PACS+Lobbyists=No Change In Direction

Its been 4 months since election day. The day Obama got elected. The day America changed. The day America did the right thing. A historic day for the ages. The day George W. Bush and the GOP were officially voted out of office. People across America were applauding and crying at the same time...Heck...I voted for Obama...and was equally touched.


But...have things really changed? Have things actually become worse? Has there been any change whats so ever? Will there be any significant change? Have we just replaced one inept President with another equally not up to the challenge? I know Obama only has been officially President for roughly 6 weeks or so,and we have to give him a chance, he was given a country/economy in shambles, but for arguments sake, take a look at these figures with respect to just the stock market:

Since Election Day:

Dow Jones Ind. = Down 28.56%
S&P 500 = Down 29.12%
NASDAQ = Down 25.79%
Russell 2000 = Down 33.88%
PHLX Bank = Down 64.10%

The stock market was already breaking down well before Obama got into office, but this is one place where change didn't happen, as the trend continued. First- let me make these points:

1- This recent vicious slide in the markets aren't Obama's fault.
2- He inherited a horrible economy that was just about headed over the cliff.
3- The budget deficit was out of control
4- Wars in Iraq and Afghanistan that were weighing in on America's conscience.
5- Job Losses are not Obama' fault.
6- A housing market that has gotten worse every month since Election Day.
7- The disastrous first round of TARP
8- A very sick Banking system.
9- Most importantly- A Culture of Corruption and self dealing by PACS (Political Action Committee's) and Lobbyists that have embedded themselves into American Politics.

I don't blame Obama for items 1-8. These were inherited problems that will take much time and energy to fix. There are no easy fixes here.

But item 9 is where I am very worried. Item 9 is where my skepticism is centered on. Item 9 is where I believe change has no way of happening in our lifetimes. Why?

Very simply..from observing Obama and his cabinet most notably Treasury Sec. Tim Geithner, I see the same old game and policy of throwing money at a problem and hoping that we hit bulls eye. The same old game of having Washington/Wall Street Insiders calling the shots. Same old game of PACS and Lobbyists interests being put ahead of whats best for the country. Same old tired rhetoric, press conferences that go no where, Plans that are not detailed enough, etc.

But what is very puzzling, dangerous, and depressing to me is whats happening down on K-Street. It didn't matter who ultimately won the election back in November. The PACS and Lobbyists know how to play the game. They already knew how to stop progress for the benefit of the people they represent. Most notably the Banking Industry. I knew In my heart of hearts that there would be no change what so ever to the stronghold that the PACS/Lobbyists have over America, but I somehow held out hope that Obama would change this. He failed miserably with the announcement of Tim Geithner as Treasury Sec. This man is the ultimate insider, he has held multiple positions within the fabric of Washington DC. At each and every position he has held, he has had close personal ties to PACS/Lobbyists. When he was the head of the Federal Reserve Bank of New York, he personally arranged with the help of J.P. Morgan CEO Jamie Dimon, the "rescue" of Bear Stearns.

When he was appointed Treasury Sec, he had a chance to staff his cabinet with fresh faces, but what did he do? He appointed career Wall Street veterans at each and every turn, Some members of his inner circle were on the board of directors of the very companies that had taken TARP Money. Others held formally high ranking jobs at Goldman Sachs, Morgan Stanley and Citigroup. How in the world can you come to a honest and objective conclusion to the very real issues effecting the banking system, with people who are complicit in these issues making recommendations? How did this happen? How can Geithner hire people to be on his staff whom he knows are the very reason why we are in this mess today? Very simply...The Lobbyists and PACS to which he owes a lot of his success to...came to collect.

The big question was:

Can Tim Geithner move away from the vested elite that got us into trouble in the first place? NO!... He is part of the devastating problem, not the solution. He had a chance to break away from the bank lobby that controls the institution, but he just made it stronger. This ultimately is on Obama...not Geithner. Obama dropped the ball here. He had the political capital to shut down the bad banks..like Sweden did in the early 90's. He had a chance to do what needed to be done from the beginning..which would be very painful politically..Nationalization of the Banking System...But he had Geithner and his Wall Street Sycophant Staff whispering in his ear at every turn, as the market lost patience and confidence. Obama had a chance to concentrate the power away from Wall Street who had betrayed the public trust, but with Geithners nomination, that is just a pipe dream.

The PACS and Lobbyists know how to play the game. Its always business as usual in the game of protection money. Their constituency has contributed close to $200 million to congressional coffers since inception. Do you think they were going to die without a fight? Obama had all of the cards in his direction, he had a chance to move against the oligarchs, but at the end of the day made the biggest mistake of his young presidency.

Again...the problems that Barack Obama inherited were not his fault. I am totally behind him on his plans to try to fix the issues. I am all in favor of his opinions on the budget...but his biggest message to Americans on Nov 3 was Change. Are we getting it?

Remember:

PACS+Lobbyists=No Change In Direction.