Scheer writes: "It is not surprising then that in [Obama's] major speech on income inequality, there was no mention of the role of the big banks in fostering this inequality."
President Obama. (photo: file)
Progressives On the Take
18 December 13
ow can President Obama be so right and so wrong in the same moment? On the one hand, he warns us that sharply rising income inequality "is the defining challenge of our time" and pledges to reverse "a dangerous and growing inequality and lack of upward mobility. ..." But then he once again turns to the same hacks in the Democratic Party who helped create this problem to fix it.
His tough speech on income inequality earlier this month was delivered at the Center for American Progress, founded by John Podesta. As chief of staff to Bill Clinton, Podesta helped lead the charge to deregulate Wall Street, which resulted in the banking bubble that wiped out the savings of tens of millions of Americans.
But instead of chastising Podesta for the errors of his ways, Obama in 2008 appointed him to oversee his presidential transition team. That led to the appointment of Lawrence Summers and Timothy Geithner, two former Clinton officials responsible for the banking meltdown, to repair it. Just this past week, it was announced that John Podesta would be reappointed as a senior adviser to the Obama White House.
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