Archive for July 16th, 2010

Main St. vs. Wall St.

Jul 16, 2010 in Barack Obama, Disappointing Dems

Or, as HuffPo puts it, “Warren vs. Geithner.”

The key weakness of Obama’s presidency so far has been that he chose Geithner and sided with his philosophy throughout. Whenever there was a chance to do something that would seriously reform Wall St., Geithner stood opposed, while Elizabeth Warren spoke out for those who had nobody to speak out for them.

And what did Obama get for it? “Anti-business!” After eight years of, “Hey, why don’t you guys write your own regulations?”-style Bush oversight, who could expect business to be satisfied? It should have been axiomatic that Wall St. would be against change, because Wall St. started out on top and finished on top.

When Volcker and Warren are louder voices in the administration than Geithner and Summers, Obama will have a more effective administration and a whole hell of a lot more trust from the people.

In other news, some stuff called “financial reform” passed today, the product of whatever it took to override yet another Republican filibuster. There are a few positives, but I’ll believe it changes something when I see it.

-hw