Hey, blog.
Been a while. Glad to be back.
Let me talk to you for a minute about our totally awesome, not completely out of touch President.
Old news at this point, given the speed of the news cycle, but I’ve been chewing over something buried at the bottom of the Time’s Politics section this morning.
President Obama gave an interview with Bloomberg, in which he:
– Praises JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO Lloyd Blankfein as “savvy businessmen”, and
– defends Dimon’s $17m bonus and Blankfein’s $9m bonus, stating that he doesn’t “begrudge people success or wealth…that is part of the free- market system”, and then
– attempts to draw a parallel with the salaries paid to top athletes, even under-performing ones: “Of course, there are some baseball players who are making more than that who don’t get to the World Series either.”
Let’s address these things in order:
– In response to the first point: I’ve long suspected that the game is basically rigged. Obama does himself no favors with me or anyone else by vouching for these corporate rapists. And they’re not that “savvy” as businessmen, either, or we wouldn’t have spent a fortune bailing them out for having overplayed their hand at the CDS game. It’s disturbing to me that the President would play on his closeness to what are essentially failed businessmen to put to bed the idea that he’s anti-business.
– The second point is the most egregious to me. I’m running out of outrage quick, but I have enough left to say how god damned disgusting I find it that our President has the temerity to go before the press and defend multimillion dollar bonuses for coprorate titans, paid for by us in the form of no-interest loans, while otherwise-stable two parent families in the suburbs line up for food stamps and one in eight homes are in a state of foreclosure. It’s proof to me that the game is rigged; that, as Paul Krugman writes in his column, there’s a “growing appearance that we’re running a system of lemon socialism, in which losses are public but gains are private”. Amen.
– The comparison to athletic salaries I just find baffling, and infuriatingly disingenuous. You see, when the cubs have a shit season, that sucks, but at least my tax dollars didn’t bankroll their crappy acquisitions. When Paul Pierce goes on the DL, and the Celtics start losing games to the god damned Hornets, of all teams, Danny Ainge doesn’t charter a flight to DC and beg Congress for a shot in the arm to keep them solvent. This is because sports teams, unlike the financial industry, actually DO compete in a more or less free market. They perform, we spectate, and their operations (and payrolls) are dependent on the amount and price of tickets and merchandise and how much of each we’re willing to buy. And when shit goes pear-shaped for a sports team, and the price of tickets falls, and people stop going to games, they make cuts. They trade talent and slash payrolls.
No one is going to Dick’s and buying Jamie Dimon jerseys or Lloyd Blankfein bobbleheads. No one is buying tickets to watch financial cats trade derivatives. And we sure as shit shouldn’t sit back and tolerate multimillion dollar bonuses to these fucking losers. The profits used to generate those bonuses was earned based on capital that WE PROVIDED. I want my goddamn cut.
Athletes are paid exactly what the market will bear. Financiers, on the other hand, are being paid with our money, since they weren’t “savvy” enough businessmen to actually make any. Complete and utter bullshit.
I was having a conversation with a friend last night that was essentially “Obama: Yes or No”. I answered with a qualified yes (quoted as “meh”), not because I was fundamentally happy with the scope and direction of his agenda but because of all the small-bore things that he’s getting right and because I was willing to give him the benefit of the doubt on big things like the economy and the war(s).
Urging the repeal of DADT is great. Working on environmental agreements is great. Signing the Lilly Ledbetter act into law is awesome. Drawing down on troop strength in Iraq–I like that, too. And I was willing to give him time on Afghanistan and economic recovery because those aren’t “overnight” prospects. Ending the war in Afghanistan is a dynamic task and depends on a lot of other factors. Economic recovery takes time too, and Obama can’t control all of it.
But it makes me really fucking doubtful of his commitment to making sure that working people can ride this thing out smoothly when he goes before the press and defends filthy lucre for the same incompetent sons of bitches who got us into this mess. Obama has chosen a side, and I’ve chosen mine.
Between this and his seeming lack of urgency on healthcare (and especially because of his refusal to push for a public option for the latter), I don’t know how much longer I can defend the Democratic party’s incompetent leadership.
Less than 12 hours later, Obama has officially lost my faith and my goodwill. He has made it apparent to me that there is longer anyone who matters looking out for working families, that we’re living in a den of thieves. Officially.
I agree with Paul Krugman–if this keeps up, we are, in fact, doomed.