Today's Elites

Saturday, May 18, 2013

Why Yes, President Obama, Let's Change the Subject to Economics

The following dialogue may be thought of as mere fiction. But, in essence, it is very much the undeniable truth.

Question: Do you agree that the American people have a right to expect that our government should promote the form of economic prosperity that will ensure their children'd long term well being?

Answer: Of course. That is why I was elected by them.

Question: President Franklin Delano Roosevelt enacted legislation that prevented depository institutions from engaging in financial speculation. President Bill Clinton stated that his worst mistake was signing the law that repealed that very same Glass Steagall act. The repeal effected the ability of banks to engage in extremely dangerous forms of speculation in exotic financial instruments known as derivative securities. The collapse of this market enabled these gargantuan too big to fail institutions to obtain a massive multi-billion dollar bailout by the Treasury and Federal Reserve. The current policy continues to prop up these otherwise failed institutions. At the same time the lobbyists for these financiers are calling for ever increasing levels of austerity and bailouts. Will you Mr. President support the reintroduction of Glass Steagall as the first step in reversing the control of these interests that are causing such impoverishment and suffering of the American people?

Answer: Right now the economy is healing and we are on the road to prosperity with the policies that my administration is already pursuing. Next question.

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