Banking/finance oligarchs: $12.8 trillion
New Obama administration: 0
U.S. Taxpayer: -$12.8 trillion
Missed opportunities tend to act likes ghosts that linger long after the event is gone. I read this excellent opinion note this morning and wanted to do a “retweet.” It points out that the Obama administration had a golden opportunity to clean up the banking system and do some desperately needed house-cleaning. Nothing worse than “disasters masters of the universe” that have long since outlived their usefulness.
But Obama missed it. Instead, he put on his party sombrero and headed straight for the punchbowl and spent like a soon to be drunken sailor. Not that this was necessarily a bad thing, but it was the ripe time to clean up the smarmy pit of modern finance and he let it slip by. Too bad. When we get to reelection time, and the hangover hits even harder, there is no way he cannot say anything other than that he owns this mess now. For better or worse (and I suspect it will come back even harder down the road), this crisis is now his. I wonder if I have just seen the shortest time to failure by an administration?