Michael Hudson, a former Wall Street economist and currently a research Professor at the University of Missouri, Kansas City, tells us how President Obama’s Financial Reform Plan protects the status quo and is a surrender to his Wall Street cronies. There is a touch of Boris Yeltsin, Hudson writes, in his sponsorship of a financial reform scheme ominously similar to what Larry Summers backed in Russia, giving government power to banking elites. The new plan promotes Wall Street debt creation at the expense of the economy at large, and lets financial lords continue to self regulate the debt industry and keep all their gains from past decades of fraudulent lending. Hudson tells us that the economy needs an FDR to save Capitalism but we have gotten the opposite with Mr. Obama, who promised change but is defending the status quo by eroding Progressive Era checks of the financial system that have been the trend for the past thirty years. What we get with advisors like Summers is the idea of ‘reform’ which he and his neo-liberal chums imposed on Russia in the 1990s, promoting kleptocracy and imposing poverty on the population at large, by stripping away industrial capital and sustaining casino Capitalism.
You can read Michael Husdson’s article ‘Obama’s (Latest) Surrender to Wall Street’ on the Counterpunch website by clicking on this link:
“I’m a truth addict, aw shit, I got a head rush.” –Rage Against the Machine