President Obama, by placing his economic policy in the hands of the financial industry, has given these special interests a prime place at the table which they do not deserve and did not earn or even buy. Elizabeth Warren, the toxic assets overseer for Congress, is the kind of consumer-oriented economist we should have at the table. I’ll bet that economists Robert Reich and Paul Krugman are available as well.
President Obama does not have any special economic knowledge. So, he is apparently persuaded by the argument that the only thing the people should give the banks is money, but we can hold common-sense guidance.
Remember how “fiscally sound” Republicans had blinders on when it came to Bush and the GOP’s huge budget deficits. Now, they are waking up from their sleep after only 100 days of the Obama presidency, but they still have amnesia. Democrats who are inclined to drink the Obama economic Kool-Aid should look around for the “Bush blinders.” The GOP left them somewhere.