Dow Jones Surges Under Obama

The table below reveals that President Obama's first two years mark the biggest two-year increase in the Dow Jones Industrial Average since FDR. Obviously, the increase has much to do with the shit pile Bush handed to Obama, just as the huge increase under FDR had much to do with cleaning up after another reckless Republican. Some of the increase was inevitable and would have happened regardless of who was in the White House.

Yet even if people have different views on how much Obama should be credited for the surge, the least credible argument that conservatives can make is that he has been bad for business. Naturally, that is the one they try to make. If a Republican had presided over this stock market recovery, the conservative press would have insisted that everyone tattoo words to that effect on their arm. They would have repeated it on Fox News until it became an article of faith.

 

The problem, of course, is that the stock market is but one indicator of our economic health. The Dow Jones is not terribly relevant, its rise not very helpful, to those unable to invest. Yet the conservative investor class was very happy when stocks went up under Bush the Lesser. They were quick to suggest it was because markets trusted Republicans. Many financial elites, the same ones who bitched endlessly that Obama would ruin us all, have benefited enormously under two years of Obama, having got back most or all of what they lost after their toxic shit hit the middle class fan during Bush's last year.

Yeah, I know; there was a bunch of neo-liberals like Rahm Emanuel, Peter Orszag, Larry Summers, Robert Rubin, and others who were in on it as well. Democrats mostly, they worked in the Clinton Administration, the Obama Administration; some in both. They have mostly moved on to enormously enrich themselves on Wall Street. They promoted Wall Street's perverse dominance with the worst of the Republicans.

Good riddance to all.

Warren Appointed

After much delay, Elizabeth Warren has been nominated to head the Consumer Financial Protection Bureau. Good news? Maybe, but many progressives are uncertain of the significance. Some have labeled the move as a "triumph of the money party," noting that Warren's role has "been downgraded" to special adviser, and that she must report to Tim Geithner.

Ugh... If that proves to be the case, the cynics will surely be correct. Geithner will act as gatekeeper who will work to ensure Warren's voice is muted if not completely drowned out.

But is is uncertain just how their respective roles will play out. I don't expect much cordiality between Warren and Larry Summers. He is a neoliberal to the bone, and a prickly, sexist, SOB short on interpersonal skills to boot. And both he and Geithner will likely feel threatened by an adviser who refuses to be part of their Wall Street protection racket.

Perhaps it is a very big deal. Warren's supporters, of which there are many, say she has been able to extract promises regarding her role and her access to the President. Julia Rosen at Crooks & Liars has written a very positive interpretation of the President's decision. She notes the strong grass-roots campaign that essentially told the President that he needed to do the right thing or watch his support collapse. See the story and the several good links she provides.

The howling from Republicans will continue, and Chris Dodd, obviously bucking for a plum job on Wall Street upon his retirement, will keep braying and bitching as long as he thinks it will impress his benefactors. 

I am cautiously optimistic.

Warren Waits and Waits...Warren Who?

President Obama is still stalling on the Elizabeth Warren nomination to head the Consumer Financial Protection Bureau. Presumably there is a Vegas line on her chances of receiving the nod. Cynics are suggesting the chances are slim and none. For others it is virtual line in the sand: If the President doesn't nominate Warren, who is clearly best-suited for the job, then it is the final proof that the fix is in. Timothy Geithner, Larry Summers and the rich guys on Wall Street don't want her for one simple reason: They are afraid she is incorruptible, meaning she will actually do her job. They want their gravy train to continue and to hell with the rest of us.

Me, I think he will nominate her, though I am far from convinced. One could argue he is dragging this out as long as possible so the public, what with its chronically short memory, will forget why so many wanted her in the first place.

I mean, shit, forgetfulness is a plague on our public discourse.  According to the Pew Research Center, nearly half of Americans think the Troubled Asset Relief Program was Obama's creation. Only 34% realize the massive bank bailout program started under George Bush. I bet Fox News is not going out of its way to point this out to teabaggers.