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Yesterday President Obama chose Knox College in Galesburg, Illinois (originally founded by anti-slavery activists in the 1830s) to float the economic program he has been working out with Wall Street investment bankers. His aim is to wrap this program in a democratic rhetoric. The speech’s actual content boils down to: “I’m doing fine and housing... Read More
As published in Counterpunch The Democrats could not have won so handily without the Citizens United ruling. That is what enabled the Koch Brothers to spend their billions to support right-wing candidates that barked and growled like sheep dogs to give voters little civilized option but to vote for “the lesser evil.” This will be... Read More
Michael Hudson on the Super Committee and the deficit strategy. More at The Real News
More at The Real News Michael discusses the growing Occupy Wall St movement and the opportunities for banking reform. Transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Washington. And in Washington, Occupy Washington has started. Occupy New York continues. And occupy many cities across the United States... Read More
Max Keiser probes Michael on the framing of today’s political thinking.
Mr. Obama’s scare tactics to get Democrats to vote for his Republican Wall Street plan The Wall Street bailout melodrama should be viewed as a dress rehearsal for today’s debt-ceiling non-crisis. You know that the debt kerfuffle is as melodramatically staged as a World Wrestling Federation exhibition when Mr. Obama makes the blatantly empty threat... Read More
I almost feel naïve for being so angry at President Obama’s betrayal of his campaign promises regarding taxes. I had never harbored much hope that he actually intended to enact the reforms that his supporters expected – not after he appointed the most right-wing of the Clintonomics gang, Larry Summers, then Tim Geithner, Ben Bernanke... Read More
Now that President Obama is almost celebrating his bipartisan willingness to renew the tax cuts for the super-rich enacted under George Bush ten years ago, it is time for Democrats to ask themselves how strongly they are willing to oppose an administration that looks like Bush-Cheney III. Is this what they expected by Mr. Obama’s... Read More
Michael Hudson interviewed on Max Keiser’s On The Edge (Part 1)
Democrats Say “Bye” to Populist Option
In a dress rehearsal for this November’s mid-term election, Democrats and Republicans vied last week for who could denounce the banks and blame the other party the most for the giveaways to Wall Street that have swollen the public debt since September 2008, pushing the federal budget into deficit and the economy into a slump.... Read More
Myths of Recovery
Counterpunch The State of the Union address is in danger of purveying the usual euphemisms. I expect Obama to brag that he has overseen a recovery. But can there be any such thing as a jobless recovery? What has recovered are stock market averages and Wall Street bonuses, not disposable personal income or discretionary spending... Read More
Will Obama Put Muscle Into the White House’s New Populist Play?
Counterpunch At stake now is President Obama’s credibility as an agent for change. Voters see his main “change” thus far to have been favoritism to Wall Street. Jay Leno jokes that Obama has done the impossible: resurrected the seemingly dying Republican Party and given it the coveted label of the “Party of Change,” running against... Read More
Obama’s new bank giveaway
Counterpunch Is this administration’s bank policy Bush-3 – or Clinton-5 or Reagan 8? After (1) threatening for eight years that the prospect of a trillion-dollar deficit spread over a generation or so is sufficient reason to stiff Social Security recipients and abolish debts to the nation’s retirees, and (2) after the Bush administration provided $8... Read More
Reality Check
Obama's candidacy is over; kaput. He's already stated that he has no intention of stopping the war, so he has disqualified himself. That's his prerogative; no one put a gun to his head. His op-ed in Monday's New York Times just removes any lingering doubt about the matter. What Obama proposes is moving the central... Read More
Category Classics
Which superpower is more threatened by its “extractive elites”?
The sources of America’s immigration problems—and a possible solution