Thursday, March 19, 2009

"Class Economic Rape"

That's what Keith Olbermann calls it in his must-seespecial commentary.

"What is so damaging about this isn't the money -- which is almost trivially small compared to the many hundreds of billions we've already committed. The problem is what appears to be the president's mortifying impotence in the face of bankers and financiers who created the problem. The president speaks and acts for the federal government, which is to say, the American people, who have mobilized more than a trillion dollars and all powers of the state to repair the damage emerging out of the financial sector. And with all that, he's jacked up on a employment agreement between a company the government now owns and derivatives traders who sank the world economy and may quite likely be looking at criminal charges for their activities in the not too distant future?" - Josh Marshall of Talking Points Memo


Senator Chris Dodd (D-Connecticut) points the finger at Treasury officials whom, he asserts, instructed him to remove language that allowed AIG among other large financial institutions previously awarded a bailout, the ability to give their employees million dollar bonuses and Arianna Huffington at The Huffington Post believes him.

Yes. Obama and his economic advisers deserve some of the blame but Senator Dodd does too. He, after all withdrew the measure from the bill. He could have fought for it. He is paid to craft and vote on legislation that purportedly benefits the public good. He is not paid to serve as the president's patsy.

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