"But on a number of his most important actions, his administration showed much
more continuity with the Bush regime than many of his supporters would have
First, the array of programs that his chief economic adviser
Larry Summers and Treasury Secretary Tim Geithner have hatched to rescue the banking system
are extensions of the pro-Wall Street bailout policies of their predecessors
under Henry Paulson,
Bush’s treasury secretary and the former head of Goldman Sachs. These plans
amount to a huge transfer of wealth from working people to the banking
establishment that is largely responsible for the economic crisis.
his advisers have swatted away liberal critics of their coddling of Wall Street,
like Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz. They have even tried to deflect outrage
aimed at Wall Street titans who used taxpayers’ money to pay themselves
Obama told a group of bankers at the White House that he
was “the only thing [standing] between you and the pitchforks” of angry people
demanding an end to Washington’s favoritism to Wall Street, according to the
Washington-based newsletter Politico. If that quote is accurate, then Obama is
quite conscious of his role in fronting for Wall Street, while saying that he
“feels the pain” of Main Street.
Second, it was largely predictable that
Obama would reaffirm a number of the most heinous Bush policies from the “war on
Presidential power is cumulative. Once one president seizes it, his
successors don’t give it up willingly. From refusing to prosecute authors of the
recently released “torture memos” to intervening on behalf of secrecy and
against civil liberties in a number of “war on terror” court cases left over
from the Bush years, the administration is signaling to the U.S. national
security establishment that it has no intention of rolling back policy to a pre-September 11,
Coupled with plans to step up intervention in Afghanistan and
increase the military budget (carping from conservatives about the “cuts” in the
military aside), the military certainly has nothing to fear from the Obama era."
demonstrates the usual American Administration propensity to appease the Financial and Military elite.