Accountability Times Two

by: Mike Lux

Mon Sep 22, 2008 at 14:30


OpenLeft readers who pay attention to such things have probably noticed that I have been a bit missing in action on the blogging front the past couple of weeks. This new project as pretty much consumed every waking hour (while leaving a lot fewer hours to sleep). It's kind of a wild-ass process combining groups, donors, pollsters, message gurus, lawyers, targeted state activists, and others. We're trying to figure out what is going on in the election day-to-day, advise donors on the groups (national and state-level) who can make the biggest difference, and hook groups up to creative people who can help with messaging.

It's been all-consuming, but I've regretted not being able to write more with all this wrenching stuff happening in the economy and politics. Like most folks, I don't know much about the intricacies of high finance and capital markets, but I do know one thing: if Democrats make this deal without demanding some basic reforms to hold these Wall Street bastards accountable, and without getting something out of it for middle-income folks, they will be making a bigger political, policy, and moral mistake than the 2002 fiasco of a deal they cut with Bush on the war. Bailing out these greedy financial gurus who've led us down this path, and getting nothing in return, is indefensible morally and incredibly stupid politically. Like the war vote in 2002, it would fundamentally divide our party and demoralize the activists, volunteers, contributors, and voters we need.

On the campaign front, the most under-reported yet incredibly important dynamic that has happened in recent weeks is the increased racial fear-mongering that the Republicans are now openly embracing. Trying to link Obama to every black man who ever did something wrong- first it was Kwame Kilpatrick, then Franklin Raines, next I'm sure will we'll be seeing ads associating him with rappers- is central to their emerging endgame strategy.

The shape of the bailout bill that Democrats agree to, and the way the Obama campaign drives the economic message and deals with the racial dynamics in the coming couple of weeks, will probably decide this race. In the meantime, we should be raising hell about all the craziness going on. Accountability- both on the financial bailout package, and on the race-baiting BS- should be at the top of our agenda.

Mike Lux :: Accountability Times Two

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creative messaging (0.00 / 0)
Hey Mike,

Hook up with these guys.  This is brilliant.

I think that at the same time we're playing defense against the prejudices that will hurt Obama (i.e. racism), we also need to be going all-out to tar McCain with the prejudices that will hurt him instead.  Like: too old, too rich, too out of touch.  There are plenty of subterranean concerns and issues that sway voters -- race is only one of them. So let's focus on the ones that handicap the other guy instead. Offense, not defense.  And use humor to do it.  This fantastic Harry and Louise video (in 2 versions -- the white collar version and the blue collar version) nails the out-of-touch-rich-guy meme.


Obama who? (0.00 / 0)
still waiting for bailout plan specific recommendations from the person who wants to be the leader.


Michael Bloomberg, prince of corporate welfare

Who pays? All the difference. (0.00 / 0)
If the bail-out plan as drafted by Dodd, also contains a mechanism to fund it, as now being proposed by Barney Frank, instead of being funded by the middle class, fund it from millionaires- then the favorability goes up for me, public ownership of capital assets, not so bad.

I'm not so sure about the impact of the bailout (0.00 / 0)
Though he's somewhat of a moving target, McCain appears to be positioned fairly close to Obama on the bailout bill, at the moment: i.e., they are both talking about protecting homeowners, requiring oversight and not letting CEOs profit.  Simply put, McCain seems be adopting a populist approach on this issue (which I'm sure is for purely cynical reasons).

If McCain really is moving in that direction, not only will it give Obama plenty of cover to stand firm on the principles he mentioned the other day, it might also mean that the bailout will not become a central political issue in the election.

Or perhaps I'm reading McCain's intentions entirely wrong here.


A couple of things (0.00 / 0)
1. The Republicans have a real opportunity to run AGAINST the bailout, electorally.  Read the democratic strategist on this.

2. Paulson is lying, right, about not knowing this was coming down, how this was happening?

He was RUNNING Goldman Sachs.  He knew about the whole credit swaps, they were a big part of his business.

How much money does he hold in Goldman Sachs?

