I don't think so.
Within 24 hours of being named president-elect we have Obama... simply continuing Bush policies. He says he's going to continue the Iraq policies largely unchanged. He's prepping to nominate an "experienced money man" as Secretary of the Treasury. He's already asked the 13 former Goldman directors to stay on at Treasury. He's apparently considering keeping Gates as Secretary of Defense. He plans more banker bailouts and letting even more "experienced money men" lead the way. Hey Barrack, are these the same money men who gave you $500 million dollars that you swore you'd never take in the first place, just to get elected?
Hope? Change? What change? What hope?
And... the news stays exactly the same as it was before:
Jobless claims higher than expected
Wal-Mart's October Sales Rise as Consumers Cut Back (Update1)
Macy's, Target Monthly Sales Fall
Stocks head for lower open as economic woes mount
IMF now sees global recession in 2009
US Productivity Growth Slowed in Third Quarter (Update2)
Workers' hours slashed to keep productivity rising
Obama's top economic contenders
Rate Cut Fails to Lift Futures Higher
Stocks slide on recession fears
The market is now down 700 points since Obama was elected. It's not that this is his fault but rather that he cannot and will not do anything to rock the economic boat. Read who Obama's top economic contenders are - the very people who helped create this mess and who already got Bush to give away over a trillion dollars of your money. Change? What change? This is why I don't expect anything different regardless of all the campaign rhetoric. Obama has a $500 million dollar collar around his neck. He let the bankers put it there when he went back on his own word not to accept those kinds of campaign donations. Now they own him, just like they owned GW Bush. There's no difference here.
Ralph Nader said something very telling recently, asking publicly whether Obama was going to be Uncle Sam for the rest of us or Uncle Tom for the big corporations. I'll bet money it's Uncle Tom for the big corporations. In fact, if I had that money, I'd bet $499 million dollars on it.
Hope? Change? How about all the lies all the time. Those of you who expect miracles from Obama are about to be sorely disappointed. I strongly suggest you continue to prepare just as though Bush was still in office, because, trust me, for all practical purposes the people who pulled Bush's strings will continue to pull Obama's strings.
P.S. Let's see what happens over the weekend of November 15th and going into the second half of this month. I am expecting a "surprise" for the US of A.
Masaccio: Piketty Shreds Marginal Productivity as Neoclassical Justification for Supersized Pay - Yves here. One of the main agendas of neoclassical economics is to give Panglossian defenses of the current order a veneer of intellectual legitimacy. If o...
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