Robert Reich: Senate Minority Leader Mitch McConnell’s compromise on the debt ceiling is a win for the President disguised as a win for Republicans. But it really just kicks the can down the road past the 2012 election – which is what almost every sane politician in Washington wants to happen in any event.
Robert Reich: Tea Partiers have almost as much contempt for big business and the Street as they do for government. After all, the Tea Party was born in anger over the Wall Street bailout. This is the heart of the civil war in the GOP.
It would be hard to get a new stimulus package through Congress, but no member who’s up for reelection next year when unemployment is likely to be in double digits wants to be accused by rivals of voting against steps to help small businesses, public schools, childrens’ health, and average working people who need a tax cut.
In a stunning deregulation reversal, President Bush in a one-minute statement before retreating back into his sealed White House bunker, called for the creation of a massive $700 billion dollar toxic mortgage bailout RTC-like organization to allow ‘business as usual’ for his Wall Street, white tie base. When you can print your own money you [...]