The assumption of both the Bush and Obama administrations was that what was good for the banks would be good for the general economy, but just the opposite has happened.
Obama just isn't progressive enough, drat him! He isn't doing enough:
The result, he noted, is "the reemergence of an American financial oligarchy" that had been broken by the banking regulations imposed during the New Deal in response to the Great Depression. Franklin Delano Roosevelt's sensible regulations were gutted by Bill Clinton and George W. Bush, and tragically Obama has failed to restore them.
I think Obama has done enough here in terms of regulations. Maybe too much. But some explanation has to be found for the lack of results. We need higher taxes, that's it. More of the old time religion of the New Deal. But the New Deal never did get the economy going. But it was good politics, at least for awhile.
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I disagree with most of the Huffies, but repeal of Glass Steagal was a massive mistake. Phil Gramm led the charge and Rob. Ruben got Clinton to agree to it. Plenty of blame on both sides. Obama's reform didn't address Fanny or Freddy so I wouldn't call it effective as either progressive or moderate and it's certainly not conservative. It's incomplete, and so doomed for failure.
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