STOCK MARKET WATCH -- Tuesday, 8 October 2013

[Demeter]

6. On Syria and Summers: The Obama '08 Voters Have Finally Found their Voice

http://truth-out.org/opinion/item/19250-on-syria-and-summers-the-obama-08-voters-have-finally-found-their-voice

If we step back a moment from the government shutdown – an assault on millions of federal workers and people who need the services of the national government at this time – and the Republicans' over-hyped and largely empty threat to trigger a default on the national public debt, there are more significant recent political developments that will continue long after this damaging political theater is over. President Obama was twice defeated last month on matters of national and international importance, by grassroots opposition and resistance from within his own party...

The blocking of the Syria bombing was a historic victory with profound implications, perhaps the first time in the past 50 years the American people were able to prevent an announced military intervention by pressuring Congress...

The antiwar movement and the American people can also claim credit for the recent and vitally important diplomatic overtures with Iran: despite Obama's continuing, illegal threats that "all options are still on the table", the military option carries increasing political risk at home. The public has become progressively more aware that our endless wars and military interventions have little or nothing to do with so-called "national security".

The defeat of the Summers nomination was also unprecedented, in that a president's choice for Fed chair was rejected because of populist opposition. Summers played a major role in the deregulation and regulatory failures that contributed to the Great Recession, the Asian financial crisis (and resulting US trade deficit), and various abuses of America's bloated, corrupt financial sector.

It has taken a few years, but this is the base of the voters that brought Obama to power asserting itself. When Obama appointed his first cabinet, you could almost hear the collective groan of disillusionment from the millions who made up the mass movement that elected him. There was Goldman-Sachs (Tim Geithner) at Treasury; Bush's defense secretary was held over; and Hillary Clinton as secretary of State. Change seemed mostly down the toilet, and hope was not far behind...Obama's defeats in the last month may well turn out to be a more important part of future political changes in this country than his likely victory over the Republicans in the current confrontation.