RebelCapitalist: Financial Information for the Rest of Us

That’s $200, Where’s My Change?

May 11, 2010 | By: Mr_Blue | Comments | Permalink | Tags: health care reform, president obama, financial regulatory reform, deficit

Mr. President, where is the Change that you spoke about during the campaign. The only change that we have seen is which political party is in the White House. Otherwise, nothing has really changed.

After health care reform passed and President Obama signed it into law, the President declared this is what change looks like. Oh, really? A mandate that requires people to buy overpriced inferior product and at the same time providing a subsidy directly to health care insurance providers. That’s not change - that’s the same corporate welfare pushed by republican administrations. But an Obama supporter would say “yeah, but insurance companies can’t deny someone for a pre-existing condition.” Sure, but at what price? This ‘reform’ didn’t cap insurance premiums and subsidies won’t grow with the cost of insurance premiums. Where’s the change?

Then, we have financial regulatory reform. One day the President slams “fat cat bankers”. The next day he is golfing with them or having them over to the White House. His administration proposes half ass measures to address “too big to fail” financial conglomerates and initially fights against an audit of the Federal Reserve’s books. His administration proposes a tax levy on banks that would easily be passed on to customers and giving regulators more discretion. A better idea would be just to break them up instead of preserving these financial behemoths but no that would mean the financial oligarchy would have to experience pain and the Obama Administration doesn’t want that.

There is no change from past administrations on this issue either. But that should be no surprise when he has advisers such Larry Summers and Tim Geithner. Both of whom believe protecting and propping up Wall Street is good for our country and economy. Where’s the change?

Next, is the federal budget deficit and the lack of transparency of the President’s Deficit Commission. Remember when Candidate Obama would speak about a more transparent government. Well, I guess those were just words. This “bi-partisan” commission is looking at ways of cutting Social Security and Medicare and they are doing it behind close doors. This Administration has a history of meeting behind close doors and striking deals that don’t favor the rest of us. It wasn’t very long ago when the Obama Administration cut a big deal with Big Pharma behind closed doors. They may well do it again this time with Deficit Hawks aka Wall Street Privateers.

It was wrong when Dick Cheney met behind closed doors with oil executives to craft a national energy plan and it’s wrong for President Obama to do the same with the Deficit Hawks. Where’s the change?

Professor Thomas Ferguson said it best:

President needs to decide, I think, whose president he is.

I wish I could get my money back.