1

Danny Haiphong – The Obama Legacy Part 2: Economic Policy Wall Street Could Count On

“Obama Administration’s economic policies were always meant to stabilize and enrich Wall Street at the expense of the working class and poor.”

The 2008 economic crisis sent Washington into a frantic search for a way to forestall popular rebellion. It found the perfect Presidential candidate in Barack Obama. With millions of Wall Street dollars at his disposal to bankroll a masterful marketing campaign, Obama was sold to the masses as the solution to eight years of Republican Party rule. Obama was advertised as the hope and change that the American people could believe in. The first Black President branded himself not as an ally of Wall Street, but as an opponent of the foreclosures, layoffs, and falling wages that had come to characterize American life under capitalist crisis.

In 2008, the Bush Administration responded to the capitalist crash with a bank bailout worth 700 billion dollars. Eight years later, it has been estimated that 4.5 trillion USD was transferred to the top 1 percent of income earners under the Obama Administration. The hope and the change that was sold to the masses amounted to nothing more than a marketing to scam. To cover up this scam, the corporate media devised a narrative that redirected blame toward “Republican obstructionism” and away from Obama. This narrative suppressed how the Obama Administration’s economic policies were always meant to stabilize and enrich Wall Street at the expense of the working class and poor.

Obama was Wall Street’s ace in the hole. While the Democratic Party cried foul play on the Republicans, the Obama Administration gave cover to Wall Street bankers. Bankers were given a get out of jail free card despite a Democratic Party majority in the House and the Senate in 2009 and 2010. Token bankers were slapped with fines for fleecing the US population with shark loans and predatory mortgages. Meanwhile, the same banks that threw millions into homelessness, joblessness, and poverty continued to receive tens of billions of dollars in “Quantitative Easing” from the Federal Reserve.

“The Obama Administration created the Simpson-Bowles commission to cut Medicare and Social Security.”

Read More