From "The Nation" (via The Guardian:
http://www.guardian.co.uk/commentisfree/2008/nov/14/obama-white-house-wall-street)
Instead of accepting the corrupted bail-out and reassuring Wall Street, Obama's team must start doing the hard stuff now
... Of equally dubious legality are the equity deals the treasury has negotiated with many of the banks. According to Congressman Barney Frank, one of the architects of the legislation that enables the deals: "Any use of these funds for any purpose other than lending - for bonuses, for severance pay, for dividends, for acquisitions of other institutions ... is a violation of the act." Yet this is exactly how the funds are being used...
...Yes, there is only one president at a time, but that president needed the support of powerful Democrats - including Obama - to get the bail-out passed. Now that it is clear the Bush administration is violating the terms to which both parties agreed, the Democrats have not just the right, but a grave responsibility, to intervene forcefully...
...{Yet}, the Democrats, including Obama, appear to believe that the need to soothe the market should govern all key economic decisions in the transition period. Which is why, just days after a euphoric victory for "change", the mantra abruptly shifted to "smooth transition" and "continuity".
I hope BamMan is listening, and not just to Wall Street.
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