Tag Archive: Leverage

Aug 28 2010

More Than One Truth

Glen Ford writing at Black Agenda Report said on Wednesday “We Are Cornered: There’s No Way Out Without A Fight”: “Obama and his Democratic legislative allies have successfully shielded their Wall Street masters from anything worthy of the name financial reform.”, and “The pace of finance capital deterioration quickens, accelerating the timetable of the Right’s offensive. As the hunger grows, Wall Street’s servants become more aggressive and demanding, and there is nothing in the Democratic Party, as presently constituted, to stop them.”

Ford closed his essay with: “One truth remains: only a massed people can defeat massed capital. If the American Left is capable of bearing that in mind in the critical times ahead, it might just escape the cul-de-sac and make some modest contribution to the world.”

Robert Scheer noted on Tuesday:

It is Obama’s continued deference to the sensibilities of the financiers and his relative indifference to the suffering of ordinary people that threaten his legacy, not to mention the nation’s economic well-being. There have been more than 300,000 foreclosure filings every single month that Obama has been president, and as The New York Times editorialized, “Unfortunately, there is no evidence that the Obama administration’s efforts to address the foreclosure problem will make an appreciable dent.”

The ugly reality that only 398,198 mortgages have been modified to make the payments more reasonable can be traced to the program being based on the hope that the banks would do the right thing. While Obama continued the Bush practice of showering the banks with bailout money, he did not demand a moratorium on foreclosures or call for increasing the power of bankruptcy courts to force the banks, which created the problem, to now help distressed homeowners.

…foreclosures are behind Tuesday’s news that U.S. home sales reached their lowest point in 15 years and that there is unlikely to be an economic recovery without a dramatic turnabout in the housing market. The stock market tanked Tuesday on reports that U.S. home sales had dropped 25.5 percent below the year-ago level.

Foreclosure

Ford is right about many things, but Ford is wrong about one thing.

There is more than one truth.

Give me a lever long enough, and a place to stand, and I will move the Earth

— Archimedes