The Economy has been Split into two Economies and Why Obama is Actually Worse than Herbert Hoover

Doomsday is coming for the financial system? Yeah! That's exactly what we need. The financial system is holding the rest of the economy hostage and we want it to fail completely and once and for all. We need a new system in case you have not noticed. The US needs a true national banking system with one component of it being a publicly regulated publicly owned bank in each and every county where small business people and perhaps large corporations as well can get grants and loans.

The current financial system is one of the main pillars of the "upper level economy" that has emerged during the Bush and Obama administrations and completely detached from the “lower level economy” by the two right wing US parties. Roughly speaking, the upper economy has 2% of the people and 95% of the money while the lower economy has 98% of the people and 5% of the money. (I'm simplifying but the general idea is accurate.)

The whole upper level economy clearly needs to collapse and obviously there should be one and only one economy in each land.

The elite Americans with their two economy model are engaging in sheer lunacy. Even in third world economies, you can not build an impenetrable wall between the upper and the lower. In a third world country, when the lower goes to hell completely, the elites may stay sort of rich but they definitely won't get much richer over the years, so then they fall behind the elites and even the middle class in the first world. This is one of the main distinguishing characteristics of a third world economy: even the relatively rich (the elites of the third world country) are handicapped and fail to keep up with the rest of the world.

I would rather be middle class in Sweden than upper class in Botswana or Papua New Guinea. Hell, I'd rather be lower class in Sweden than upper class in Botswana or Papua New Guinea.

In 2009 it was noted by a few observers including yours truly that Obama was remarkably similar to Herbert Hoover. Actually, I have recently come to the realization that Obama is worse than Hoover. Hoover would not have approved of massive bailouts, but rather he would say that misdeeds and mismanagement should result in bankruptcy. Moreover, although Hoover was mocked for saying that "Recovery is just around the corner," when it was not, at least Hoover never, as Obama has, stated falsely that recovery has arrived.

Yes, recovery has arrived to those few in the upper economy, but the collapsed labor market, massive foreclosures, inability of credit worthy small businesses to get loans, and other continuing plagues remind us that recovery has most definitely not come to the lower economy. Moreover, spokesmen for the upper economy have already openly predicted that the labor market will not fully recover to what it was (which was already no where near good enough) for at least 10 years.

Of course, you can take such predictions with a grain of salt. The labor market will never ever recover to what it was until and unless the current two economy system crashes and burns. So with that I arrive back where I started with this comment: we should be hoping for "doomsday" for the financial sector.

The above was in response to this article.
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Do you want the Coffee, the Tea, or a Cold Bucket of Water in the Face so you can wake up from your Alice in Wonderland Make Believe?

Are the Coffee and Tea Parties the Alice in Wonderland parties that Americans can pretend really exist and are really viable while in reality the only viable parties will continue to be just the two traditional right wing parties for the gigantic but now 3rd world country with a collapsed labor market? I mean, the Americans can pretend to be in an electable party that is not completely right wing and is not controlled lock, stock, and barrel by big corporations. It will be a hoot, and very much in keeping with the overall cheap celebrity and entertainment culture of the country. Sort of like the holodeck on Star Trek.

For the record, even a very popular Facebook page does not draw enough visitors to worry Rahm Emanuel and all the other servants of the corporations. They know that the dominance of the corporations and of the traditional parties will continue regardless of any doings on the Internet. There are 50,000 sign-ups at a Facebook page? So what? when you need 120,000 just to reach one tenth of one percent of the number of people who voted for Obama or McCain in the last presidential election. 50,000 is not even a blip on the political radar screen. You need 1,200,000 for one percent.

No, the only way the lords of politics would become concerned would be if somehow an umbrella organization united at least tens of thousands of Internet sites, thousands of organizations, and dozens and dozens of unviable parties into a viable non-right party. Barring such a an unprecedented and plausibly impossible massive unification, where everyone agrees to not merely be a big fish in a little pond anymore, the Internet has been and will continue to be a dud with respect to high level, historically significant political organizing.

The above was in response to this article at Common Dreams.

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Comments are very appreciated. Comments are moderated but all comments will be approved except for those that do not belong on Unity-Progress. For example, comments that contain any commercial advertising and ones that contain objectionable hatred will not be approved. Many comments that appear will receive a return comment by Unity-Progress.

The email address for Unity-Progress is
unity.progress.mail at gmail.

Use this address for all communications, including requests for link exchange if you have a good economics or political site.