Tuesday, November 25, 2008

Big capital would have no problem with an Obama presidency

"Big capital would have no problem with an Obama presidency. Top hedge fund honcho Paul Tudor Jones threw a fundraiser for him at his Greenwich house last spring, “The whole of Greenwich is backing Obama,” one source said of the posh headquarters of the hedge fund industry. They like him because they’re socially liberal, up to a point, and probably eager for a little less war, and think he’s the man to do their work. They’re also confident he wouldn’t undertake any renovations to the distribution of wealth"
Doug Henwood - Left Business Observer

Political Economy Research says with Larry Summers on his team a literal family member of Paul Samuelson we can continue to see the top down world view of the Economy with the belief that it is rich people that create the wealth and value rather than working people.

Larry Summers during the Clinton Administration as Treasury secretary contributed to the wholesale deregulation of the financial sector and is a embeded neo liberal - while the rhetoric of Obama was for new firm regulation - he has appointed Larry Summers who was one of the principal authors of deregulation. Rhetoric as always is exposed by the reality of the Obama act.

The continuation of the Bush tax cuts for the super rich under Obama is an early indication of the class character of the Obama Administration not that we had any doubt who he would serve.

We agree wholeheartly with Doug Henwood when he says about Obama :

"Never did the possibility of disappointment offer so much hope. That’s not what the candidate means by that word, but history can be a great ironist"

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