Endorsement Deal

Simon Johnson at Baseline Scenario:

Being nice to the biggest banks will not save the midterm elections for the Democrats.  The banks’ campaign contributions will flow increasingly to the Republicans and against any Democrats (and there are precious few) who have fought for real reform.

The president’s only political chance is to take on the too big to fail banks directly and clearly.  He needs to explain where they came from (answer: the Reagan Revolution, gone wrong), how the problem became much worse during the last administration, and how – in credible detail – he will end their reign.

What we have now is not a free market.  It is rather one of the most complete (and awful) instances ever of savvy businessmen capturing a state and the minds of the people who run it.  Is this really what the president seeks to endorse?

5 Responses to Endorsement Deal

  1. koshem bos February 11, 2010 at 10:01 am #

    Is this really what the president seeks to endorse?

    Obama may not endorse the oligarchy, but to me he seems indifferent to it. It doesn’t bother him; he can live with it. Furthermore, Yves at Naked Capitalism repeatedly shows that the different banking reform proposals are ineffective and even scams.

    My written voice is coarse repeating that Obama is a lemon and we should try to return him for a working instance. Johnson and Krugman are public figures and may therefore avoid voicing their full opinions.

  2. lambert strether February 11, 2010 at 10:40 am #

    Is this really what the president seeks to endorse?

    Simple answers to simple questions:

    Yes.

    That’s what he just did!

  3. Kevin February 11, 2010 at 12:01 pm #

    He needs to explain where they came from (answer: the Reagan Revolution, gone wrong), how the problem became much worse during the last administration, and how – in credible detail – he will end their reign.

    Yea, that’s it….just blame the other party! Do you really believe that 8 year Clinton hole won’t be noticed? Besides, Obama can’t explain anything in detail anyway.

  4. polyblog February 11, 2010 at 2:41 pm #

    Hey, Kevin: don’t you know that Obama is the explainer in chief?

  5. jawbone February 13, 2010 at 5:57 pm #

    But…but…but….Obama luvs him some St. Ronnie! He simply doesn’t see the world the way Simon Johnson does. All those good Repub ideas, ya know?

    And to get corporate support a pol needs to support the corporations. Hence, our Corporatist president.

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