The Greeks have voted again but there is no government as a result.
The Spanish banks are liquid but they are not solvent.
Cypress has asked for another sovereign loan. It is liquid but not solvent.
Germany has not changed its moral position.
The coalition in London will live another few days.
The faith of the Republican party is strong.
http://robertreich.org/post/25232319153
Ponderings on the New Politics of Extremism
516po72261"Saturday, June 16, 2012
Back from several days in Washington. The city still has all the disadvantages of being a one-industry town, with almost everyone working for the government or lobbying the government or reporting on the government or trying to influence the government or litigating on behalf of or against the government. It’s like LA and the entertainment industry, or downtown New York and finance. Everyone is in the same bubble, and every conversation sounds vaguely similar.
The only difference this time is Washington feels under siege, as if marauding bands are closing in on it. Unlike Europe, America doesn’t have feudal traditions that in the last century spun into fascism and communism. Our right and left are much closer to the center than are Europe’s.
The only difference this time is Washington feels under siege, as if marauding bands are closing in on it. Unlike Europe, America doesn’t have feudal traditions that in the last century spun into fascism and communism. Our right and left are much closer to the center than are Europe’s.
But the American right — whose roots are found in Jeffersonian libertarianism and the Jacksonian alliance of small southern farmers and northern white workers — is moving further right, and pulling the Republican Party with it. It’s fueled by economic fears combined with racism, anti-immigrant nativism, and southern white evangelical Christians.
The puzzle is why Wall Street and corporate America are going along with it when their interests are so different. The new Republican right is anti-Wall Street and protectionist. It doesn’t want to expand immigration. It distrusts big business and opposes the sorts of special tax cuts, subsidies, and big government contracts that big business has thrived on. The Obama administration has been far better to corporate America and Wall Street than the new Republican right would ever be.
I don’t get it, but the alliance between the energies of the new right and the money of big corporations and Wall Street is formidable, and in this early summer of our discontent Washington can already sense the barbarians at the gates."
The puzzle is why Wall Street and corporate America are going along with it when their interests are so different. The new Republican right is anti-Wall Street and protectionist. It doesn’t want to expand immigration. It distrusts big business and opposes the sorts of special tax cuts, subsidies, and big government contracts that big business has thrived on. The Obama administration has been far better to corporate America and Wall Street than the new Republican right would ever be.
I don’t get it, but the alliance between the energies of the new right and the money of big corporations and Wall Street is formidable, and in this early summer of our discontent Washington can already sense the barbarians at the gates."
If the Republican party is as Robert Reich describes it,
it can't vote for Mit Romney. http://www.motherjones.com/politics/2012/06/undoing-citizens-united-dark-money
The tactical situation is grim.
A wedge can be driven between the corporate money and the populist vote.
So far there has not been much progress with the project.
The morning news is business as usual. I doubt that.
The euro is less stable.
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