Wall-Street’s Bailout

Is Obama to blame for the generous bailout that Wall-Street has been given, which with its terms, throws the American taxpayers under a very large bus? Was his campaign rhetoric about reigning in Wall-Street simply another case of political pandering for votes, when in fact, he has been on Wall-Street’s side the whole time? Or is Obama simply falling victim to the realities of the ties that bind Wall-Street to D.C.?

These are the questions posed at the end of Matt Taibbi’s excellent article on Obama’s response to the economic crisis. Whatever the answers, it is clear that the historic opportunity to regulate Wall-Street has thus far been squandered. It is a must-read, though it is rather depressing.


Right on cue, the House has passed a financial regulation bill. The Senate is still working on their own. I would not be too optimistic about substantive change; change is something that has been conspicuously absent thus far in Obama’s tenure.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: