Obama Has Missed His Moment by Chris Hedges

by Chris Hedges
Featured Writer
Dandelion Salad
April 27, 2009

Barack Obama has squandered his presidency. He had a fleeting moment to challenge the casino capitalism and financial recklessness of our economic and political elite. He could have orchestrated a state socialism that would have provided a safety net for tens of millions of Americans faced with dislocation and misery. The sums he has doled out to Wall Street could have been used to force companies to keep workers on the job or create new banks to open up credit. But he lacked the foresight and the courage to challenge entrenched power. And now we are headed down one of two frightening roads—massive deflation or hyperinflation. Neither will be pleasant.

Hyman Minsky—an economist largely ignored during his lifetime and now held up as something of a prophet—argued that speculative bubbles, and the financial collapses that follow them, are an inevitable consequence of unregulated capitalism. Minsky, an economics professor at Washington University in St. Louis who died in 1996, warned: “The normal functioning of our economy leads to financial trauma and crises, inflation, currency depreciations, unemployment and poverty in the middle of what could be virtually universal affluence—in short … financially complex capitalism is inherently flawed.” He called for socialized banking and stimulus packages to protect workers.


via Truthdig

Copyright © 2009 Truthdig

Chris Hedges, who is an Arabic speaker and spent seven years in the Middle East, was the Middle East bureau chief for The New York Times.


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9 responses to “Obama Has Missed His Moment by Chris Hedges

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  7. Kyle Christensen

    There are many models, worldwide, as to how the banks could be nationalized (aka Sweden), and, there were many amendments offered (Kucinich Sanders, Nader) that wouldve placed the cost where it belonged. Then Sen Obama blocked them all.

    The main topic, for the EU, at the G-20, was to press for regulation–they received nothing from Obama.

    The GOP has no real power now. If the Dems wanted to do this, they have the power. I hope that now, people will realize which side they are actually on.

  8. Why does Chris work under the assumption that Obama ever had such goals in mind, when it is evident that he did not?

  9. Shaine B. Parker

    Not good scenarios; however, I believe there is a tihird option before the country is far down the road to ruin that there is no return. That option is the Cook Plan. It only cost $36 billion and we would know within a month or two if it was working and would continue to work. It is certainly ore logically than anything attempt so far.

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