Too big to fail part 4

It Takes a Pillage, Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street by Nomi Prins. Sometime between his speech in Boston in July, 2004, to the Democratic National Convention and his February, 2007, speech in Springfield, Illinois, I decided to support the candidacy of Barack Obama. I had one worry, his support by big money, specifically the Pritzker family of Chicago. Did they want favors or were they supporting him for the good of the country? I never found an answer to that question, although I watched events carefully for the eight years of his presidency.

Generally, I was pleased with the Obama years even though he might have done more for the poor and middle class. Of course, he had to deal with the Republicans. It is Prins’s contention, and I agree with her, that the Obama administration took the wrong track in dealing with the Great Recession. We should have reinstated Glass-Steagall to separate commercial banking from investment banking and we should not have created financial institutions too big to fail. The Obama administration allowed conditions to remain in place guaranteeing another great recession in the future.

Trump must go

 

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