Robert Reich: If we can’t trust government at a time like this, whom can we trust? Corporations? Wall Street? Bill Gates and Warren Buffett? Or is each of us now simply on our own?
Robert Reich: S&P’s intrusion into American politics is also ironic because, as I pointed out recently, much of our current debt is directly or indirectly due to S&P’s failures (along with the failures of the two other major credit-rating agencies — Fitch and Moody’s) to do their jobs before the financial meltdown.
Joseph Palermo: The last-minute lobbying by the titans of industry and finance shows that President Obama might have had more leverage over the Republicans in the debt ceiling “negotiations” than he chose to exercise. We now breathlessly await the arrival of the “Super Committee,” the tragedy that follows the farce.
Brent Budowsky: One of the great sources of outrage in our age is that again and again, crime pays. The victims, from young girls who die while vermin eat their corpse to embezzled investors who lose their money, from tortured prisoners to jobless workers to homeless victims of mortgage fraud, pay the price.
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.
David A. Love: Part of the problem is Obama’s quixotic journey to the political center. There is nothing in the middle of the road but yellow lines and road kill, and you’d better believe it. Although his campaign rhetoric was progressive, this president chooses to govern from the middle.
Republicans, for their part, worry that if they tell it like it is Americans will want government to do more rather than less. They’d rather not talk about jobs and wages, and put the focus instead on deficit reduction (or spread the lie that by reducing the deficit we’ll get more jobs and higher wages).
Lydia Howell: Nine months after taking office, Obama began slamming the Democratic Party’s liberal/progressive base for daring to notice, much less criticize, his corporate-friendly policies and center-right positions. In the wake of his Simpson-Bowles Deficit Commission, Obama will likely make a sober call for national sacrifice.
Robert Reich: The two American economies — the Big Money economy and the Average Working Family economy — will continue to diverge. Corporate profits will continue to rise, as will the stock market. But typical wages will go nowhere, joblessness will remain high, the ranks of the long-term unemployed will continue to rise, the housing recovery will remain stalled, and consumer confidence will sag.