Though Ben Bernanke, the head of the Federal Reserve, prides himself on his extensive research and expertise on the Great Depression, he is strangely quiet on the glaring parallels between this moment and a similar moment four years into the New Deal "recovery” from that earlier economic catastrophe. I wrote in February, 2008:

The [Roosevelt] Administration lost further steam by aggressively attempting to balance the budget in 1937. With the economy sharply rebounding, administration officials began to sound the fear of inflation, urging budgetary restraint. Federal spending was cut drastically, with the WPA nearly shut down. Consequently, the economy quickly sank into decline. Industrial production fell drastically (35% in 9 months), prices fell and unemployment jumped dramatically.

To understand the fate facing the people of Greece, you have to imagine an intruder coming to your home, putting a gun to your head and demanding that you turn over your earnings, surrender your savings, and sell off your car, your television, and your refrigerator t. Greek citizens neither benefited from the profit frenzy of international bankers nor encouraged their irresponsible behavior, yet they are being asked – no, forced – to pay the price for the damage incurred in the collapse of the world capitalist system.

On July 2, as people in the US began their Independence Day festivities, Associated Press writer, Paul Wiseman, offered a remarkable article for our fellow citizens to ponder. In The Economic Recovery Turns 2: Feel Better Yet?, Wiseman gives a summary of the meaning of "recovery” for ordinary folks.
Wiseman observes: "[ In this recovery], …ordinary Americans are struggling with job insecurity, too much debt and pay raises that haven’t kept up with prices at the grocery store and gas station. The economy’s meager gains are going mostly to the wealthiest.”
True enough.

The last week in January proved to be eventful. First, President Obama gave a State of the Union address on Tuesday that set a new standard of empty rhetoric and low customer satisfaction. Most notably, for skirting any important issues of the day, the address left both left and right uncomfortably disturbed by its lack of red meat. Perhaps in looking for a signal of surrender to the right, Conservative pundit, Peggy Noonan, called it "unserious,” "mushy,” and "barely relevant.” These non-ideological descriptions could equally serve the left.

El PCPE sigue con suma atención e interés los hechos que, en las últimas semanas, se están produciendo en varios países del norte de África. La serie de acontecimientos que se han ido produciendo tras el estallido, el pasado mes de diciembre, del descontento popular en Túnez, es una demostración de la capacidad de movilización de unos pueblos largamente sometidos a regímenes dictatoriales y títeres del imperialismo. La movilizaciones tunecinas, que lograron lo que en un principio no parecía posible – la salida del país del dictador Ben Ali – se han ido extendiendo y hoy es Egipto el epicentro de la movilización popular.

The PCPE follows with great attention and interest the events, taking place in recent weeks in several countries of northern Africa. The series of events that have taken place after the outbreak, last December, of the popular discontent in Tunisia, is a demonstration of the ability to mobilize of peoples long submitted to dictatorships and puppet regimes of imperialism.

I had a dream that Doug Henwood, editor/publisher of Left Business Observer, gave the forthcoming State-of-the-Union address. The event that no doubt triggered this dream was reading a recent essay appropriately entitled "What a Damn Mess” (LBO #130). With his usual well-timed sarcasm, Henwood sets out to take "a comprehensive look at the state of the US economy – not the usual a little of this, a little of that approach, but some measure of how it all fits together.” It is this approach to "how it fits together” that most closely resembles the Marxist method. Rather than taking a snapshot of the economy, Henwood places our historic moment in time lines of fifty, a hundred, and even a hundred and fifty years, revealing trends, relationships, and perspectives otherwise overlooked. A story emerges that is far more insightful than the usual shallow speculations of mainstream economists.

Is President Obama Wall Street’s best friend? CNBC seems to think so.

In the column "Talking Numbers” posted on Yahoo Finance ("Why Obama May be Wall Street’s New Best Friend”, 01-18-10), CNBC pundits postulate that President Obama has swiftly moved into bed with Wall Street financiers and corporate moguls. They opine:

Candidate Obama was an anti-tax cut, pro-regulation, anti-big business populist ready to take on Wall Street and any fat-cat CEO who stood in his way. President Obama? A bit of a different story.

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In the fall of 2008, I wrote the following (2008: A Reprise of 1976?). It seems timely to reproduce it today:

Upon taking office, the Carter administration began a steady drift to the right. Following the lead of Democratic Party strategist, Patrick Caddell, Carter chose a business-friendly approach that placed the battle against inflation at the center of domestic policy. His personal opposition to the Humphrey-Hawkins bill led to the passage of a bill unsatisfactory to organized labor. National health care was shelved and tax reform was never achieved. Carter vetoed public works legislation as inflationary. The neo-liberal deregulation agenda generally attributed to the ultra-right actually began with Carter’s deregulation of the airline industry in 1978. He also started the process of deregulation of other industries, such as communications, oil and finance.