The Atlantic: It's Not the Economy, Stupid

[eniwetok]

28. on wall street

"Jailing Wall Streeters - which I agree should have occurred - would not have reined in Wall Street abuses. We jail plenty of people who bring illegal drugs into this country but that certainly hasn't curbed the drug trade. As long as there is a demand for shady Wall Street practices to make a quick buck, Wall Street will provide ways to meet that demand. "

Sure jailing Wall St perps ALONE would not reign in Wall St abuses. It's a strawman to suggest otherwise. But let's compare FDR to Obama. FDR signed Wall St reforms into law within 90 days. It took 18 MONTHS for the Dems to get off their ass with Dodd Frank and even then it was a weak bill. In the mean time Obama was on record telling Wall St perps back in March 09 he was the only thing between them and the people with the pitchforks (source: Confidence Men by Ron Suskind) He obviously did not push for prosecutions. He was running out the clock until the people's anger died down. Then there are issues of how Obama had the chance of a lifetime to break the back of Wall St's political power... and he refused to even try... or how he could have pushed to get speculators out of the commodity markets... speculators that brought us $147 oil. I had high hopes for Obama... and in this regard I will eternally be pissed off.