THE OBAMA FINANCIAL REFORMS: ROAD TO CHANGE OR PERDITION?
Stabilizing A Flawed System is Not The Same As Restructuring Or Remaking It
By Danny Schechter
Author of Plunder
A recent study cited by the Editor of the Financial Times argues that we are now in a Depression although no one wants to use the term or face the music.
Recall that it took the National Bureau of Economic Research a full year to recognize the reality of a recession that analysts at investment banks had been acknowledging for as long. Despite everything that has happened, and is continuing to occur on the economic front---a rise in unemployment claims, mounting foreclosures, and escalating bankruptcies—the sense of crisis is being downplayed to stoke confidence and encourage the belief in “green shoots” and an emerging recovery.
The Obama Express is in full motion with new announcements, proposals, and laws signed daily. Yet, something’s missing. Au Contraire, Mr. Maher, there is no lack of audacity, just a failure to recognize that cosmetic alterations do not fundamental change make. What we have is a political elite that is more Clintonesque than Rooseveltesque. (If only the Repugs were right with their fears of the Socialist menace!)
These proposals, described as “new rules for the road,” were mostly embraced by the banks, a sign they are not tough enough. The Congress will probably approve them quickly because they were “hammered out” through a process of negotiations that seems to have heard more from the industry than public interest advocates.