For a healthy financial system, corporate socialism to coddle billionaires and puff up the stock market is not the answer. Rather, as has always been common sense knowledge, the answer is economic fundamentals. Obama’s attack on the Koch Brothers for “standing in the way of history” is right on target.
To fix our corrupt and dysfunctional financial system, which has over the past generation transformed itself from being the engine of growth into a massive casino sucking the lifeblood out of our economy, we need to name names, put the financial deviants on trial, and focus on economic fundamentals. Derivatives don’t build the economy, but solar energy can.
As the stock market enters its second week of decline, Obama hits the financial nail on its head:
When you start seeing massive lobbying efforts backed by fossil fuel interests or conservative thinktanks or the Koch brothers, pushing for new laws to roll back renewable energy standards or prevent new clean energy businesses from succeeding, that’s a problem. That’s not the American way, that’s not progress, that’s not innovation. That’s trying to protect the old ways of doing business and standing in the way of the future….It’s about the past versus the future. And America believes in the future.” [The Guardian.]