The presidential election is well under way but as President Barack Obama tries to position himself as the defender of the middle-class who will protect the 99% against corporate malfeasance and too big to fail banks, he may find himself in a precarious position. His record does not necessarily reflect his rhetoric and at the same time Wall Street donors have padded his campaign coffers.
Wall Street fell in love with the promise of change and Obama’s intellectual approach to governing the country during the 2008 presidential election. Obama raised nearly $16 million from Wall Street, nearly double the amount of his Republican rival John McCain, and eventually won the election on a promise to break the” business per usual” mindset in Washington.
Over the course of Obama’s three plus years in office, his tone toward Wall Street has shifted dramatically from the days of the campaign trail. He has routinely spoken out against the big banks and their role in what led to the worst financial crisis since 1929. He has chided the “fat cats” on Wall Street, much to their chagrin, for excessive compensation packages during a time when real wages have fallen to levels not seen since the 1970s.
But as it turns out, Obama’s bark has been much worse than his bite on the issue of the big banks.
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0Bama may be taking a page from the french election.
It will be interesting if the masses can take themselves away from Dancing with the Stars to make a difference.
Obama needs Wall St moolah for term deux .. once he wins, bankster heads will roll, gay marriage will rule the land and reaganomics will be outlawed, not to mention Chavez & Achmadinnerjacket being invited to the white house for tea, crumpets & dog burgers