A Bernanke Trumps An Obama and We Lose Either Way

Posted on February 18, 2013

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According to Joel Kotkin, writing for the Orange County Register, in spite of the media blather, this is ot the Age of Obama we are living in; but the Age of Bernanke. The Obama’s annual trillion plus dollar stimulus spending investments have hardly made a blip on economic radar; unless you are a union member or work for GE manufacturing windmill generators or work for the company that manufactures drones. But, Kotkin explains at length how the trillions of dollars the Bernanke is creating out of thin air are making life better for one segment of American society.

But the Bernanke policies have succeeded in reshaping the economic landscape in ways that, while good for the plutocracy and Wall Street, are not particularly positive for the vast majority of Americans.

Kotkin does an excellent job of explaining the winners and losers that the Bernanke has created. Asylum Watch was impressed by the way Kotkin, from the People’s Republic of California, is able to see through the myth that it is the Republicans who are the Party of the rich and the Democrats are the Party of the middle class:

NEW CORPORATISM

This new corporatism that is becoming an integral part of the supposedly middle-class oriented Democratic Party. Close Obama advisers, like disgraced investment banker and political fixer Steven Rattner, Obama’s czar for the auto bailout, justify collusional capitalism, both in China and in America’s “too big to fail” regime.

The reality remains that, rhetoric aside, corporate cronyism remains at the core of this administration and, sadly, the once-proudly populist Democratic Party. After his confirmation, we can expect former Citigroup profiteer Jacob Lew to follow Treasury Secretary Timothy Geithner, working along with Bernanke, to make sure the big Wall Street firms continue to thrive – even if the rest of us don’t.

So, while the Obama pretends to be a populist by redistributing crumbs to the ever-growing dependent class, he and the Bernanke are both feeding the corporatists and patting themselves on the back. However, this has been tried before and it didn’t turn out so well.

The reality remains that, rhetoric aside, corporate cronyism remains at the core of this administration and, sadly, the once-proudly populist Democratic Party. After his confirmation, we can expect former Citigroup profiteer Jacob Lew to follow Treasury Secretary Timothy Geithner, working along with Bernanke, to make sure the big Wall Street firms continue to thrive – even if the rest of us don’t.

All this is reminiscent of something out of the declining days of the Roman Empire. The masses get bread (food stamps) and circuses, with virtually all of Hollywood and much of the media ready to perform on cue. The majority, losers in the Bernanke economy, lack the will and, maybe, the attention span to realize what is happening to them.

“The Roman people are dying and laughing,” the fifth-century Christian writer Salvian wrote. Like America today, entertainment-mad Rome suffered from a declining middle class, mass poverty and domination by a few wealthy patricians, propped up by a compliant government. Unless Americans of both left and right wake up to reality, our civilization could suffer a similar inexorable decline in the Age or Bernanke.

I’d bet that the clowns in Rome were funny. I’m not laughing at the clowns in Washington. It really is an asylum that I am watching.

Well, now you know what I’m thinking. What are your thoughts?

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