What we've seen in the vaunted rally for the last six months is the triumph
of wishing over facts, combined with the most arrant market manipulation by
floundering banks backstopped by a panicked government -- all pounding sand down a rat-hole of hopeless non-performing debt, while pretending that the machinery
of capital finance still grinds on.
So what does James really think about Obama:
The most dangerous illusion, of course, is a belief that we can return to a
hyped up turbo debt "consumer" economy -- and perhaps the most disappointing
thing about Barack Obama, is his incessant cheerleading for a "recovery"
to what is already lost and unrecoverable. The man who ran for office on
"change" doesn't really have the stomach for it. But, of course, events are in
the driver's seat now, not personalities, even charming ones. I'd venture
to say that if Mr. Obama thinks he's seen a crisis, and gotten through it, then
he ain't seen nothin' yet. We are for sure not returning to the kind of
credit orgy that made the last twenty years such a nauseating spectacle -- of
which, by the way, the misfeasances and wretched excesses of Wall Street were
just one manifestation.
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