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Time to put "wealth on trial" again? ::

Time to put “wealth on trial” again? | Salon

Finally, unlike his opposition to an independent commission

investigating allegations of torture, President Obama needs to get

involved immediately and publicly back an independent Pecora-style

commission’s work. According to Michael Perino, “Roosevelt was a big

booster for the [Pecora] hearings. He met secretly with Pecora on a

number of occasions,” as well as the committee chairmen.

Obama, on the other hand, may have spent too much time around

University of Chicago free market economists when he taught

constitutional law there. He seems more inclined to salve the egos of

financial titans than to challenge them, and he’s clearly smitten with

his chief economics adviser Larry Summers, who struck it rich on Wall

Street, and with the likes of Robert Rubin, who appears to have

spawned half the people Obama has put in charge of the banking crisis.

Summers and Rubin were both, ahem, witnesses at the execution when

Glass-Steagall was pushed out the window.

This describes my concern about Obama, that he will not stand up to

Wall Street. A commission would be a good first step.

<< The AutoTuned News

2009 > April

Geithner >>

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