We started Obama's presidency with every issue obliterated by the financial collapse in full swing. Other epochal issues like wars in Iraq and Afghanistan, the connected torture and universal wiretapping crimes, the underlying political corruption of the Justice Department - every pressing issue obliterated. Even healthcare, the deeply problematic issue affecting everyone, and one of the top threats to the Federal budget, was second to the financial collapse.
Obama should have used that immediate power over the finance industry, with something like 3/4 $TRILLION in his hand to distribute or withhold, when he had the chance. Instead, he's holding back, and we're not getting any satisfactory version of anything.
We started Obama's presidency with every issue obliterated by the financial collapse in full swing. Even other epochal issues like wars in Iraq and Afghanistan, the connected torture and universal wiretapping crimes, the underlying political corruption of the Justice Department - every pressing issue obliterated. Even healthcare, the deeply problematic issue affecting everyone, and one of the top threats to the Federal budget, was second to the financial collapse.
Obama should have used that immediate power over the finance industry, with something like 3/4 $TRILLION in his hand to distribute or withhold, when he had the chance. He had the entire country, the entire world, hoping and praying he'd fix things. Not just a 7+ point landslide, but his approval ratings were something like 4:1, including about half the people who'd just voted against him.
Yes, we have a Democratic Congress still playing its minority role of letting the Republicans lead the wrong way, then just letting them do it, and letting them take the blame. But Obama sets the agenda. Even on healthcare, the Democratic Congress his coattails gave a 60 vote Senate, dropped the ball over and again asking Obama to set the agenda, which he refused to do. The actual order of this agenda, of introducing each of these essential issues, was in Obama's hands. And as we saw in his primary and general campaigns, Obama is a master of setting the stage with action and meaningful words.
If Obama had stripped the finance industry back to just making money on investments in the real economy, especially green jobs, and sound management of savings, he would have seen his way clearer than anyone has since at least the Great Depression. He'd have left them without either clout or bribes to derail the healthcare insurance he spent all prioritizing (without actually managing). Without clout or bribes to derail the energy and environmental reforms we need to change the industrial system that the banks have funded so heavily for so long.
Instead, we got nearly nothing. And another wasted year. Another squandered "once in a generation" chance to fix even one thing. The banks got that year of free income without giving up much, if anything.
Money changes everything: even change itself.
[This diary was originally posted in a version as a comment, "Should Have Reformed Finance First".]