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The myths of debt ceilings, fractional reserve, and tax and spend
#5
Update to the above article (my color emphasis):

UPDATE II: Matt Taibbi writes on whether Obama is actually a "weak negotiator":

Now, Barack Obama has surrendered control of the budget to the Tea Party. . . . Commentators everywhere are killing the president for his seemingly astonishing level of ball-less-ness. . . . The Democrats aren't failing to stand up to Republicans and failing to enact sensible reforms that benefit the middle class because they genuinely believe there's political hay to be made moving to the right. They're doing it because they do not represent any actual voters. I know I've said this before, but they are not a progressive political party, not even secretly, deep inside. They just play one on television. . . .

The Democrats, despite sitting in the White House, the most awesome repository of political power on the planet, didn't fight at all. . . . We probably need to start wondering why this keeps happening. Also, this: if the Democrats suck so bad at political combat, then how come they continue to be rewarded with such massive quantities of campaign contributions? When the final tally comes in for the 2012 presidential race, who among us wouldn't bet that Barack Obama is going to beat his Republican opponent in the fundraising column very handily? At the very least, he won't be out-funded, I can almost guarantee that.

And what does that mean? Who spends hundreds of millions of dollars for what looks, on the outside, like rank incompetence?

It strains the imagination to think that the country's smartest businessmen keep paying top dollar for such lousy performance. Is it possible that by "surrendering" at the 11th hour and signing off on a deal that presages deep cuts in spending for the middle class, but avoids tax increases for the rich, Obama is doing exactly what was expected of him?

A mere three years ago, huge numbers of people invested substantial time, attention, energy, emotion and "hope" in fighting to put Barack Obama in the White House. The very human incentives not to reach this conclusion are both obvious and overwhelming.
"Where is the intersection between the world's deep hunger and your deep gladness?"
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The myths of debt ceilings, fractional reserve, and tax and spend - by Ed Jewett - 05-08-2011, 05:14 PM

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