Posts Tagged ‘Justice Department’

What’s the matter with us liberal Democrats?

January 14, 2015

Barack_Obama_Hope_posterWhy did President Obama never crack down on the Wall Street banks that caused the financial crisis?

Why did Eric Holder’s Justice Department never prosecute financial fraud?  Why were the failed banks bailed out rather than put into receivership and reorganized, as was done after the savings and loan crisis?  Why didn’t the President hire regulators who were willing to do their jobs?

And why don’t we liberal Democrats care?

All these things, as Thomas Frank has pointed out with his usual eloquence, were (1) fully within the President’s power, (2) good policy and (3) hugely popular.  Instead the President invests his political capital in anti-worker initiatives such as the Trans Pacific Partnership Agreement and Transatlantic Trade and Investment Partnership.

The liberal Washington press corps says it is politically impossible for President Obama to do the things that his constituents elected him to do.  Frank debunked their arguments one by one, and pointed out that, if the pundits are right, then American politics is an exercise in futility and nothing will ever change for the better.

What the President offers working people are placebos.  He has proposed giving free tuition community college students who meet certain criteria.

I think this would be nice, but community college is already reasonably affordable.  The problem of student debt originates elsewhere.  And sending more people to college does not in itself generate more well-paying jobs.  In itself, it just means higher-educated servers at Starbucks.

I criticize President Obama a lot, but I think the deeper problem is that so many liberal Democrats are willing to go along with the Washington consensus he represents.  Thankfully, this is starting to change.

∞∞∞

It’s not just Fox News: how liberal apologists torpedoed change, helped make the Democrats safe for Wall Street by Thomas Frank for Salon.   Well worth reading in its entirety.

(more…)

The government needs better repo men

September 26, 2014

aed61e987

The U.S. government imposes huge fines against financial criminals, but rarely collects the full amount.

Notice the chart on the right, which is in fractions of a percentage point.  That’s right.  The Commodity Futures Trading Commission has never collected as much as 1 percent of the finds it has imposed in any year.

Big money is easy to hide and hard to collect.  So why not prosecute and see if financial crooks can be sent to jail?

Source: Financial Criminals Have Been Fined Billions, But They Rarely Pay by Joe Pinsker for The Atlantic