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.