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Michael Hudson – Obama’s Greatest Betrayal

From CounterPunch:

Today’s Stories

November 15, 2010

Michael Hudson
Obama’s Greatest Betrayal

Steve Hendricks
More Torture, Please?

Paul Craig Roberts
Eyes Only on Burma

Harvey Wasserman
Accidents in Progress: America’s Eggshell Nukes

Lawrence Davidson
Palestine and the Fate of the UN

Clancy Sigal
The Long Disease of War

David Macaray
The War Over Food Stamps

Tom Engelhardt
The Stimulus Package in Kabul

Steven Fake
Liberating Thought

Website of the Day
Whatever …

Obama’s Greatest Betrayal

The Coming Sell-Out to the Super Rich and What It Means for the Rest of Us


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 Obama’s promise to rise above partisan politics – by ruling on behalf of Wall Street, now that it is the major campaign backer of both parties?

It is a reflection of how one-sided today’s class war has become that Warren Buffet has quipped that “his” side is winning without a real fight being waged. No gauntlet has been thrown down over the trial balloon that the president and his advisor David Axelrod have sent up over the past two weeks to extend the Bush tax cuts for the wealthiest 2 per cent for “just” two more years. For all practical purposes the euphemism “two years” means forever – at least, long enough to let the super-rich siphon off enough more money to bankroll enough more Republicans to be elected to make the tax cuts permanent.

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