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....So -- is the Obama administration is just another front for Wall Street? Not so fast. The Obama administration enacted, over Wall Street and near-unanimous Republican opposition: Student loan deprivatization; Health reform; Dodd-Frank; And of course, ARRA. But even with momentum and 60 seats in Senate in 2009, mild restriction on financial sector was blocked by the Republicans and blue dogs. Obama introduced American Jobs Act (AJA) last September -- and being locked into paygo framework, proposed progressive taxation to pay for it. In order to get essential immediate anti-austerity legislation passed (unemployment insurance, payroll tax cut) the Democrats had to agree to austerity measures that were not immediate.
We have to ask, if Obama is simply a creature of Wall Street, Why is Wall Street supporting Romney by at least 2-1, reversing its 2008 position?
At his best, Obama frames issue in a way that provides a clear contrast with the Republicans. If his program does not always live up to his rhetoric, he provides a framework within which peoples forces can organize and fight for a real, anti-austerity, pro-people economic program.
With Obama, a big enough, strong enough movement can win victories against big capital. With Romney, the banksters know they have a firewall against the 99%....
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