Last night as I was listening (or trying to listen) to Obama’s vaporous victory speech, I heard a steady procession of young people walking up Third Avenue cheering and yelling “Obama” over and over. For all practical purposes, it was just the kind of display that attends a World Series or Super Bowl victory by a New York team. This is understandable given the way that the presidential campaign is understood by the average person. Their candidate is like the home team and the primaries amount to playoffs leading up to the championship game.

I almost felt like putting on my clothes and going down to the street to ask people why they were celebrating. What does the average young person living on the Upper East Side think that they will get from an Obama presidency? Surely, they must believe that he can’t be anywhere as bad as McCain. On this they are certainly correct since that is a sine qua non for the continued functioning of the 2-party system. If after Obama took office, he named Alberto Gonzalez to the Supreme Court, the system will blow up in his face. Instead, he will probably nominate some corporate hack like Stephen Breyer.

Getting past the bottom line that he will be better than McCain, I wondered what else they would expect from him. Obviously the number one issue is the economy. Since many of these young New Yorkers probably work in FIRE (finance, insurance and real estate), they must fear for their jobs. But it is doubtful that Obama will be able to stave off unemployment even if he had the desire to do so, given his professed free market pieties. Even FDR found it impossible to break the back of the Great Depression. In the final analysis, it was war production rather than the Civil Conservation Corps that put people back to work.

full: http://louisproyect.wordpress.com/2008/11/05/president-obama-governor-paterson-and-ayn-rand/
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