"The theme for the November midterms should be: Which part of the 8 million jobs lost [since December 2007] do you not understand? The big banks must be reined in and forced to break themselves up, or we'll head directly for another such crisis.
Instead, the Democrats have fallen into a legislative and electoral trap that amazingly they built for themselves.
"Top Democratic political strategists have become obsessed with the idea that they must pass legislation on financial reform, no matter how much that requires compromise (e.g., discarding the consumer protection desperately needed in this arena) the thinking is that as they control the Presidency, House, and Senate (sort of), any other outcome will be judged a failure."
"Run hard now, against the big banks. If they oppose the administration, this will make their power more blatant and just strengthen the case for breaking them up. And if the biggest banks stay quiet, so much the better go for even more sensible reform to constrain reckless risk-taking in the financial sector.
When you are running against opponents with bottomless resources, great hubris, and a profoundly anti-democratic bent, get them to speak early and often in as public a manner as possible. Dig up and publish everything there is to know about them. Review and forward the details of how JP Morgan was humbled over Northern Securities and how John D. Rockefeller was finally brought to account.
FDR's favorite president was Andrew Jackson. The White House might like to read up on why Jackson confronted, ran against, and ultimately defeated, the specter of concentrated financial power. President Obama needs to do the same."
To compromise is a mistake"
Actually, this is a mistake than can become a deeper disaster.
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