The Way Away From a Second Term
In his first essay for New York Magazine since quitting The New York Times last spring, Frank Rich thoughtfully details Barack Obama's failure to push back against the financial wheeler-dealers who drove the country to the brink of ruin (more).
In his first essay for New York Magazine since quitting The New York Times last spring, Frank Rich thoughtfully details Barack Obama’s failure to push back against the financial wheeler-dealers who drove the country to the brink of ruin — and predicts his possible defeat by Mitt Romney, ” … the most transparent phony in either party.” –ARK
Your support matters…Frank Rich at New York Magazine:
What haunts the Obama administration is what still haunts the country: the stunning lack of accountability for the greed and misdeeds that brought America to its gravest financial crisis since the Great Depression. There has been no legal, moral, or financial reckoning for the most powerful wrongdoers. Nor have there been meaningful reforms that might prevent a repeat catastrophe. Time may heal most wounds, but not these. Chronic unemployment remains a constant, painful reminder of the havoc inflicted on the bust’s innocent victims. As the ghost of Hamlet’s father might have it, America will be stalked by its foul and unresolved crimes until they “are burnt and purged away.”
… Even now, on the heels of Bank of America’s reluctant $8.5 billion settlement with investors who held its mortgage-backed securities, the Obama administration may be handing it and its peers new get-out-of-jail-free cards. With the Department of Justice’s blessing, the Iowa attorney general, Tom Miller, is pushing the 49 other states to sign on to a national financial settlement ending their investigations of the biggest mortgage lenders. What some call a settlement others may find a cover-up. Time reported in April that the lawyer negotiating with Miller for Moynihan’s Bank of America just happened to be a contributor to his 2010 Iowa reelection campaign. If the deal is struck, any truly aggressive state attorneys general, like Eric Schneiderman of New York, will be shut down before they can dig into the full and still mostly uninvestigated daisy chain of get-rich-quick rackets practiced by banks as they repackaged junk mortgages into junk securities.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Its ruling on whether to make it easier for the president to fire the consumer financial law enforcement chief could affect other agencies.
A Business Roundtable statement about the purpose of corporations shows that ruling elites fear their crimes are coming back to haunt them.
The 43rd president—besides leaving the domestic economy in ruins—bequeathed a disastrous foreign policy.
The U.S. government is unnecessarily feeding the “financialized” economy in which money makes money without producing new goods and services.
Seth Frotman, in a scathing resignation letter to acting director Mick Mulvaney, says the agency “has turned its back on young people and their financial futures."
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.