So if he wants to improve things for the 99%, why doesn't he ask Bernanke to give all those trillions in newly printed dollars to the 99% instead of to the banks? Roll that around in your head. If he did that, then Consumer spending would increase, corporate sales would increase, and the private economy would benefit, driving GDP through the roof. Instead, he gives it to the banks who park it at the Fed and buy Treasuries with it and collect interest, NOT benefiting the private economy.
This is a reductio ad absurdum exercise, but it gets the point across. Obama's policies are highly skewed in favor of the banks and top 1% in the US. It's bad policy in more than one sense. Here's an example of GOOD policy, that is possible here, but Obama would have change his opinions for this to happen:
Why Canada Avoids Banking Crises
In Canada for example, there are other factors beyond the French legal history worthy of discussion. Note that in Canada, bankers cannot lobby regulators. Unlike the US, their Supreme Court does not think corporations are people. In Canada, money is not speech. There are explicit limitations on Corporate political donations. And where as we have a revolving door between government service and the private sector, the restrictions are much greater in Canada. All of this adds up to a much more intensely regulated banking system than in the America. |
