public hostility to the financial interests responsible for the deepening economic crisis, declaring that he could not “govern out of anger.”

And he advanced a reactionary nationalistic rationale for his major domestic policy initiatives on energy, health care and education, going so far as to suggest that young people who drop out of high school were committing a crime against the country.

The speech was suffused with patriotism and invocations of the supposed unique greatness of American society, a tone which contrasted sharply with the stark character of the economic crisis that he was compelled to acknowledge, and the failings in health care and education that he outlined.

[…]

Working people had neither the resources nor the demented drive for personal wealth accumulation required to participate in the looting spree conducted by the American financial elite over the past three decades. Any account of the crisis that equates bankrupt billionaire financiers and foreclosed working class homeowners as equally “irresponsible” is a travesty.

[…]

This was expressed in perhaps the most chilling passage of the speech, when he declared, “dropping out of high school is no longer an option. It’s not just quitting on yourself, it’s quitting on your country.” This was followed by a call for “a renewed spirit of national service” and the passage of legislation to expand programs that pay for college education for youth who join the military or enroll in other government service programs.

The real meaning of this extraordinary statement can be summarized as follows: Young people who drop out of school are not victims of a social crisis produced by the failure of the profit system. On the contrary, they are criminals who are undermining the viability of American capitalism by their refusal to be educated to the level required to become productive (i.e., to generate profits for the capitalist class). And they will pay for their “crime” by being drafted into the military to serve as cannon fodder in the imperialist which Obama, like Bush, will continue and escalate.

via Obama pledges bigger Wall Street bailout

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see

President Barack Obama: Address to Joint Session of Congress

I Want You To Be Responsible by Bruce Gagnon

A Blessing in Disguise – Economic Freefall By Jon Ronnquist

How the US Economy Was Lost By Paul Craig Roberts

Orwellian Doublethink: “Nationalize the banks.” “Free Markets.” by Prof. Michael Hudson

The White House – Press Office – Remarks by the President in question and answer session at the closing of the Fiscal Responsibility Summit

The Economy Sucks and or Collapse 2

10 thoughts on “In address to Congress – Obama pledges bigger Wall Street bailout

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    • About Obama Speech: When the rich dreams people suffer nightmares
      CUANDO LOS RICOS SUENIAN, EL PUEBLO SUFRE PESADILLAS
      Hugo Adan
      Febrero 25, 2009

      Se acostumbraba decir que cuando America sneeze los paises clientes sufren el resfrio. Ocurre que hoy es America quien sufre y no de simple resfrio sino de flu –contagio letal- y Obama ha decidido que abrigando a los ricos y desarropando a las clases medias altas se va a solucionar el problema de la crisis USA y mundial. Se que me van a odiar, sugirio, “I canot govern out of anger”, pero prefiero el odio de estos al odio del pueblo, a quienes tambien les lanzo un mendrugo con el descuento en taxes y alguito for unemployment.

      […]

      El significado de este pasaje del discurso se puede resumir de la siguiente manera: Los jóvenes que abandonan la escuela no son víctimas de una crisis social producida por el fracaso del modelo economico basado en la cumulacion ilicita de ganancias. Por el contrario, son criminales que están socavando la viabilidad del capitalismo en América por su negativa a recibir una educación del nivel necesario para ser productivos para la clase capitalista. Tal “delito” sera pagado con el servicio en el ejército como carne de cañón en las guerras imperialistas que Obama, como Bush, seguirán aumentando. (See “Obama pledges bigger Wall Street bailout” http://www.wsws.org/articles/2009/feb2009/obam-f25.shtml
      Ver tambien los dandelionsalad reports en: https://dandelionsalad.wordpress.com/2009/02/25/in-address-to-congress-obama-pledges-bigger-wall-street-bailout/

      […]

      Solucionara esto el problema del flu letal llamado neoliberalismo? Depende de cuan grave es la enfermedad. Si el diagnostico de Abbas Bakhtiar es cierto (The Economic Outlook: 2012 and Beyond By Dr. Abbas Bakhtiar: https://dandelionsalad.wordpress.com/2009/02/25/the-economic-outlook-2012-and-beyond-by-dr-abbas-bakhtiar/ )

      […]

      continued at http://peru.indymedia.org/news/2009/02/43257.php

      • Thanks, Hugo for linking to a couple of posts on Dandelion Salad. I edited your comment as you put the entire article in the comment section. If you’d like to translate it to English, maybe I’ll post it as a separate post. I emailed you the other day but haven’t heard back from you yet.

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