With the large banks refusing to make loans after losing billions on worthless subprime derivatives, the government stepped in and agreed to October's financial bailout package.

The $700 billion legislation was meant to buy banks' "troubled assets" for cash, and thus improve banks' balance sheets to the point that they would lend again. This would mean credit for struggling businesses and households and could encourage expansion and hiring, thus pulling us out of recession.

But the plan has not been carried out as advertised -- rather than buying the subprime securities from the banks, the government has instead decided to "recapitalize" them. Meaning, invest money in the big banks for some equity, money which the banks could then loan to the staggering economy.

The fact is that the banks are not making loans -- the "credit crunch" goes on, and the economy is the worse for it. After so many of Wall Street's great investment banks went bankrupt, or were bailed out by the government, or were bought by competitors, the banks want to "hoard cash" to avoid a similar fate. But besides shoring up their own finances, the banks are putting our public bailout money to another purpose -- buying up their smaller competitors.

http://www.alternet.org/workplace/116859/why_big_finance_is_laughing_all_the_way_to_the_bank

Given Reid has already backed off his pledge to have a bill by inaguration and his history of caving to Republican obstructionism, those 'congress' comments were aimed just as much at Senate Democrats (especially the 'leadership') as they were at Republicans.

I think it may be time for people to start researching the various ways to recall their Congressperson or Senator. The only way these people will listen is if there are consequences to their usual fiddling while the rest of us burn.

...etc.

Obama's role will be to try to keep this country from coming apart at the seams. We are fortunate to have a President of such calm demeanor. His reassuring presence may be all that keeps us from deteriorating into severe civil strife. But an economic recovery? Fuggetaboutit. Capitalism v1.0 is d-e-a-d. Basic survival is what we need to focus on. The main economic activity will take place in the manufacture of FEMA trailers, blankets, clothing, and in preparing hundreds of millions of MREs.

An economic Katrina is laying waste to the world. Survival is the only game in town. We can figure out what comes next later.

Obama needs to run a campaign if he is going to get anything done. He needs to set the agenda. But, the DLC is running the show. Obama will fail and fail miserably if he stays with the DLC script.

First, instead of tax breaks, we need tax increases on the well to do and business to start paying for the wars we are in, both past and current expenses. If the aristocracy wants to fight unnecessary and preemptive wars while garrisoning the entire planet they should know it is going to cost them and cost them dearly.

Second, go on the attack, rile the base up, get them involved. These Bluedogs and Republicans aren't changing their tune one wit. We need beefed up social programs just to keep the lid during what will be the worst economy since the Great Depression.Obama will not have the luxury of time that FDR had. He will not get 2nd, 3rd, and 4th chances.

Third, ask for more than you want. Then you have room to bargain. Obama will be the President, he needs to take the lead in setting the debate parameters and the details. So far he has only tried give, give, give ... There's no room there. What he'll end up with is less than needed and a guarantee of failure ...

Having said all that, Obama is almost certainly doomed to failure because of his staff. They are part and parcel of the problem ... They will take care of their own and crap all over America. It's happening already.

I feel like we need to step up as a nation and focus on issues that reach beyond our borders and affect the global community.

How will Obama address the United Nation's Millennium Development Goals, which aim to cut world hunger in half by 2015 and eliminating it completely by 2025? An estimated $19 billion would eliminate malnutrition and starvation around the world. Our current defense budget is $522 billion, in comparison. We have the potential to make a big difference, the question is whether or not our president-elect is willing to do so.

The Borgen Project (www.borgenproject.org) provides lots of information about this issue.

"Do as I say, or we're all doomed!"

Change indeed.

Nothing will change until we:

Raise taxes on the upper income bracket back up to levels last seen in the days of Reagan-- or, better yet, Eisenhower;

Close corporate tax loopholes and get these ridiculously wealthy corporations to pay their fair share (i.e., more than nothing, which is what most pay now) of taxes;

Pass the Employee Free Choice Act and reinvigorate the moribund union movement-- one of the greatest contributors to the creation (or in this case, preservation) of the American middle class;

Create a single payer universal health care system to replace the current for-profit one that is slowly strangling American families and businesses while at the same time providing them with substandard care.

And while we at it, let's throw in these:

Revise the manner by which election campaigns are funded in this country so that monied interests aren't buying the votes of politicians through hefty campaign contributions;

Insist on the breakup of corporate media empires, so that our news and opinions aren't spoon fed to us through the filter of a handful of boardrooms.

Then maybe our kids won't face a future bleaker than what we have now.

Yeah, I know. Wish for the moon while I'm at it...

They must be raised to 100% on all incomes from zero on up. In other words we need to nationalize everything, every job, every asset. Stop paying people and make them work for the state. We'll provide what they need to live.