Reconstruction Finance Corporation
[Guest Post by John B. Judis] Want to make me happy? Read carefully James Galbraith’s essay, “Scare the Hell out of Bankers,” on our web site. And read it all the way through because the argument isn’t clear until the end. It’s one of the best things I’ve read on the role of finance in the recession and the recovery. It goes beyond the debates liberals had 18 months ago about finance. First, on the question of nationalization of the banks. At the time, some of us held out for nationalization of the big banks as the only way to forestall a depression.
Barack Obama has been compared to almost every American President of the last hundred years--favorably to Franklin Delano Roosevelt, John Kennedy, and Ronald Reagan; and unfavorably to Jimmy Carter and George H.W. Bush.
We re-elect FDR—and the opposition is installed within the government. The cause which failed to persuade the voters scores an easy victory in Washington. The democratic process operates, yet it is by-passed. Somehow a wedge has been driven between the exercise of power and its popular source. A constitutional crisis impends which makes insistent the question, Whose government? In a sense a sport has been thrown up by the war. Yet the war has done little more than accelerate trends long in the making. For our political order is undergoing revolution.