It's insane to let this guy run the show - when he says "the legislation shouldn't be punitive", he's probably making sure that he doesn't get punished.


How Obama responds to this crisis (0.00 / 0)
will determine whether or not I will vote for him.  I would like to see stock warrants as collateral for the debt (I believe the Dodd proposal covers this), lobbying restrictions on companies that are bailed out, holes punched in golden parachutes, public hearings, covered bonds for mortgage products (so instutitions retain responsibility when homeowners default), a home owner loan corporation a la  Roosevelt or if such is not possible, a rent-to-own clause, a separation of investment and retail banking with no government guarantee for loans that vastly exceed fair market rent values (after all, what else is a home for besides living in it?), making the Federal Reserve a cabinet position so it is accountable to Congress, and start taxing the gambling that goes on in our "marketplace," fiscal policy implemented in terms of greater government spending on infrastructure and other policies that will help working Americans.  If the Democratic plan does not include these or similar provisions, I will finally admit that the Democrats are only an opposition party in name.  There is no point in voting for such a party when their only actions seem to be taken in a manner so as to keep us masses complacent while the Republicans slowly crush us further under their steam roller.

Note that I'm not asking for perfection here - only something that has real consqeuences in pulling America toward a more progressive, economically sound agenda.


the perfect is the enemy of the good (4.00 / 1)
if you care about this stuff, and obama doesn't quite measure up in his response, your nonvote for him is essentially a vote for McCain.  Do you want to "teach America or liberals a lesson?"  Bush 2000-2008 was some lesson.  we can't afford another.

We don't get all our cookies in this life, and in politics.

So you're wrong, there IS a point in voting for such a party.  

The time for your brand of activisim is inside primaries, and in community organizing.  Taking your ball and going home is counterproductive in a disastrous way, however righteous it makes you feel.  


[ Parent ]
It doesn't make me feel righteous at all. (0.00 / 0)
It makes me feel sad.  And I'm not asking for perfection.  I'm only asking for a few crumbs here and there.  If the Democrats do not use this golden opportunity (perhaps once in a lifetime) to help the little guy, then when will they?  How many times do they have to cave before people say enough is enough?  For me, its one more time.  For you, it may be two or twenty, or never.

You're perfectly welcome to disagree with my position and most here will.  That's your right as an American, to vote for whomever you see fit.  But that's my right too.


[ Parent ]
who said it wasn't your right? (0.00 / 0)
I never said it wasn't your right.  I think you have a martyr complex. The supreme court isn't a crumb?  A re-empowered EPA and other gov agencies restaffed with competent officials? Etc.  

You're saying there are NO crumbs for you, which is bizarre.   I cannot believe you'd rather not vote for an imperfect, inadequate, mediocre (pick an adjective) Obama because he doesn't completely fill your checklist.   Your position is not rational in my view.  Good luck.  


[ Parent ]
thanks for the analysis (0.00 / 0)
On the campaign front, the most under-reported yet incredibly important dynamic that has happened in recent weeks is the increased racial fear-mongering that the Republicans are now openly embracing. Trying to link Obama to every black man who ever did something wrong- first it was Kwame Kilpatrick, then Franklin Raines, next I'm sure will we'll be seeing ads associating him with rappers- is central to their emerging endgame strategy.

The shape of the bailout bill that Democrats agree to, and the way the Obama campaign drives the economic message and deals with the racial dynamics in the coming couple of weeks, will probably decide this race. In the meantime, we should be raising hell about all the craziness going on. Accountability- both on the financial bailout package, and on the race-baiting BS- should be at the top of our agenda

I was going to say that you hit the nail on the head, but you're seeing two nails where there's really one.  if Obama takes a populist approach on the bailout and other economic ways of dealing with the credit crisis/finance capital, he reduces the ability of the Republicans to separate identity issues from bread and butter issues.  If, on the other hand, he stays aloof from working people, he increases their ability to divide people.  Same story for decades - until Democratic politicians recognize that if you address class politics you can defang the identity politics attacks on women, lgbt people, Black people, etc.,  nothing will change.  Thankfully, this bailout plan might be providing some stimulus for them to do so.


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