Drew Weston wrote a wonderful piece in The New York Times about “What Happened to Obama’s Passion?” [ht:ck]. Given how much we have written on this blog about economic justice and human dignity in the economy, I thought the final paragraph of the article would be particularly appropriate to post:
But the arc of history does not bend toward justice through capitulation cast as compromise. It does not bend when 400 people control more of the wealth than 150 million of their fellow Americans. It does not bend when the average middle-class family has seen its income stagnate over the last 30 years while the richest 1 percent has seen its income rise astronomically. It does not bend when we cut the fixed incomes of our parents and grandparents so hedge fund managers can keep their 15 percent tax rates. It does not bend when only one side in negotiations between workers and their bosses is allowed representation. And it does not bend when, as political scientists have shown, it is not public opinion but the opinions of the wealthy that predict the votes of the Senate. The arc of history can bend only so far before it breaks.
The arc also does not bend toward ignorance. Example: Lately I’ve seen articles attributing the stock market crash to S&P silly downgrade of U.S. T-securities. No folks, that isn’t what did it.
What did it is the sudden realization that Obama has built a jail with bars of incompetence. That he has agreed with the mob that deficits are too high, and now has cut off deficit spending, his sole method for rescuing the economy.
The arc also does not bend toward failure, which on his current trajectory, will place Mr. Obama right along side of Herbert Hoover, who made exactly the same mistake.
On July 11, I wrote an article titled: Why there will be a full blown depression in 2012, and subsequently suggested to my readers that the get into CDs.
Rodger Malcolm Mitchell