First, some excerpts from last week's column in The New York Times
"Obama was elected as a progressive antidote to this discredited brand of governance. Of all the president's stated goals, none may be more sweeping than his desire to prove that government is not always a hapless and intrusive bureaucratic assault on taxpayers' patience and pocketbooks, but a potential force for good. ...
... Long before Obama took office, the public was plenty skeptical that government could do anything right. Eight years of epic Bush ineptitude and waste only added to Washington's odor. Now Obama is stuck between a rock and a Tea Party. His credibility as a champion of reformed, competent government is held hostage by video from the gulf. And this in an election year when the very idea of a viable federal government is under angrier assault than at any time since the Gingrich revolution and militia mobilization of 1994-5 and arguably since the birth of the modern conservative movement in the 1960s. ...
... The only good news from the oil spill is that when catastrophe strikes, even some hard-line conservatives, like Gov. Bobby Jindal of Louisiana, start begging for the federal government to act, and act big. It's the crunch moment for government to make its case -- as Obama belatedly started to do on Thursday. But words are no match for results. As long as the stain washes up on shore, the hole in BP's pipe will serve the right as a gaping hole in the president's argument for expanded government supervision of, for starters, Big Oil and big banks. It's not just the gulf that could suffer for decades to come."
and now from today's column:
'BP’s recklessness is just the latest variation on a story we know by heart. The company’s heedless disregard of risk and lack of safeguards at Deepwater Horizon are all too reminiscent of the failures at Lehman Brothers, Citigroup and A.I.G., where the richly rewarded top executives often didn’t even understand the toxic financial products that would pollute and nearly topple the nation’s economy. BP’s reliance on bought-off politicians and lax, industry-captured regulators at the M.M.S. mirrors Wall Street’s cozy relationship with its indulgent overseers at the S.E.C., Federal Reserve and New York Fed — not to mention Massey Energy’s dependence on somnolent supervision from the Mine Safety and Health Administration.
Given Toyota’s recent game of Russian roulette with Americans’ safety and Anthem Blue Cross’s unconscionable insurance-rate increases in California, Obama shouldn’t have any problem riveting the country’s attention to this sorry saga. He has the field to himself, thanks to a political opposition whose hottest new star, Rand Paul, and most beloved gulf-state governor, Haley Barbour of Mississippi, both leapt to BP’s defense right after the rig exploded. The Wall Street Journal editorial page perfectly set forth the conservative establishment’s party line on May 26: “There is zero evidence so far that this blowout resulted from lax regulation or shoddy practices.” Or as BP’s Hayward asked indignantly, “What the hell did we do to deserve this?”'
This can be the president (and the Democratic Party's) albatross or it can be their moment of opportunity. They can make the case for why "big government" was created in the first place and how it can be a force of good for those who would otherwise be left at the mercy of the unscrupulous corporations. At this moment of crisis, the president must rationally defend trust busting.