Bailout bandits

In These Times
by Joel Bleifuss

04/16/09

In these days of ‘bank stabilization plans’ (bailouts for fat cats) and ‘overseas contingency operations’ (wars), Americans who celebrated President Obama’s victory last November are beginning to recognize that ‘change we can believe in’ is now endangered by serious obstacles, including obstructionist personalities within the administration itself. What are Obama’s progressive supporters to make of the fact that Lawrence Summers (who crafted banking deregulation during the Clinton administration) is Obama’s chief economic vizier? Or the fact that Treasury Secretary Timothy Geithner, a Summers protege, seems determined to address the economic crisis by protecting the banking industry executives with whom he was cosseted for the past five years as head of the Federal Reserve Bank of New York?

//www.inthesetimes.com/article/4358/bailout_bandits/


Informant: Thomas L. Knapp



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