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A project of Common Dreams

For Immediate Release
Contact: Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167

Election Results from Obama's Bank Failure

WASHINGTON

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.