Tuesday, July 5, 2011

Did Obama's Failure to Stand Up to Wall Street Doom the Recovery?

The president couldn't jump-start job creation. He's also perceived as not standing up against "moneyed interests" on Wall Street. But one has little to do with the other.

Columnists occasionally suffer from a bias against the obvious. For writers with lots of space and an expectation to surprise their audience, there arises a natural prejudice against simple explanations.

It is simple to say that unemployment is high today because we suffered a catastrophic financial collapse. It is simple to say that Wall Street profits are high today because financial firms, having been bailed out by Washington, understand how to mint money in a global economy with ferocious foreign growth. It is less simple, and also quite surprising, to argue that 9 percent unemployment is the stepchild of Wall Street's enduring power.

Thus, this: "Obama's Original Sin" is the first column by Frank Rich for his new employer, the redoubtable New York magazine, four months since his left his plum gig on the New York Times Sunday op-ed page. In the sub-header of the article, or what journalists would call the dek, it's clear that Rich's gunpowder has spent the last 100 days generating kinetic heat, because the top-line accusation is explosive: "The president's failure to demand a reckoning from the moneyed interests who brought the economy down has cursed his first term, and could prevent a second."

More Here..


  1. Fail to stand up to?? He works for Wall Street as does every important puppet politician.

    Get it right.

  2. 6:53 ABSOLUTELY CORRECT!!!! This Mutated Kenyon Frankenstein was created by and for the Wall Street Crowd with Green replacing blood and chips in place of a brain (seen his skull cap scars lately)! Can you say Banker Manchurian Candidate with the singular intention of Robbing You and detroying the USA!!!!

    Its time we had a General with Balls to throw a coup de etat!

  3. 6:53 stole my comment. You are absolutely right. It's getting more and more challenging to fool the slaves, isn't it. The slaves got the education and the Internet. They can share their "conspiracy facts" between themselves.

  4. I lean towards author ignorance or disinfo in this article. High probability of both. The sheep love to be fleeced and the crooks love to fleece them.

  5. Plain and simple, there is no recovery!

  6. What I like about all these comments is that people no longer by BS from the Mass Disinformation Media. It also means that they get prepared. It also means we have a chance to defeat the NWO.


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