... in terms of the scope and breadth of the Obama plan — and more important, in terms of its overall effect on Wall Street’s modus operandi — it’s not even close to what Roosevelt accomplished during the Great Depression. Full Story »
Posted by Kaizar Campwala
I say, amen. The comparison is valid & crucial. FDR's status & popularity were more solid & durable. Mr. Nocera has understood that there is a profound flaw in the theory & philosophy behind finance & capitalism that will literally destroy us if not significantly revised on a national level. Uber-Grand Larceny has become not only acceptable but revered. Crooks are elevated to guru status. He gets it. Will anyone else?
It is easy to understand why Obama is shy about stirring up a hornet's nest now, although it may be now, or never. But business as usual will have the usual results & at a faster pace than ever before. The only way he can get away with real fixes and reform is if things so south again during his tenure & he can point out that more drastic action is necessary.