It’s Still Wall Street Versus Main Street

The attacks on Elizabeth Warren, alongside Republican plans to orchestrate a government shut-down present the Obama administration and Congressional Democrats with a real opportunity to re-take control of the political narrative surrounding the economy. 

As Paul Krugman points out, the attacks on Warren are baseless and nonsensical.  House Republicans whipped themselves up into a frenzy at the though that Warren had overstepped her authority in helping state attorneys general put together a proposed settlement with mortgage services in the multi-state foreclosure fraud scandal.  The narrative, coming from House Republicans, is that the financial crisis was a result of  an overly-intrusive federal regulatory scheme and Warren represents another out-of-control bureaucrat who must be reigned in.

Reigning in Warren of course means killing off the new consumer protection agency and encouraging Wall Street to keep on with fraudulent business practices.  Millions of Americans remain out of work and the Republicans took time for a Congressional hearing on whether or not Washington had gone too far in helping citizens who had fallen prey to abusive lending and flat-out-fraud.

As if that dithering were not enough, a supra-majority of Senators have now written a letter to President Obama pleading with the President to get involved in serious debt-reduction negotiations.  Ezra Klein points to the obvious problem here.  If there are enough Senators who allege to have a plan on deficit reduction to withstand a veto, why are they writing letters instead of legislation?  What exactly do they need the President for?

The answer is nothing.  If these Republican Senators and conservative Democrats were truly serious about decreasing the deficit they would be doing.  Instead, they are creating a fall-guy for their own inaction- a way to tell voters “gee we wish we could have gotten something done, but the President was in our way.”  Except he’s not.  It’s Congressional Kabuki.

Unfortunately we’ve seen no indication that the Obama administration has the ability to pounce on a pretty clear message of protecting the interests of Wall Street and continued fiscal mismanagement currently projected by the GOP.  Why not remains one of the great political mysteries of the moment.

photo courtesy of David Shankbone 2010 via Flickr


William C
William C2 years ago


W. C
W. C2 years ago

Thank you.

Claire M.
Claire M8 years ago

I have only one thing to say to Wall Street. Where is OUR money?

Petra Luna
Petra Luna8 years ago

The corporations got bailed out. Main Street is still suffering.

Geoffrey Young
Geoffrey Y8 years ago

Consumer protection is of course needed but why the administration cannot re-organize and consolidating other few agencies. It was clear that these fed agencies were not effective. Adding more agencies without reshape the legacy systems is no way to protect the real needed. Used the failed system to protect the failed sub system, it is pretty funny. US need a big change, both parties without leadership, we would only expect to next crises.

Rie Rie T.
Ria T8 years ago

We need publicly funded elections, transparency from our elected officials serving corporations alone; to have an Amendment to the Constitution affirming that corporations are not people; Molly Ivins back, unions, jobs, retirement, caring for each other...May we be kinder to ourselves and each other.

Carl B.
Carl B.8 years ago

Class Warfare:
Strategies and Their Effects
excerpted from the book
Class War in America
by Charles M. Kelly
Fithian Press, 2000, paperback

Sometimes it pays to understand what you wish for. Look at the petitioning for recall of the States' Republican Governors who just got elected.
The objectives of the Capitalists for taking away the workers negotiating "rights" and busting of unions is not new. Apparently, it is always occurring in the US, the only difference is that sometimes different methods are used to take away the workers' representation, leaving each worker alone to deal with their employer.
It seems as if many people have bought into the negative PR tactics put out by the people who want to take the workers’ rights away, while wanting other people to "hate the unions” and the public workers just because they might have better jobs, wages, and benefits than some other tax payers?
Yet, the voters are finding out that there is not any mercy being shown the workers but the Republicans are favoring the "cspitalist" while not trying to create any private manufacturing jobs here iin the USA.

Robert B.
Robert B8 years ago

What we are witnessing is the grand theft of our entire country (also the world) by the super rich Kochroach/teabagger/GOP. They hate transparency and bright light just like cockroaches and the come out under cover of darkness and help themselves to everything. It is up to all of us to yell out "we're not going to take this anymore!" We've got to shine the bright light of truth and fairness upon these despicable creatures!

Marie W.
Marie W8 years ago

What is this basket we are in and why is it getting warmer?

Carl B.
Carl B.8 years ago

There is something strange occurring within our Republic, from or by the people who appear to have considered taking advantage of our Nation's weaken conditions, caused by the policies of our past elected leaders, to have an uprising against the status quo. What the real purposes of these extreme attitudes against having a government strong enough to serve it's required duties, probably did not just suddenly appear since there is always a group of people who do not want government interfering in the way they want to live. During the Cheney/ Bush administration this Republic was "setup" to actually fall into another "great depression." Apparently a certain "group" of people wanted this Nation to fall into a depression since they have opposed everything that President Obama and his administration is doing to prevent one?
Now, these Anti government people have their hopes up to take over both houses of Congress, creating a do nothing congress while limiting Obama to one term without any of the critical conditions being "fixed." This is another sign that they want the failure of this Republic. What do the majority of the voters really want to happen? If the voters who want this Nation to get it's strength back instead of falling into "mob rule" without any government control, then they had better get out in large numbers and vote for the proper candidates in 2012.
Politics appears to be a "dirty game" played by some who do not have the "good" of the people or this Republic o