Robert Reich — author, professor and former U.S. secretary of labor — describes the mood of the American populace tonight, shortly before the U.S. Senate vote on the so-called financial bailout bill. His conclusion: “angry populism is about to explode.”
Excerpts from Reich’s blog post:
While more Americans are coming around to “supporting” the bailout bill, the vast majority still hate the idea of bailing out Wall Street. They’re for the bailout bill now only because they fear that a failure to pass it will have worse consequences — drying up credit at a time when Main Street is struggling. But make no mistake: America is mad as hell. They resent what they perceive as extortion by the Masters of the Universe.
Angry populism has always been a potent force in American politics. And now, with wages dropping, jobs insecure, fuel and food and health-insurance costs soaring, and millions of homes in jeopardy — and what’s perceived to be a massive taxpayer bailout of some of the richest people in the land — angry populism is about to explode.
The larger economic outlook is not encouraging. All signs point to the economy worsening, bailout or no bailout. Unemployment will continue to rise. Median earnings will continue to drop, adjusted for inflation. More Americans will lose their health insurance.
The Era of Angry Populism has only just begun.