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The Bailout: Obama’s Biggest Test
Tuesday, September 23, 2008 : One week before Congress is set to adjourn, and seven weeks before a presidential election whose leading candidate promises to dramatically change national policies, Wall Street and its media allies have decided to grasp its biggest bag of goodies yet from the Bush presidency: a $700 billion taxpayer bailout of the once high-flying financial services industry.
That’s right. The same Wall Street players whose greed created our economic crisis now want the taxpayers to pick up the tab. And like the Republican political operatives who went down to Florida in the days following the 2000 election and created an astroturf “base” opposed to a recount, so is Wall Street drumming up a false hysteria that claims that “regular folks” are demanding the bailout’s prompt approval. Barack Obama strongly responded to the Republican plan by setting forth seven principles for a bailout that progressives could support. But some wonder whether Obama and fellow Democrats will stand firm, or simply talk tough and improve the plan around the edges. The answer could reveal much about an Obama presidency, and whether Democrats in 2009 will push for the “change we need” rather than reforms easily won.Read More
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