Although TARP did stabilize the U.S. during the financial crisis, it has paved the way for some anger from middle class America who are in a debt unloading stage. Unless we help the middle class, the economy will not recover equally and will widen the income gap. This is bad for America...even worse for the wealthy because economic growth will not happen unless the middle class is involved! Capital flow will slowing leave America and will be in the emerging markets. It is happening now! The dollar is taking a pounding.
The perception is that Wall Street and lobbyist influence have become too strong; That the middle class has been left out. That is one reason that the "tea party" movement is becoming stronger; I surmise that incumbents in the mid-term election will lose some seats. The consequences of the tea party movement in reversing wall street influence are still undetermined.
I think there is evidence to assert the Tea Party Movement has been co-opted by rich Libertarian conservatives (Koch Brothers)to put their anti-government agenda into the political maintstream. "It appears that money to organize and implement the Movement flows primarily through two conservative groups: Americans for Prosperity and FreedomWorks." Fox News promotes the Tea Party Express. The role of Glenn Beck & other Fox pundits is to channel the Tea Party Express to derail or reverse the re-regulation of the financial sector and health care, fight for tax cuts for the rich, privatize social security and roll back the welfare state. There are Libertarians who what to take the US back to the "original" Constitution, before the Civil War. They blame President Lincoln for implmenting the growth in Federal power.
ReplyDeleteThese extreme positions thrive in times of high unemployment, housing crisis, etc. If you look back at the 1930's American political landscape, you will find similar extremist demagogues. However, in the 1930's, there was no Fox News to enable and empower demagogues all the time.
While there is resentment of Wall Street's power to "hold-up" the public treasury, the Tea Party is doing the bidding of the wealthy class.
Jane Mayer, Covert Operations: The billionaire brothers who are waging a war against Obama, The New Yorker, August 30, 2010
http://www.sourcewatch.org/index.php?title=Tea_Party_movement_funding
It is sad that voters are willing to vote against someone because of things that they do not understand very well, while voting for People that they have no idea what they stand for or what's their plan of action.
ReplyDeleteI am not saying I am supporting one side or the other, but the general voters' ignorance is disheartening.
We studied English, Math and Science in secondary school; Economics, the study of one of key forces that drive our society, whether it is to prosperity, to destitute, to peace, or to war, is not a mandatory course.
Dwight, I agree with you. Demagogues rears their ugly heads in times of high unemployment, economic uncertainty about the future, and a general unstable political climate.
ReplyDeleteI am afraid that America is heading in the wrong direction and a climate of pre-Hitler Germany might be on the rise.
America blames its problems on immigrants, minority groups, or extremists. We use them as scapegoat.
I hope we do not resort to that kind of politics.
Jay, I agree with you. The media plays an important role in educating and informing us about the issues with substance. They have failed miserably.
ReplyDeleteI think they need to analyze the policies and present the news without any biases. Our news media is too extreme and tends to blow events out of proportion to generate advertising revenue. It is mainly sensationalism.