Obama Really Wall Street CEO In Chief?
So far, I've laid the Obama administration's decision to keep propping up failed banks at Tim Geithner's feet. Obama, meanwhile, has so far avoided blame. I wonder how long that will last.
First, it was the administration's ongoing insistence (via Geithner) that this is a liquidity crisis, not a credit crisis -- the Wall Street view.
Then it was the failure to do anything more than express "anger" at the AIG bonuses.
Then it was Geithner's plan to, yet again, bail out banks at taxpayer expense.
Then it was the administration's decision to force GM into bankruptcy, fire its CEO, and hit its bondholders -- setting up a bizarre double-standard with Wall Street.
Then it was a "stress test" for banks in which the baseline scenario has already been eclipsed by the deterioration of the economy -- once again slamming the administration's credibility
Then it was the revelation that Larry Summers made $5+ million from Wall Street last year, which added to the perception that he, Geithner, Rahm Emmanuel, etc. are reluctant to bite the hands that feed them.
Now it is the leaked announcement that "all banks have passed the stress test!", combined with a refusal to share the results of that stress test on a bank-by-bank basis.
Lees verder: http://www.huffingtonpost.com/henry-blodget/obama-really-wall-streets_b_185525.html