Day: July 6, 2010

Obama, Wall Street Regulations, And History: Republicans And Wall Street Support

Barack Obama has been criticized by many people, ill informed, for offering aid to Wall Street to keep the country from a complete financial collapse in 2008-2009! Of course, many forget that the move to protect Wall Street was begun by George W. Bush and his Treasury Secretary, Hank Paulson!

But there are critics of Obama who fault him also for working to promote financial regulation reform, and ironically, they are the people on Wall Street, who have no appreciation of how much Obama has been attacked for saving Wall Street!

The evidence is that Wall Street is giving much more political campaign support to Republicans than Democrats! Wall Street is apparently punishing the Democrats for pushing financial reforms!

But actually, if one examines history, what does one discover? The reality is that Wall Street almost always has favored Republicans in campaign donations, and in wishing Republicans to hold public office!

Any why is that? Because the reality is that the Republican Party does not believe in financial regulation reform, and has always favored big business interests overwhelmingly as compared to Democrats!

This is not only true now, but throughout the history of the Republican party–during the Gilded Age, the Progressive Era, the 1920s, the New Deal, World War II and after, the 1960s, 1970s, 1980s, and the Clinton and Bush years!

Anyone who studies the history of the United States would understand that the GOP is the favored party by big business interests! And the Republicans in Congress now have been making regular trips to Wall Street, and been making clear to the bigwigs there that they will do everything to prevent strong legislation that the American people want to prevent a similar financial meltdown in the future!

So why is it that the average American seems oblivious to the truth about Wall Street and the Republicans? Part of it is bad communication by the Democratic Party, and part of it is pure propaganda, and ignorance of ordinary Americans, who if they understood the truth and the history of the GOP, would not ever vote Republican!

But of course, the answer is that the Republicans are very good at promoting emotional “social” issues, such as gay rights, abortion, and illegal immigration, as methods to stir up the average Americans to vote with their prejudices, rather than their brains!

In the past, the Republicans used the Civil War (waving the “bloody shirt”) and fear of Communism (McCarthyism and the Red Scare) to gain support! Now they use different issues as they continue to promote the interests of big business and Wall Street, and they may succeed in again “scaring” Americans into voting against their own interests! 🙁

US-Israeli Relationship Solid And Unbreakable: Obama And Netanyahu Agree!

An important meeting took place just a short time ago between President Obama and Israeli Prime Minister Benjamin Netanyahu at the White House!

Just a few months after there was an unpleasant, private meeting between the two men at the White House, after Israel announced new housing settlements in East Jerusalem while Vice President Biden was visiting Israel, the so called “rift” that developed between the two nations apparently has been healed!

Obama made it clear that he was pleased with the progress toward direct negotiations between the Palestinian Authority and Israel, and that the US commitment to Israel’s security was historic and unbreakable!

Netanyahu said the reports of a split between Israel and the United States was inaccurate, and that he was assured of the continued, long term commitment of the United States to Israeli safety and security! He also said that within families, there can be short term differences, but that the emotional commitment is still there, and that internal disputes on a temporary basis should not be exaggerated! The media are responsible for that, in order to make news, in his view!

This meeting was important for both Obama and Netanyahu! After the cool reception the Israeli Prime Minister received in the spring, it caused a lot of criticism in Israel, but also started to affect the Obama image among American Jews! So a session to warm up relations and resolve differences between the two nations was a necessary move!

Did it succeed in calming all the naysayers and critics? Probably not, but hopefully the Israelis and the Americans are on the same page now, as that is to the advantage of both nations!

A Possible Unintended Effect Of Robert Byrd’s Passing: A Republican Senate In 2011!

With the death last week of Senator Robert Byrd of West Virginia, the dean of the Senate, and its longest serving member in history, the possibility arises that his passing could have an unintended effect on that chamber: a Republican Senate majority in 2011! 🙁

With 59 Democrats (57 plus Independents Joe Lieberman and Bernie Sanders) in the Senate presently, one would think that the Democrats are safe from a GOP takeover!

But if one goes by recent polls, the possibility arises of major Republican gains, with eight to nine seat gains seen as possible!

However, even with nine seats gain, the Republicans could not organize an evenly divided Senate, because of Vice President Joe Biden’s ability to break a tie in organizing the Senate!

But if West Virginia is required or decides to hold a Senate race to replace Byrd in November, the strong possibility exists that a Republican could win Byrd’s seat!

If the Governor, Joe Manchin, a Democrat, rumored to want the seat for himself in 2012 when the six year term ends, has the opportunity to make an appointment until 2012, then the seat will remain Democratic until 2012 at least! But he does not intend to appoint himself now, and instead have an appointed replacement for two years!

There are discussions, however, that with two and a half years left in the term, it is appropriate to have an election now, and with the GOP tide seemingly apparent, the seat could go Republican, and give that person the upper hand in the 2012 full term race!

So it would be ironic if Byrd’s passing brought about a ten seat gain by the Republicans, and them having an absolute majority in the Senate as a result!

One must remember that John McCain won the state, and that it is still a heavy majority WASP state, not the best territory for President Obama to seek support in 2012!

Meanwhile, West Virginia could turn the political tide, if all the worst prognostications for the midterm elections for the Democrats holds up! 🙁