Why Wall St Hates Obama Now

Avatar:
Ben Cohen
Author:
Publish date:
Social count:
0

Despite doing their best to woo him during the primaries and the early days of his Presidency, Wall St seems to have turned on Obama. Krugman explains why:

You have to bear in mind that this comes after Obama has made immense efforts to placate the financial industry. There were no bank nationalizations; there were hardly any strings attached to bailouts; the financial reform bill was by no means draconian given the scale of the disaster. But Wall Street is furious that Obama might even hint that they caused the crisis — which he does, now and then, because, well, they did.

Perhaps the hatred emanating from the city will fuel Obama to really take it to them rather than appease them. If only they'd started their relationship on an honest footing we may have had a real chance of reform rather than the half baked measures that look set to create another disaster down the road.