For Immediate Release
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167
Election Results from Obama's Bank Failure
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."
THE LAST FIREWALL AGAINST THE LIES
Independent media has become the last firewall against government and corporate lies. Yet, with frightening regularity, independent media sources are losing funding, closing down or being blacked out by Google and Facebook. Never before has independent media been more endangered. If you believe in Common Dreams, if you believe in people-powered independent media, please support our critical Winter campaign now and help us fight—with truths—against the lies that would smother our democracy. Please help keep Common Dreams alive and growing.
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.