reminding viewers that Very Serious People were telling Americans that if the Paulson Fix Is In was passed NOW, NOW, NOW (well, THEN, THEN, THEN) people would not be able to get money out of their banks' ATM's.

Now, ta dah!, maybe that money doesn't need to be used right away after all....

He points out this is being noticed by many voters.

He also pointed out that with all those economic advisers supporting Obama at today's press conference, there was no representative for labor or the working class. Robert Reich was there, and speaks to issues important to labor and the working class, but he is not of labor, Phillips pointed out.

He thinks that if Obama does not come through for the non-wealthy and mid-to-upper middle class, those voters, including blacks, will be lost, that both parties have much more tenuous roots than ever before.

Kevin Phillips has not drunk any Kool-Aid.

A do-not-miss segment--he's saying things that have been said here, plus some new stuff.

Bailout is "state capitalism," but it is not clear what the oppostition to it is--it's made up of conservatives, working classes, and lefties. Where might that lead, he wonders.

Oooof. "We are in an age of disappointment."

As always, transcript to come and video available on the web.

This paragraph is wishful thinking, at best:

The new president’s only hope of resisting this campaign being waged by the elites is if the remarkable grassroots movement that carried him to victory can somehow stay energized, networked, mobilized—and most of all, critical. Now that the election has been won, this movement's new missions should be clear: loudly holding Obama to his campaign promises, and letting the Democrats know that there will be consequences for betrayal.

Please take note of the phrase "president's only hope." It always comes back to hope, doesn't it? Yes, here's to hoping, because we've already taken away our leverage by holding the most uncritical eye to a presidential candidate in modern presidential history.

We wouldn't have had to be reduced to simply hoping if we'd have put him through the fire just like every other candidate was.

http://money.cnn.com/2008/11/07/news/eas...

"... Reich is especially critical of the federal government's using consolidation as a rescue tool. "They've prodded Bank of America to take over Merrill Lynch (MER, Fortune 500) and Countrywide, J.P. Morgan to acquire Washington Mutual and Bear Stearns. So we're ending up with even bigger giants, with even more power over the economy and politics." By contrast, more centrist Obama advisors, like former Clinton Treasury secretaries Lawrence Summers and Robert Rubin, support those episodes of consolidation.

..."