Let me repeat the title.

They're bamboozling us

And Obama is betraying us. 

Obama is failing to use his bully pulpit to shame the GOP with its ridiculous attempt to double-down on failed right-wing friedmania economic fundamentalism.  See Joseph Stiglitz, The Ideological Crisis of Western Capitalism, Commentary, Project Syndicate  (July 6, 2011) (Hat Tip, Mark Thoma at Economist's View).  Sitglitz notes what I have often pointed out--that friedmania is a failing ideology, yet the GOP is pushing that failed ideology, based on ridiculous and proven-wrong assumptions about human society, to the brink, arguing for austerity when we need stimulus, tax cuts when we need tax increases (at least on the wealthy), and more military when we need to end our endless wars and get smart.  Says Stiglitz:

Even in its hey-day, from the early 1980’s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world. Indeed, over the course of this ideology’s 30-year ascendance, most Americans saw their incomes decline or stagnate year after year. ...

I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government. Alas, that has not been the case. On the contrary, a resurgence of right-wing economics, driven, as always, by ideology and special interests, once again threatens the global economy.

Instead, Obama is agreeing to let the Republican's adle-brained ideology get a victory in this battle, a victory that will be a resounding defeat for ordinary Americans as it undermines an already shaky social welfare system and favors further the corporate giants that are being advanced by the Supreme Court's radical right and the Tea Party alliance with the economic fundamentalists like the Koch brothers, Heritage Foundation, Cato Institute and others.  Instead of shaming them, Obama--surrounded by right-wingers in moderate clothing such as Geithner and the rest--is caving yet again and letting them set the agenda for Congress.

A minority party with a radical slant followed by less than a third of Americans is setting tax, war, and civil rights policy, because we have a president who is either afraid of his shadow,  being handled by those who don't give a damn about the issues that matter, or so sold out by being surrounded by the big money guys that he doesn't even recognize that he has betrayed union workers, ordinary Americans, the elderly, and everybody who dreams of freedom from a country run by the corporations and the ir wealthy managers and owners for the corporations and their wealthy managers and owners.

Read Mark Thoma on Economist's View on this issue, as Obama offers to cut Social Security.  As Thoma says at one point about the 'new' GOP willingness to engage in so-called negotiation""Close loopholes in return for cutting taxes on the wealthy, that kind of thing. I wonder who the winners would be when all is said and done?"

Hmmm.  Doesn't take much wondering to figure out that the only winners are the big corporations and their wealthy managers and owners.....