Saturday, May 02, 2009
Worth repeating, lest we repeat
Bill Moyers and Michael Winship (via the Progressive Review):
[Jo Becker and Gretchen Morgenson in the New York Times] write that Geithner "repeatedly missed or overlooked signs" that the financial system was self-destructing. "When he did spot trouble, analysts say, his responses were too measured, or too late."
In choosing a man to manage the bailout of the banks who's so cozy with its players, and then installing as his White House economic adviser Larry Summers, who in the Clinton administration took a laissez-faire attitude toward the financial industry which would later enrich him, the president bought into the old fantasy that what's best for Wall Street is best for America.
With these two as his financial gatekeepers, President Obama's now in the position of Louis XVI being advised by Marie Antoinette to have another piece of cake until that rumble in the streets has passed on by.
In fact, other Wall Street insiders - many of them big contributors to the Obama presidential campaign, and progressive in their concern for the public interest - privately are expressing serious concerns that Geithner, Summers and their associates are leading the President and America's taxpayers down a path toward further economic disaster.
This week, as Senate Majority Whip Richard Durbin of Illinois unsuccessfully fought for a congressional amendment he said would have helped 1.7 million Americans save their homes from foreclosure, the senator told a radio station back home that, "The banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place." He could say the same of the White House.