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Obama: The “Trust-Buster” Who Never Busted a Trust

Glen Ford


December 8, 2011

Obama claims that bailing out the banks "infuriated" him. Lucky for them. "When Obama supposedly got furious at the banks, he put the whole government and the Federal Reserve at their beck and call and funneled more than $16 trillion into their accounts." We could all profit by becoming the objects of Obama’s rage. He also imagines he’s Teddy Roosevelt – except for the fact that Obama, as president, has never shown the slightest inclination to bust up monopolies.

"Apparently, it pays big time to get Barack Obama 'infuriated.’"

President Obama thinks he can win reelection by running the same hoax on his Democratic base as he did in 2008: flavoring his speeches with progressive sounding rhetoric while tightening the bankers’ grip on government and continuing his pursuit a "grand bargain" with the Republicans. In his speech on Tuesday in Kansas, Obama depicted himself as the reincarnation of President Teddy Roosevelt, known as a corporate "trust-buster" at the turn of the 20th century. But Obama is no trust-buster. He has never busted a corporate monopoly. His administration approved the merger of Comcast and NBC, consolidating even an bigger monopoly and giving the lie to his 2008 campaign promise to reinvigorate anti-trust enforcement.

The Obama m.o. is to talk a progressive game and then do just the opposite. He claims he found it "infuriating" to rescue the banks from collapse when he came to office. If that’s the case, then the best thing that could happen to Black people would be for Obama to get absolutely furious at us – and then the trillions would flow. When Obama supposedly got furious at the banks, he put the whole government and the Federal Reserve at their beck and call and funneled more than $16 trillion into their accounts. Apparently, it pays big time to get Barack Obama "infuriated." If he gets mad enough at you, he’ll open up the windows at the Federal Reserve and hand out trillions of dollars in interest-free loans. Then, if you’re a bank that he’s really mad at, you can take the people’s money and buy U.S. Treasury bonds and get a healthy return on your cost-free investment.

"Obama’s own pitiful program to keep families in their homes was a colossal failure that helped only a fraction."

In Kansas, Obama claimed that his so-called banking reform legislation will funnel money to "families who want to buy a home or send their kids to college." We’ve seen no evidence of that happening. But Obama did make sure that his "reforms" did nothing to upset the Wall Street derivatives casino that is now notionally valued at at least $600 trillion – about the same as it was before the 2008 meltdown and bailout. $600 trillion is roughly ten times the value of all the yearly goods and services produced by every man woman and child in the world. It is a ticking time bomb that will inevitably bring down the real world economy if it is not defused. Apparently, that makes Obama absolutely paralyzed with rage.

Obama says the banks "should be remedying past mortgage abuses that led to the financial crisis, and working to keep responsible homeowners in their home." It’s nice to hear what he thinks banks "should" be doing, but he didn’t use his presidential clout to compel them to do much of anything to change their ways, even when he could, back when Democrats controlled both Houses of Congress. And Obama’s own pitiful program to keep families in their homes was a colossal failure that helped only a fraction. Perhaps Obama is now infuriated with himself.

Throughout his Wizard of Oz Kansas speech, Obama attempted to put moral and philosophical distance between himself and the Republicans. But this is not 2008. Anyone with eyes and ears and a memory now knows that Obama is a true believer in the old time deficit cutting religion, a disciple of austerity, a man who wants nothing more than to join hands with the GOP to gut Social Security, Medicaid and Medicare. Obama is a charlatan who cites the deeds of dead presidents but pursues policies that are directly the opposite. In other words, he is a very elaborate liar.

For Black Agenda Radio, I’m Glen Ford. On the web, go to BlackAgendaReport.com.

BAR executive editor Glen Ford can be contacted at Glen.Ford@BlackAgendaReport.com.


:: Article nr. 83747 sent on 09-dec-2011 07:26 ECT


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