Eliot Spitzer Explains How WH Defense Of Status Quo Will Give Repubs Ammo In 2010

Tuesday, November 3, 2009
Trouble Ahead: Can the Right Seize the Banking Reform Issue in 2010?

Eliot Spitzer explains how the White House defense of the status quo will give Republicans powerful ammunition in the 2010 elections.

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Imagine this: by next spring, an intellectual consensus will have emerged that the concentration in the banking sector that developed from the 1980s until the crash of ‘08 was misguided. Voices as disparate as Former Fed Chair Paul Volcker, Bank of England Governor Mervyn King, meta- investor George Soros, and the Wall Street Journal editorial page will be in agreement on this point.A few brave souls on the Right — recognizing that the Republican Party has been bereft of ideas in its attacks on President Obama — will then try to re-define a populist, conservative attack by asserting that the White House has been captured by Wall Street. Real populism and change, they will argue, will come from the Republican, not the Democratic, party.

The power of such an attack from the Right should not be underestimated. There will be a huge first mover advantage that goes to the candidates who grab the real banner of attacking the structure of Wall Street as having been the root of the crash of ‘08.

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So the simple question remains: why aren’t we focusing on the problem that got us here in the first instance — the scope, range, and size of the mega-institutions whose risk taking has so far inflicted only enormous harm on our economy? If the Republicans pick up this issue before we do, the elections of 2010 could be even worse than we are now fearing.


more:
http://www.nakedcapitalism.com/2009/11/trouble-ahead-can-the-right-seize-the-banking-reform-issue-in-2010.html

There is going to be a populist tsunami in this country in the next few years, and the only question is whether it’s a populism of the left or of the right.

Somehow I just don't see that happening.

HOWEVER, I hope the White House is reading Spitzer's stuff because he has some very good ideas. I wish he was part of the administration, his scandal broke my heart.

their pals on Wall Street. They managed to blame ACORN for the banking meltdown and a lot of people bought it, so why should it be different in 2012?

They know which side of the booty bag they live on.