Obama Blames Dumb Children For Crisis and Not Ivy League-Educated Wall Streeters

It's always good to talk about edumacation, right? Is our children learning, and such? Well Barack Obama certainly did all that last night -- but he actually went so far as toblame dumb American childrenfor the global economic collapse, which was actually designed and directed by the red right hands of Wall Street, the "best and brightest" who had the best American education money and elite connections can buy! Our old pal Robert Scheer has this nasty little analysis that is probably the best one we've read so far:  

His references to education provided a convenient scapegoat for the failure of the economy, rather than to blame the actions of the Wall Street hustlers to whom Obama is now sucking up. Yes, it is an obvious good to have better-educated students to compete with other economies, but that is hardly the issue of the moment when all of the world’s economies are suffering grievous harm resulting from the irresponsible behavior of the best and the brightest here at home. It wasn’t the students struggling at community colleges who came up with the financial gimmicks that produced the Great Recession, but rather the super-whiz-kid graduates of the top business and law schools.

What nonsense to insist that low public school test scores hobbled our economy when it was the highest-achieving graduates of our elite colleges who designed and sold the financial gimmicks that created this crisis. Indeed, some of the folks who once designed the phony mathematical formulas underwriting subprime mortgage-based derivatives won Nobel prizes for their effort. A pioneer in the securitization of mortgage debt, as well as exporting jobs abroad, was one Jeffrey Immelt, the CEO of GE, whom Obama recently appointed to head his new job creation panel.

Much, much more at the link: [ Truthdig via Tikkun / Spiritual Progressives ]