White House Backs Bankers not People

In Corporate welfare, Crony Capitalism, Dollar Demise, Fascism, Fed Reserve, Federal Reserve, Foreign Central Banks, Globalization on October 28, 2009 at 4:31 pm
Dan Froomkin
Chicago Bank Protests

Chicago Bank Protests

As the battle lines are drawn between the people and the bankers outside the ABA convention in Chicago, the question arises: Which side is the White House on, exactly?

Yes, the Obama administration is pushing to dramatically increase the regulation of consumer and other financial transactions that have run amok, but there is widespread concern from across the political spectrum that the White House is neither going far enough nor fighting hard enough. And time and again — most notably with the ongoing $700 billion bailout — Obama administration policies have put the interests of bankers and Wall Street ahead of those of impoverished families, unemployed workers or underwater homeowners.
One reason — which has never been directly addressed by Obama — may be that many of his chief financial advisers have pocketed extraordinary amount of money from banks and Wall Street, and presumably intend to do so again. They are part of the banker class, and their loyalties have been bought and paid for.
Back in April, when the White House released financial disclosure forms late one Friday, those few people paying attention learned just how stupendously beholden Obama’s top economic adviser, Larry Summers, is to the financial industry that he is ostensibly trying to rein in. Read entire article here

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