A GOOD CORPORATE PRESIDENT

Beware of so-called 'liberal' American president's bearing gifts.

Step up Barack Obama, the 'man of the people', who promised America 'change' and 'a new start', but who has proved he is yet another product of the system. It's been more of the same old same old. More of the same old bullshit.

Obama's latest travesty, if the Wall Street bailout isn't enough, has been to agree to the extension of George Bush' s tax cuts for America's wealthy.

It's estimated that this shonky deal will cost around $900 billion over two years - and most of this money will go to people who don't need it.

Families with incomes of over $1 million will reap an average of about $70,000, while middle-class families earning $50,000 a year will get an average of around $1,500.

If you are on the minimum wage or jobless then , tough, you get nothing.

Obama has agreed to this extension at a time when the US Bureau of Economic Analysis (BEA) has recently issued a report that shows that corporate profits are at an historic high. The very same people who got bailed out by the taxpayer to the tune of over 12 trillion dollars (and rising) are living the lavish lifestyles they have become accustomed to.

According to the BEA:

'Profits from current production increased $44 billion in the third quarter compared with an increase of $47.5 billion in the second quarter'.

This is the fourth successive fiscal quarter that corporate American has recorded big profits.

But, wait, there's more!

If throwing a whole load of money at America's rich isn't enough, Obama has helpfully got rid of most of that pesky estate tax. There will be an the exemption up to $5 million per person and a maximum rate of 35 percent.

Meanwhile, outside the gated 'communities' of California and the lavish estates of New England, ordinary Americans have rapidly become disillusioned with Barack Obama.

Last weeks official figures revealed that unemployment rose to 9.8 percent in November. It was 9. 5 percent in October.

Over 15 million Americans were jobless in November. This doesn't include those who are working part-time but would prefer to work full time. Nor does it include a record 1.3 million who are too discouraged even to look for work.

Obama, trying to justify his abysmal deal with the Republican's, says he also got an extension of unemployment benefits. But after last week's dismal unemployment figures, Senate Republicans would have been forced to extend unemployment insurance anyway.

And what makes this deal even more unpalatable is that all polls have consistently shown that the majority of American's don't support the extension of Bush's tax cuts.

Obama could of made a stand for ordinary American's. But he didn't.