What we need is a party that vigorously defends the role of government in society and the working people government serves. Most importantly, this new Democratic/Labor Party would be willing to fight rather than compromise on core principles.
Every time a Democratic politician (including Barack Obama) embraces the false premises of Reaganomics, it undermines the hard work progressives across the country are engaged in every day to push back against the assault on working people and their livelihoods.
Wall Street showed us in 2008 that the white collar crooks that run the “securities” racket are willing to take our society over the cliff if it allows them to pocket a piece of the proceeds as it goes down. Now these same moneyed interests are fighting tooth and nail against the mild regulations of the Dodd-Frank bill. Their puppets in the Congress, like Representative Spencer Bachus (R-Alabama), who chairs the most powerful financial committee in the House, wants to defund the regulators and bank examiners that are part of the desperately needed re-regulation of Wall Street.
So there you have it. There won’t be enough government regulators to provide adequate oversight to head off the next meltdown and bailout. Wall Street wins, and public employees, who had nothing to do with creating the catastrophe, are paying the price.