China And The Banks: Obama And Clinton
There is something ominous about the volitional convergence of Obama’s newly found “we’re gonna get ‘em” — “‘em” being the banks — and China’s anger at US criticism of China’s censoring internet activity. The economy is the punching bag here.
…[the US should ] cease using so-called Internet freedom to make groundless accusations against China.
Hillary Clinton said,
… that freedom on the Internet is closely linked to other basic freedoms, including freedom of speech, worship and assembly. And she said the U.S. government would help fund and foster individuals and companies that help those in countries with restricted access find ways to circumvent obstacles.
A pro China website said,
Why do we have to accept the standard of the United States? The attitude of the U.S. is so arrogant. Clinton mentioned one Internet. Actually, it’s the Internet of the United States. It’s Google of the States.
China is defensive and angry and our economy rides on Chinese credit. With a thin skin, exquisitely sensitive to perceived offense, to the point of hypervigilance, and enormous financial leverage — well, this can’t be good. The economy is being pushed and pulled, kicked and dragged, when it is still weak.
Clinton’s speech needed to be said by someone in the administration. But what’s with the timing? Too bad Obama did not just cancel his trip to China instead of coming away with nothing but the sort of lecture he is always presenting his fellow citizens.
Obama’s all-of-a-sudden rage at the banks is warranted — but looks as though, once again, that Obama is following the polls, in his newfound zeal. How sincere is it? How much playing to the crowd? Obama’s public showboating anger about the banks is not good for a shaky economy now. He could quietly do what he feels he needs to, without roiling the populist Id. He is restructuring the banking system when we are at war.
Bad timing, bad execution, and lack of leadership.
