NP - Summers

[David Morris]

http://www.juancole.com/2013/09/withdraws-consideration-beggaring.html

Palast explains why Obama never moved against Wall Street (we’re just about
as vulnerable now as in 2008) and is even considering the sleazy Larry
Summers to head the Federal Reserve.

One of the questions that Palast’s expose raises is the old one of how much
autonomy the state really has in a society dominated by the business
classes. The de Tocqueville tradition, revived in the 1980s by Theda
Skocpol, emphasizes the government as an independent actor. The Marxist
tradition famously sees the state as “the managing committee” of the rich.

Geithner’s memo favors Marx, not de Tocqueville. This is government as
humble man-servant of the least savory sections of big business. Many of
the ways that Obama has disappointed his base have to do with his being
chairman of the managing committee rather than president, and so being
captive to powerful interests whatever his own instincts. The billions it
costs to become and stay president allows Wall Street to buy the
presidency, regardless of which party wins.
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