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Frank:
What has prevented Obama from acting more decisively in this regard, especially in his second term when no longer dependent on Wall Street donations? Is your argument that he has been ideologically captured?

Yes! Ideologically AND aspirationally captured since childhood. His grandmother, a good woman, was a bank executive and that set his immediate predisposition. His education likely taught him that the path to success in the USA was through serving the needs of the wealthy, at least in part, and then he was virtually adopted as a young community activist on the south side of Chicago by the Pritzker family.

He facilitated the Pritzkers making hundreds of millions of dollars via 'redevelopment' of federal housing projects in south Chicago and adjoining cities. That resulted in the ouster of many longtime black community members who could no longer afford to live in the area. But he became known to the very upper class in Chicago and this paved the way for his political career in Ilinois state politics and then in national politics. And Penny Pritzker got to be Secretary of Commerce.

All through his '08 presidential bid, once he emerged as a viable candidate, he was on the phone weekly to financial sector CEOs such as Jamie Dimon, Lloyd Blankfein, etc. and as soon as Bear Stern raised its bloody spectre he was assuring them that he would be there for them in a crisis if he were the president.

He could easily have ordered investigations and prosecutions for control fraud that would have led to such notables as Jon Paulson of Abacus fame and Alec Litowitz, head of Magnetar Capital of the famous Magnetar Trade. Both were the subject of SEC investigations and snactions, really slaps on the wrist. Instead we got 'regulatory forbearance' on the dubious theory that prosecuting financial criminals would further destabilize Wall Street.

Naturally, when control fraud has become the business model and rule of law no longer applies to certain people, enforcing the law will destabilize that situation. But the end result would be a much healthier economy. And that is the essence of my objection to Obama. A former professor of contitutional Law at the University of Chicago has presided over the destruction of the rule of law in US finance.

Even if all of this comes out, prosecutions result in convictions and all the gory details in lurid detail present in newspapers of record, Obama will have made out like a champ. Even if there is a cloud over his legacy, his family will forever be a part of the elite, he will have a Presidential Library that will probably outshine Clinton's, he and Michelle will retire as multimillionaires and philanthropists and his children will benefit from his legacy. And he is counting on all of this.

If you wish I can later add links to the above claims, but now need to get out to my garden before I lose the day.


"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat May 21st, 2016 at 10:16:31 AM EST
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