Home > American Racket. Debt Deregulation, Bubbles, Bailouts and GoldplatedLies > Is The President The Kind of Leader Chairman Mao Warned Us About?

Is The President The Kind of Leader Chairman Mao Warned Us About?

Published on Friday, May 28, 2010 by CommonDreams.org

by Danny Schechter

“In several high profile speeches, Obama lashed out at Wall Street for its greed and mendacity, proposing financial reforms that appeared to be hard hitting if only because of the way the lobbyists for the financial services industry squealed about them.

But even as he was feinting left, he and his main economic operative, Tim Geithner, were moving right to kill off amendments that the bankers hated like Senator Bernie Sanders’s proposal for a deep audit of the Federal Reserve Bank and the Brown-Kaufman Amendment that would have broken up the six biggest banks in America.”
As John Heilman explained in New York Magazine, “Geithner’s team spent much of its time during the debate over the Senate bill helping Senate Banking Committee chair Chris Dodd kill off or modify amendments being offered by more-progressive Democrats.”

He used an old trick: embracing reform publicly while modifying its toughest provisions privately.”

To read the entire post click here.

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