The after-shock of seeing Massachusetts, the pen-ultimate liberal and democratic State, the State of the Kennedy's, losing to an unknown Republican continues to reverberate.
The verdict is clear to those, like yours truly, have been watching Obama throw away its political advantage after winning the presidency accepting bad advice from his experts while not showing any leadership of "change" we were told we could expect.
3 Items have totally alienated even Obama's most fervent supporters all over the country
The bill has become a feeding frenzy of the usual lobbyists whose inputs have diluted the original intention turning it into another wasteful boondoggle.
Millions, including white middle class Americans, are living on food stamps. No jobs.
The people by and large understood why the government has had to print unprecedented amounts of money to save the economy. The deficit by itself was never the issue. It's the way the money was distributed that is making people angry. The bulk had gone into the big banks while the rest of country couldn't feel one darn thing.
This issue of favoring Wall Street is puzzling until you realize Obama and his crew got totally captivated by the dishonest "logic" of Wall Street -- "Save us the way we say or you face catastrophe".
The structure of the bailout package put together on the fly by both Hank Paulson/Bernanke under Bush and by Geithner/Summers/Bernanke team under Obama is more akin to Crony Capitalism in a third world corrupt country like Thailand or Argentina than we had naively gotten used to expecting from the United States of America.
The blatantly false logic of Wall Street telling the world that it never needed Federal money to survive and then made a fast buck using free taxpayers money to do a buy low/sell high trade in 2009 generating record profits and record bonuses is just another reminder of how the bailout package never contained any quid pro quo conditions to reform Wall Street. Having repaid the direct loans while still gaining access to zero cost Federal money via the discount window, Wall Street has the nerve to tell the country that it is doing "God's work" in the immortal words of Lloyd Blankfein, chair of Goldman Sachs whose alumni populate the higher echelons of both the Bush and the Obama adminstrations
These 3 reasons sank Obama's standing.
Now, Obama is desperate to address those issues. Playing tough with Wall Street now is frankly late.
You do not do retroactive contracts when you failed to put in the required conditions when you signed the first contract giving out billions.
It's just awful to see hope embodied in Obama's youthful campaign dissipate right in front of you like the morning mist when the sun rises.
Obama would need a miracle to save his presidency. MIracles do happen, especially in politics. The Massachusetts upset was a miracle to the Republican Party that was in the doghouse. Now, let's see whether Obama will get one.