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Why Obama Must Hold Wall Street Accountable
http://www.thenation.com/blog/167902/why-obama-must-hold-wall-street-accountableLate last week, I heard the news about J.P. Morgans staggering $2 billion in losses on the same day I read Matt Taibbis Rolling Stone article about the death of financial reform and Nick Confessores New York Times Magazine piece about President Obamas fundraising on Wall Street. After reading these two articles in conjunction with the J.P. Morgan news, I could only come to one conclusion: its impossible to reform Wall Street if the president is dependent on the financial sector to bankroll his re-election campaign. The banks can be Obamas friend or his enemy, but right now they cant be both.
Thats why Obama should follow the lead of Elizabeth Warren and make Wall Street accountability a centerpiece of his re-election campaign. That would mean an end to the lavish fundraisers held by the titans of high finance (like the one last night), toughening and rigorously enforcing financial reform legislation and aggressively prosecuting Wall Street malfeasance. The banks would no doubt protest even louder than usual, but the public would heartily applaud. If the money dries up, so be it.
Obama stands the best shot at getting re-elected by making the election a choice between the 99 percent and the 1 percent, with Mitt Romney as the unabashed defender of the twenty-first-century robber barons. Its easy to forget that the 1 percent, while overwhelmingly powerful in our political system, are by nature a tiny minority of voters. Thus, Obamas core message should be about ensuring fairness and expanding opportunity for the 99 percent. But he wont have the credibility to make such a message stick unless he jettisons what has been the albatross around his administrations neckthe closeness between Washington and Wall Street.
Yesterday the Obama campaign unveiled a powerful new ad attacking Romneys vulture capitalism at Bain Capital. Yet on that same night, Obama attended a fundraiser hosted by the president of the worlds largest private equity firm, the Blackstone Group. Obama Hits Romney on Bain as He Raises Wall Street Money, read a Bloomberg News headline. Republican gleefully amplified the story, branding Obama as an opportunistic hypocrite. Obama cant afford another five months of headlines like that. Only by making clear to the public which side hes on can the president consistently and convincingly paint Romney as Wall Streets best friend. (Romneys top five contributors are employees of Goldman Sachs, J.P. Morgan, Bank of America, Morgan Stanley and Credit Suisse.)
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Why Obama Must Hold Wall Street Accountable (Original Post)
xchrom
May 2012
OP
zazen
(2,978 posts)1. he promised this during the SOTU but it appears to be smoke & mirrors
They had a real chance when they were talking about hiring Congressman Brad Miller (D-NC) to head up the task force, but the Republicans and finance industry (including some neoliberal Dems) got wind of it and put an end to _that_. The way his candidacy was sabotaged tells me all I need to know.