As a study in contrasts, I find Dr. Krugman a rich source and I enjoy contributing to his dialogue. Recently he published an article titled “Wall Street Damage Control” to which I commented. It appears to have been well received. My regular readers might find the comments of interest. They are reproduced and appeared as follows:
The Presidents comments indicate, at best, both ignorance and detachment. Ignorance of the Wall Street maize of machinations and detachment from the stark realities of U.S. social dynamics.
It may be true that People may likely not understand the depth and breadth of the TARP scheme, they do however know for certain the ‘who benefits’ routine and they KNOW it’s not them. Few pay attention to the faux practices of Wall Street, even fewer understand its processes however many understand that Mr. Obama is defiantly out of his league in possessing the knowledge base and courage to address the most fundamental issues.
Wall Street, no longer operating as a market liquidity source, has effectively orchestrated its ability to manufacture its own sources and one has only to look at the FED, Goldman S., AIG, M. Lynch, JPCiti, B of A and so on. Quietly, with no attention to the facts, FDIC/Fannie/Freddie are pushing the so-called ‘toxic asset’ bailout to well over $1 trillion (I’ve previously estimated -1/09- that the actual cost will spiral in to the $1.5 Trillion range.) and none seem to dare question what exactly are these TA’s and why is it the taxpayers burden? Well I’ll tell you the answers to these: (1) they are the collateralized debt instruments that are being camouflaged as ‘bad mortgages’ and, (2) because they can as Obama hasn’t a clue what has happened and the orchestra’s hubris is so extreme that they feel no need to tell him.
The stark realities of American social dynamics is this: what the System would have you believe is that the so called ‘center’ represents ‘centrists’ and that what remains are committed ‘Left’ or ‘Right’ of center and nothing could be further from the truth. This is the great Political Detachment of not only Obama but the entire politically intoxicated elite.
The great majority of Americans move left to right only as the only choice, politically, they have are the two malignant choices offered. The system reads this truth from a systemic bias that knows to win you must manipulate the core group. Obama’s mistake is believing this core elected Obama and that is not at all what happened. The Core elected a hope for restoration and he is, sadly, hopelessly ill-equipped to deliver on the message.
The Core is a convergence of a growing understanding that what Government represents is a systemic blend of ignorance and detachment easily manipulated to the highest bidder.
Obama’s free fall will continue for these two primary reasons, a fact that is an inescapable reality. There are several wonderful postings on www.theimperfectmessenger.com that illustrate many of these observations in greater detail, you might enjoy them.
Dr. Krugman, I so admire your willingness to comment as you do. You are spot-on and have every reason to find the whole mess “shocking and dispiriting!” There are a couple hundred million of us who feel the same way!
Well, that was how it appeared and not much, as to our circumstances, has been done to alter the course we are on!
Find someone, tell them they’re special, and MEAN it!
Curtis C. Greco, Founder