Dirceu challenges Wall Street and the Fra-Fra duo.
The former minister questions why the Brazilian opposition seeks support from the international financial market and also criticizes the positions of Armínio Fraga and Gustavo Franco, who have been leading criticisms of economic policy; he also states that, in the United States, the Obama administration is avoiding the advice of Wall Street.
247 - Advice from the Fra-Fra duo, formed by Armínio Fraga and Gustavo Franco (read more here(…) as well as Wall Street bankers, are bad for the economy. That's what José Dirceu warns on his blog:
What are our presidential candidates looking for on Wall Street?
The question is justified, especially now, when one of the criteria adopted by the President of the United States, Barack Obama, to appoint the new president of the FED (the American central bank) – in this case, it ended up being a woman, Janet Yellen – was precisely her distance from that "street of perdition" (a reference to a political scandal).
Another sign that our presidential candidates are heading towards the wrong mecca and address when they base their economic discourse on the old principles of the New York Stock Exchange is the US pension funds. They are all distant from Wall Street and furious with the rating agencies and banks like Morgan, recently fined US$13 billion.
The funds are wary of the disaster produced by these economic agents, who failed to foresee the crisis and did not know how to assess the aftermath, which cost the world the current global economic crisis. This crisis is being paid for mainly by workers, with worsening unemployment and cuts to social benefits worldwide.
All the meanings of Obama's choice.
Obama's choice of Yellen reflects the position of the president's party (Democratic Party) and of a Federal Reserve focused on jobs and stimulating growth. In her first speech after her nomination, Janet Yellen emphasized precisely these two points. Hence the rejection (by Obama) of Lawrence Summers – the most favored candidate to preside over the Federal Reserve before Yellen's appointment – a radical advocate of market liberalization.
Liberalization, you see, is another of the main banners of our opposition, unfurled once again, just last week, by the voices of the Fraga-Franco duo, the former presidents of the Central Bank (BC) during the FHC government, Armínio Fraga and Gustavo Franco.
In other words, our opposition dreams of the support of Wall Street, whose economic discourse it endorses, while in the US many – including the Funds – flee from there like the devil from the cross.