Looks like a lapse into behavior not becoming a President- name calling, cheap shots, demonizing, and failure to recognize the behavior in question is a consequence of incentives built into the current institutional structure.
The legislation in question completely misses the point.
More and more voters are beginning to believe this is deliberate.
> (email exchange)
> Of course, your reform is vastly superior to anything that is out there.
> But this criticism of the banks is sheer hypocrisy on the part of Obama.
> It’s kabuki.
> It might even be deliberate: see Matt Taibbi’s evisceration of the Obama
> financial reforms. He’s usually on top of the prevailing zeitgeits.
> This legislation will be totally ineffective. Interesting today that the
> bank stocks went UP on passage of the bill.
Policy just keeps getting worse.
I’ve about lost hope that he can ever get it right, unless accidentally.
The longer term risk is fiscal tightening. So far it’s not actually happening.
A driving force behind tax rate hikes is the misread that the Clinton tax rate hikes ‘worked’ to both spur the economy and drive the budget into surplus.
I suppose a repeat of the massive expansion of consumer debt that reached maybe 7% of gdp by 1999 could
somehow materialize isn’t impossible, but sure seems highly unlikely in the current environment.
Apart from the fact that it’s also not my first choice for supporting output and employment.