Donate Today!

FOR IMMEDIATE RELEASE
November 4, 2010
11:58 AM

CONTACT: Institute for Public Accuracy (IPA)

Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167

Election Results from Obama's Bank Failure

WASHINGTON - November 4 -

JAMES K. GALBRAITH
Galbraith is Lloyd M. Bentsen Jr. chair in government/business relations at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin. His latest book is "The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too."

He said today: "This election was lost in February-March 2009 by (a) the failure to take over, reform and restructure the failed banks and the failure to prosecute bank fraud; (b) Larry Summers' incredible assertion that unemployment would peak at 8 percent and the resulting too-small, too-short-term recovery act, and (c) the promotion of Geithner and (later) reappointment of Bernanke, which gave Obama ownership of every Bush policy on the crisis.

"The result was a bankers' carnival as unemployment went to 10 percent and stayed there, generating well-justified mass outrage. The Republicans were, alas, the only available outlet for that anger."

###

A nationwide consortium, the Institute for Public Accuracy (IPA) represents an unprecedented effort to bring other voices to the mass-media table often dominated by a few major think tanks. IPA works to broaden public discourse in mainstream media, while building communication with alternative media outlets and grassroots activists.



Comments

Note: Disqus 2012 is best viewed on an up to date browser. Click here for information. Instructions for how to sign up to comment can be viewed here. Our Comment Policy can be viewed here. Please follow the guidelines. Note to Readers: Spam Filter May Capture Legitimate Comments...