Obama the “Socialist” Saved Capitalism by Giving Welfare to Wall Street and Red States
MARK KARLIN, EDITOR OF BUZZFLASH AT TRUTHOUT
Wall Street must be effusively thankful for what the Tea Party, the Right Wing and FOX News claim: Obama is a “socialist.”
After all, that must be the reason that the stock market climbed to the highest level in five years on February 28, according to ABC News:
The Dow Jones industrial average closed above 13,000 for the first time since 2008, capping a remarkable run-up in stocks that has coincided with a revival of consumer confidence to levels not seen since well before the econ0mic downturn began.
It takes a “socialist,” apparently, to create a financial environment in which the stock market has been soaring.
And then there’s the “socialist” influence that has propelled economic growth since the “free market” collapse of the economy under George W. Bush. According to CNN, the “gross domestic product, the broadest measure of the nation’s economy, grew at a 3% annual rate in the fourth quarter of 2011.”
“We are seeing what historically would be considered a healthy growth rate for the country,” said Brian Hamilton, CEO of Sageworks, a financial information company. “Last quarter compares very favorably to the GDP growth rate over the past few years and indicates the country continues to recover from the recession.”
Remember that it was Obama who went along and did the second TARP installment of providing government welfare to Wall Street to keep capitalism from collapsing. It has been under Obama that no Wall Street honchos have been prosecuted for playing fast and loose with financial transactions that nearly brought the US to its economic knees. Under this White House, major banks also got off without any prosecution for illegal foreclosure transactions.
If that is what a “socialist” does to the economy, Lord help Wall Street if a “capitalist” is elected.
Furthermore, as has been pointed out in the past – most recently in Alternet, it is the political Blue states who, in general, provide tax dollars to support the Red states. Take a red state like Mississippi, which sucks up $2.73 in federal support for every dollar its residents pay in national taxes. Compare that to Illinois, which lose 8 cents on the dollar and only gets 92 cents back from DC. Gov. Jan Brewer’s Arizona gets net revenue of 60 extra cents back from federal taxes, while Minnesota loses 36 cents on tax dollars paid into the IRS.
In short – and in general – one can argue that the “reddest” states that have politicians and Tea Party advocates proclaiming that they are living under “socialist” leadership are most often the ones benefiting from a redistribution of blue state income tax dollars subsidizing red states. So why don’t the red states return that many to the “socialist” government in DC?
Furthermore, states with two Republican “free market” senators get the highest average rate of redistributed tax dollars at $1.49 cents, according to Talking Points Memo.
You would think that the right wingers shouting that Obama is a relic of the Soviet Union should be thanking him for saving capitalism, providing a climate for large corporations to soar in profits, giving bailout money to the banks, and providing red states with redistributed income tax funds to survive.
If this is “socialism,” Romney, Santorum, Gingrich, Pallin, and Bachmann should be praying on their knees for more of it, along with the Tea Party Medicare crowd who oppose “socialized” medicine.