Charlie Rose

Will Obama forfeit a second term because of Wall Street?

With the defeat of the bill allowing judges to force mortgage restructuring on reluctant creditors, and now the defeat of the bill reintroducing limits on usury, the momentum toward real reform of the American financial system has clearly been stopped. There is now a rapidly growing danger that the lack of reform, coupled with the growing consensus in “the Village” that multiplying signs of economic “green shoots”signal that “the bottom is near” (see Arianna Huffington’s May 12, 2009 post, Wall Street, DC, and the New Financial Euphoria),  will leave the majority of Americans who are not rich dealing with prolonged economic hardship.