Just when you thought that I was an Obama supporter….BAM!….he throws a wrench in those works……

On the eve of the Bush administration’s announcement that it is plowing another $250 billion into the banks to stave off an imminent financial meltdown, Democratic presidential candidate Barack Obama unveiled his own economic plan, touting it as a “rescue plan for the middle class.”

In reality, the proposals that he and other Democrats are now putting forward amount to little more than window dressing for the real rescue plan—that is, transferring hundreds of billions of dollars in public funds into the private coffers of Wall Street.

Whatever campaign promises he—or for that matter his Republican rival McCain—makes in the closing weeks of the election campaign, the reality is that the overriding task of the next administration will be to impose the full burden of the bank bailout onto the backs of American working people.

Under these conditions, the proposals put forward by Obama are striking above all in their timidity and inadequacy in the face of the worst economic crisis confronting American and world capitalism since the Great Depression of the 1930s.

Rolling out his so-called rescue plan in a speech delivered in Toledo, Ohio on Monday, Obama began by acknowledging the depth of the crisis already confronting large sections of the population, including the three quarters of a million workers who have lost their jobs over the course of this year.

Given the deepening economic crisis, the American working class is headed for a direct confrontation with the incoming administration, no matter whether it is headed by McCain or Obama.