Skip to comments.The Democrats can't lecture Romney about firing people
Posted on 07/21/2012 3:18:55 PM PDT by Lorianne
Following the stock market crash of 1987 the US House subcommittee on telecommunications and finance needed an expert to explain the underlying impulses that had brought capitalism to the brink. So they asked a criminal. Dennis Levine, once a prominent player in mergers and acquisitions, was coaxed out of prison in New Jersey, where he was serving two years for insider trading, in return for a Big Mac, fries and a chocolate shake.
... he was asked what the government should do about it. "You need to send out a slew of indictments, all at once, and at 3pm on a sunny day, have federal marshals perp walk 300 Wall Street executives out of their offices in handcuffs and out on the street with lots of cameras rolling," he said. "Everyone else would say: 'If that happened to me, my mother would be so ashamed.' "
But when the most recent global economic crisis struck Uncle Sam took a different route. Rather than punish those who'd brought the system to its knees they rewarded them with billions of dollars in bailout money. For George W Bush this was consistent both with his philosophy and the interests of his base. But Barack Obama stood as a "transformative candidate" and this was a pivotal moment. Popular anger at the finance industry was strong and the banks were weak.
Just a couple of months into his presidency he called a meeting of banking executives. But instead of representing the interests of those who voted for him and had been hardest hit by the crisis the poor, union members, black people and Latinos he sided with those who funded him and precipitated the crisis: "I'm not out there to go after you," he told them. "I'm protecting you."
(Excerpt) Read more at guardian.co.uk ...
Indictments for what? Buying high and selling low? Using portfolio insurance? Using computer programs to implement portfolio insurance? Listening to James Baker talk about devaluing the dollar?
But when the most recent global economic crisis struck Uncle Sam took a different route. Rather than punish those who'd brought the system to its knees
Punish the politicians who pushed bad loans? The home buyers who accepted them? How do you punish "those who'd brought the system to its knees"?
The only argument for punishment I see in that story is punishing politicians for intruding ever further into the America economy.
For all his duplicity, Clinton knew the art of compromise. He (or the Mrs.) would be preferable to the man in office now. He could run his mouth with the best of them but was not a snobbish scold.
We know from the debt ceiling debacle of 2011, Obama is the scorpion to his foe's frog. He's Lucy with a football he loves to spike.
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