Wall Street Democrat


is really an old time Republican.  Here is economist Michael Hudson, president of the Institute for the Study of Long-Term Economic Trends, Distinguished Research Professor of Economics at the University of Missouri, Kansas City as he appeared on DemocracyNow on Friday, July 22.

In response to a question about the “cut, cap and balance” bill

This is an awful piece of legislation, and it’s too bad that Mr. Obama supports it. But you could see it all coming even before Mr. Obama took office, when he appointed the Deficit Reduction Commission. He appointed opponents of Social Security to the commission: Republican Senator Simpson and Bowles, who was Clinton’s chief of staff. Obama really believes in trickle-down economics. He believes that Wall Street are job creators, not downsizers and outsourcers and foreclosures. That’s the tragedy of all this.

Now, how—the question is, how can a Democratic president put forth a Republican program? There has to be a crisis. Now, in reality, there is no crisis at all. In reality, the raising the debt ceiling has been done for a hundred years automatically. There is no connection between raising the debt ceiling and arguing over tax policy. Tax policy takes many years to work out. All of a sudden, Mr. Obama is going along with the charade of saying, “Wait a minute, let’s create a crisis.” As his former manager, Rahm Emanuel, said, a crisis is too important an opportunity to waste. And Wall Street doesn’t like real crises, so there’s an artificial non-crisis that Obama is treating as a crisis so that he can put forth the recommendations of the Deficit Reduction Commission to get rid of Social Security that he has supported all along. That’s the problem. He believes it.

Further on when asked about the money behind the TeaPartiers:

What they’re pushing for really isn’t a default on the debt. They’re pushing for a crisis to let Mr. Obama rush through the Republican plan. Now, in order for him to do it, the Republicans have to play good cop, bad cop. They have to have the Tea Party move so far to the right, take a so crazy a position, that Mr. Obama seems reasonable by comparison. And, of course, he is not reasonable. He’s a Wall Street Democrat, which we used to call Republicans.

Mr. Hudson’s explanation makes more sense than any other I have heard.

I just do not understand how I, along with millions of other Obama supporters, can have made such a grievous error.  Republicans, like smoking, are bad for your health.  The Republicans want all of us peons to willingly and happily accept a much lower standard of living.

NAFTA and globalization are bad for the citizens on Main Street.

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