President Barack Obama – one month in, it’s still hard to ponder that reality without some tingle of wonderment – took the stage February 24 for the annual presidential address to Congress amidst considerable background noise, writes David Finkel.

Up front is the rapturous applause from Democrats and, for that matter, a large majority of the population. From the right, the braying of the Republicans who voted almost unanimously against the emergency stimulus legislation, and the really septic chorus rising from the cesspool depths of hate-mongering talk radio and the New York Post. From the left, sadly, near-silence and a few hints of muted disappointment. In the background one can hear the ominous guns of Afghanistan, now becoming Obama’s war as hopeless as Bush’s adventures were, and listen carefully – there’s that unmistakable crash of yet another investment bank…

The delivery of Obama’s message was as always superb, his grasp of facts masterful and his command of language (after eight years of Bush) brilliant. The substance is, shall we say, somewhat oracular. To some extent it has to be: The public generally and correctly despises the idea of “bailing out the bankers and Big Three fatcats,” but also knows that swift and large-scale action is needed to prevent a complete financial and manufacturing collapse. That’s why they elected Barack Obama and not John (“I don’t know much about economics”) McCain.

Because of the reality of Obama’s politics – he’s a centrist corporate Democrat, although lacking the Clintonian cynicism of politicians who have spent decades occupying that squalid space – and because of the near-vacuum on the left, the argument for the rational and democratic solution is absent. That solution is nationalization with workers’ control of basic industry, allowing for a genuine transformation of production and priorities not bound by the short-term profit imperative. Incredibly, a case for “temporary” bank nationalizations is coming forward – from people like Republican Senator Lindsey Graham, and free-market fanatic Alan Greenspan, who probably understand although they’re afraid to reveal what they know about how catastrophic the banking meltdown really is.

Ruling out the swift, decisive and massive emergency action of the “New New Deal” that the “Progressives for Obama” fantasized about, the administration and Congressional Democrats without any Republican assistance are left to a series of pragmatic attempts at injecting stimulus funding – pump, pray, repeat as necessary. This seems particularly true in the Treasury’s fumbling approach to the banking and credit debacle. The danger here is that measures like the $800 billion rescue may be too small and lacking in coherence to work – in which case there’s not only the danger of economic Depression, but deficits on a scale that ultimately cause a truly catastrophic run on the dollar.

Then there’s the “sacrifice by all” mantra. Is Barack Obama getting ready to introduce what Bush couldn’t, the shredding of Social Security (what European readers know as the government old-age pension system) in the name of preserving solvency? Will his credibility be placed at the service of a disastrous escalation of the war in Afghanistan and a confrontation with Iran? Will the promise to the unions of the Employee Free Choice Act – a law to prevent employers’ from crushing union organizing in the bud – be broken in favor of “competitive labor costs”? These are among numerous open questions surrounding this new political dispensation.

Lest the above discussion suggest serious disillusionment with Barack Obama, let me hasten to say that this writer, for one, is not disillusioned or disappointed at all. Obama is not some kind of posturing fake radical. His promise of “change” wasn’t for some sweeping transformation; it was for “overcoming partisan divisions.” Obama said in essence that he’d appoint a centrist war cabinet, and he’s done it. He said he’d appeal for bipartisan support to the stimulus and share the credit for it, and it’s not his fault the Republicans kicked him in the teeth and pulled back their own Senator Judd Gregg from taking the Commerce Secretary post.

Nor is Barack Obama’s mass support likely to evaporate anytime soon. Certainly African Americans will stand behind him even more strongly as the rightwing attacks mount. But more than that, people who poured out to vote for Obama know he inherited this disaster from the Republicans who ran the economy into the ground and lied about it. Obama gets huge credit for telling the truth about the crisis, or at least a whole lot more of the truth than his predecessor did.

What people don’t know – and it’s the job of the left, not Obama, to explain it – is that this is inherently a crisis of capitalism as a system, and cannot be resolved within its boundaries.

One other point needs to be covered here. On that historic morning of January 20, 2009, as Barack Obama took his oath of office, the sounds of Israel’s massacre in Gaza – the white phosphorus with the made-in-USA markings that burned people alive from the inside, the new “DIME” weapons that efficiently tear multiple limbs from the victims, the bombs that hit the hospitals and schools with patients and students inside and the UN food and medical warehouse – had fallen silent. No doubt the message had been sent from the Obama team, and received in Tel Aviv, that the inauguration was not to be upstaged by continuing this carnage.

Whether this may signal at least some tactical shift in U.S. Middle East policy is another one of those open questions. Obama has appointed George Mitchell as his “Middle East envoy.” What can be said of Mitchell is at least that he’s not Hillary Clinton or Dennis Ross. While readers of Socialist Resistance will be most familiar with his role in the Northern Ireland accords, Americans know him best from his more recent assignment investigating the use of performance-enhancing drugs in professional baseball – given which experience, he could undertake to test Israeli soldiers for signs of steroid rage.

Sarcasm aside, to some degree the international wave of revulsion against the Israeli state’s crimes against humanity, and the groundswell of support even in the USA for sanctions and divestment, may make a difference. Again it’s our job to organize that sentiment from the ground up. Waiting for the Obama honeymoon to end – which may be quite some time – is neither constructive nor an affordable luxury.

David Finkel is managing editor of Against the Current, published in the crisis-ridden city of Detroit and sponsored by the U.S. socialist organization Solidarity (www.solidarity-us.org).