Obama and Wall Street

The Real News' Paul Jay
spoke with Thomas Ferguson, professor of political science at the
University of Massachusetts Boston, to get his thoughts on the Geithner
plan for bank reform.

"I would have done it the way Roosevelt did it in the
New Deal, or with some variation what the Swedes did in the early
1990s," says Ferguson.

He argues instead, the Obama administration has "put the cart before the horse."

"One
of the striking things about the Geithner program yesterday was he's
busily announcing his program before he does the stress test on the
banks. Remember, they're supposed to find out the condition of the
banks," says Ferguson.

No one wants to ask the banks whether they're solvent or not because they're afraid they're not, argues Ferguson.

It's the banking version of don't ask, don't tell, he says.

"Every four years my slogan is I'll tell you who bought
your candidate before you vote for him or her....You get what you pay
for, and they paid. I'm sorry to say, the people who caused the
problem are to a very large degree the folks who were primary backers
of Obama."

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