Wednesday, September 09, 2009

The Opportunity Obama Failed to Use


Barry Ritholtz, who is kinda-sorta Lefty in his politics, and Ticker, who is NOT kinda-sorta Lefty in any sense of the terms, both mentioned the Fat Banker this morning.

Here's what Ticker ran. Let's hope that young lady perseveres.

Here's what Barry had to say on the same topic.

There was a narrow window to effect a full regulatory reform of Wall Street, the Banking Industry and other causes of the collapse. Instead, the White House tacked in a different direction, pursuing health care reform.

This was an enormous miscalculation.

I’m not sure who to blame, but the leading suspects (in order) are Larry Summers, Rahm Emmanuel, Tim Geithner, and (perhaps) David Axelrod. Instead of a populist clean up of The Street (ala Eliot Spitzer circa 2,000), Obama advisors allowed a smoldering resentment to take hold and build amongst the electorate. The massive taxpayer wealth transfer to inept, corrupt, incompetent bankers has created huge resentment amongst the populace — regardless of political affiliation.

Barry doesn't mention Chris Dodd (D-CorruptoBanks) and other Congressional slimebags--but he could have.

1 comment:

Ritholtz said...

I am a member of neither party, and consider myself a pragmatic realist.

People on the right call lefty, and people on the left call me righty.

Your mielage may vary.