To no one’s surprise, President Obama lobs periodic attacks on Bernie Sanders’ plans to restore the rule of law to Wall Street elites. Obama launched his latest attack, fittingly, through Wall Street’s sycophant-in-chief, Andrew Ross Sorkin. Sorkin’s column expresses his shock at how Obama repeatedly extended their interview for hours beyond its scheduled length. No one else is shocked that Obama, trying to make the case that bailing out the Wall Street felons was an act of supreme genius, would find Sorkin’s relentless sycophancy towards those felons and their political cronies so endearing. This is the first segment of my response. It focuses on the Obama administration’s great lie – the only policy “tools that work” in response to a financial crisis are getting “in bed with the banks” and making even wealthier through federal bailouts the bankers who grew wealthy by leading the fraud epidemics that caused the crisis.
The context of Sorkin’s column was Obama making the pitch for his “economic legacy.” Obama is distressed that we do not understand how great he was because he was too busy saving us to have the time to “explain” to us how great he was.New Economic Perspectives
Obama’s Great Lie: What’s Good for Wall Street Felons is Good for America
William K. Black | Associate Professor of Economics and Law, UMKC
I posted this comment over at NEP:
Great smackdown, Bill.
I hope you will point out that in "saving the banks,"actually the US financial system, the president was acting as global "emperor" in that the US controls the world through finance more than military. Military power is just the backup. It's through the lock on global finance that the Anglo-American empire retains global hegemony. The American empire is the historical extension of the British empire as a sea power. The East India Company has morphed into transnational corporatism, and global finance is run out of Wall Street and London. Thus, the "special relationship."