imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Hey, Prez-Elect Obama: Say “Thanks” to Alan Greenspan!

by William Hughes Friday, Nov. 07, 2008 at 5:12 PM

Sen. John McCain’s presidential candidacy was done in mostly by a Wall Street-Financial Meltdown, in late Sept. 2008. This phenomenon took the issue of “national security,” which favored him, off the table, and replaced it with “the economy,” which was Sen. Obama’s strongest suit. The fact that Dubya is the most unpopular president in history, coupled with having 9 million to spend, all added up to a smashing victory for Prez-Elect Obama.

Hey, Prez-Elect Obam...
obama-biden_sign.jpg, image/jpeg, 320x240

“The secret for success in life is for a man to be ready for his opportunity when it comes.” - Benjamin Disraeli

In ancient Greece, some of its celebrated playwrights, such as Aeschylus, used a device called the “Deus ex Machina,” in order to resolved a badly tangled plot. Usually, it represented some kind of divinity, whose intervention into the lives of the characters portrayed generally proved fortuitous. In the 2008 presidential election, the winner, Democratic Sen. Bararck Obama, was ready for his opportunity, but he also had help--big time--from above! There was a point in this bitterly fought campaign, where the GOP’s John McCain was able to forcefully dominate the race by making “national security” the pivotal issue. All of that, however, abruptly changed when the massive tsunami, known as the Wall Street-Financial Meltdown, hit home. (1) Billions of dollars in wealth disappeared over night. Bottom line: The Prez-Elect can mostly thank Alan “Bubbles” Greenspan, ex-czar for 18 years of “The Fed” for that meltdown and for his victory on Nov. 4, 2008. (2)

In their tome, “Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve,” the authors, William A. Fleckenstein and Frederick Sheehan, accused Greenspan of advocating “bizarre monetary policies” and of creating one “bubble” after another. They said it was like he was tossing “gasoline on a fire.” (2) Mr. Greenspan, of course, would deny such charges. But, when he appeared, on Oct. 23, 2008, on Capitol Hill, before Rep. Henry Waxman’s House Committee on Oversight and Government Reform, he owned up to making “some mistakes” and of having a “flawed” ideology when it came to his pushing his deregulation policy. (3) History will have to be Mr. Greenspan’s final judge.

Besides Mr. Greenspan’s contribution to Sen. Obama’s electoral success, the Prez-Elect can give a nod to a second big reason: Dubya! It is beyond cavil that George W. Bush Jr. has been the worst president in the history of the American Republic. His contempt for the U.S. Constitution will be his most lasting legacy. But, there is much more to it: the illegal Iraq War, the trillion of dollars which he added to the national debt, the condoning of the torture of detainees, the rampant spying on U.S. citizens, the botching of the “Hurricane Katrina” rescue, creating more U.S. enemies around the world while imposing a tax policy at home which favored the super rich over the poor and the middle class. Dubya’s approval ratings were at or around 31 percent, when the general election began. Only the strongest kind of GOP candidate could have overcome carrying Dubya’s negative legacy into that campaign, although Sen. McCain gave it his best effort.

I found this out: You can raise all the moral issues that you want, and you may get the attention of a few conscience-driven folks. It was only, however, when Wall Street began to crash back in late September, 2008, and the Treasury Department loaned hundreds of billions of dollars to AIG, Fannie Mae, Freddie Mac and Bears Stearns, that most voters began to, finally, wake up. Why? Their pensions, savings and health care benefits were now at risk.

It is true that many Americans have been in a long, deep sleep during the nearly eight years of the Bush-Cheney regime’s rule. Today, if you say: This war in Iraq is costing billion a month and it is bad for the stock market, they will listen to you! Not only are they now listening, but they also are blaming the Bush-Cheney Gang, and the Republicans in general, for the distressful condition that the country finds itself in. Exhibit “A” is the results of the national election itself, and, especially, how Sen. Obama was able to flip states to his column in 2008, which had gone for Dubya in 2004, like Ohio and Indiana.

There was a third compelling factor that made possible the Obama-Biden winning ticket-- Money! Lots of Money! Think 9 million. (4) This was by far the most money ever raised by a Democrat, or a Republican, aspiring to the White House office.

Background: On 12 February, 2008, Obama in a tough primary fight, whipped his bete noir, Sen. Hillary R. Clinton (D-NY), by over 80,000 voters in the state of Maryland. It was a very impressive victory, since by doing so, he was also beating the local political machine, headed by the Maryland’s Governor, Martin O’Malley, and U.S. Senator Barbara Mikulski. I thought, at the time, that this guy could go “all the way to 1600 Pennsylvania Ave.” (5)

Nevertheless, on the eve of the Republican Convention, Aug. 31, 2008, a CNN poll had the race as statistically “dead even.” (6) It seemed like Sen. Obama had run out of gas. Some of this might have been a reaction from the brutal primary battles that he’d had to endure with Sen. Clinton. Her tactics, at times, bordered on the outright vicious. She was aided and abetted in her smear efforts by her husband, the former president, “Bubba Bill” Clinton. Even after Sen. Obama had captured his party’s nomination, the Clintons gave him only half hearted support.

Enter Sen. McCain. His attacks on Obama mimicked Clinton, only they were often meaner and more personal. They had Obama on the ropes, particularly in areas relating to “national security” matters, and set up for a knock out blow that could have sent him and the Democrats down the path of the Whig Party. (7) Before that telling blow could be delivered, however, the Fates (the Deus ex Machina) intervened to revive his lagging candidacy.

In summation, could Prez-elect Obama have won the presidency without the “Wall Street Financial Meltdown” and the creation of a new dynamic in the campaign, which took the “national security” issue off the table? We will never know. All we can really know is this: The senator from Illinois took advantage of the cards that he was dealt, and by doing so--he made history!



2. “Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve” by William Fleckenstein and Frederick Sheehan and

3. “Greenspan Says He Was Wrong,” Washington Post, 10/24/08.




7. In early August, 2008, a number of polls showed Sen. McCain favored by the voters over Sen. Obama, on the issues of handling the Iraq War and managing the war on terror, by over 25 percentage points. See,,8599,1829948,00.html

©2008, William Hughes, All Rights Reserved.

William Hughes’ videos can be found at: His latest book, “Saying ‘No’ to the War Party,” is available on Amazon. Email Contact:

Report this post as:

Local News


lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Tech workers organize A24 6:24PM

Architect Stephen Francis Jones A24 3:01PM

UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for A24 12:34PM

Xyloglossie attitudinale A23 8:07AM

Shadowgun Legends Hack and Cheats A23 7:24AM

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy