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President Obama, Corporate America, and Franklin Roosevelt!

Dear Commons Community,

Nobel Laureate and  NY Times columnist, Paul Krugman, has a powerful piece today  on corporate America.  Dr. Krugman describes a situation where corporate movers and shakers are moving almost en masse in their opposition to President Obama.  While the Tea Party may be making all of the news, corporate lions are making their contributions to Republicans in hopes of a defeat in the mid-term elections of Democratic candidates.  Dr. Krugman likens Obama’s position to Franklin Roosevelt and offers the following advice:

“So where does that leave the president and his party? Mr. Obama wanted to transcend partisanship. Instead, however, he finds himself very much in the position Franklin Roosevelt described in a famous 1936 speech, struggling with “the old enemies of peace — business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.”

And that’s not necessarily a bad thing. Roosevelt turned corporate opposition into a badge of honor: “I welcome their hatred,” he declared. It’s time for President Obama to find his inner F.D.R., and do the same. “

The full column  is available at: http://www.nytimes.com/2010/05/24/opinion/24krugman.html?th=&adxnnl=1&emc=th&adxnnlx=1274695258-Kc7EQcIY2IHyZ5l9XRVscga

Tony

4 comments

  1. Tim,

    Good comments on this issue. I agree fully with you that Krugman is too talented for politics. Regardless, whether Obama is reading Krugman or not, he may be turning the American people’s disenchantment with corporate America to his advantage. Last week when he insisted that BP set up a $20 billion trust fund for victims of the oil spill, he incurred a few negative comments from Republicans. Jane Norton, Rep. Nominee for the Senate from Colorado, complained that Obama was “strong-arming” BP. Congressman Joe Barton, Republican from Texas, apologized to BP for having to set up the $20 billion dollar trust fund during the Congressional hearings. Even though Barton subsequently retracted his comments, the damage was done. It remains to be seen what the temper of the American electorate will be in November but my sense (maybe hope) is that Obama will offset the corporate money influence.

    Tony

  2. Good post Tony. Obama is in a tough spot but he really can seize this moment and channel his inner FDR and take a stand against corporate america. If he doesn’t have the backbone to stand up for his beliefs the corporations, congress, and the republican party will walk all over him. Krugman is too talented for politics but it is a shame the government could not get his economic input.