See Rome: Innocents Die as Imperial Pot Boils
Barack Obama has come out swinging following his party's rout in Massachusetts, vowing to "fight Wall Street" with a "populist" proposal whose main thrust seems to be the reinstatement of some of the common-sense regulations imposed almost 80 years ago to separate banks and investment firms. (I say "seems to be," because one can only guess what, if anything, Obama really intends to do about the matter. For despite the usual elevated rhetoric, he is, as usual, "leaving crucial details to be hashed out by Congress," as the NY Times reports. And we know how populist those paladins can be when they get down to hashing out crucial details.)
Of course, those old regulations were repealed by the bipartisan free-market extremists of the Clinton Era -- many of whom are now once more in charge of national economic policy, such as Obama's main economic adviser, Larry Summers. And the fact that Obama is just now vaguely proposing such a move, a year after taking office -- and after engineering the transfer to trillions of dollars in cash, credit guarantees, bailouts and other forms of baksheesh to Wall Street -- cannot but evoke three little words that nonetheless speak volumes: horse, barn, door.
And even in the highly hypothetical likelihood that Obama was actually serious about "reining in the banks" -- that is, serious enough to actually have his staff draw up the crucial details themselves before handing the "fight" over to the banks' own bagmen in Congress -- it would be a moot point anyway, given the Supreme Court's promulgation of its Corporate Enabling Act this week. Although their ruling to remove the few existing -- and pathetic -- restraints on Big Money's domination of the electoral process is indeed bad news, one must also admire the Court's frankness in allowing this domination to step forth and stand out boldly, nakedly, no longer having to hide itself in dirty dodges and furtive tricks. (For more on the ramifications of the ruling, see this piece from Christopher Ketcham at Counterpunch.)