Scolding Galt
by digby
Is Obama's Wall Street speech supposed to be some kind of Sista Soljah moment? If so, is that a good idea? I suppose it is if you think it's good that people perceive Obama as a friend of bankers who can give them a little scold and they'll feel chagrined enough to do better.
Oh well, I guess the impression that he's in the belly of the beast telling his friends that they are going to have to change their ways is better than nothing. But I think this would have been more politically useful if he actually went in their faces or if he'd given the same speech before a different audience. This avuncular approach seems more designed to make sure Wall Street doesn't stop donating to the Democratic Party than anything else.
I have a sneaking suspicion that the fuss Wall Street's putting up isn't quite as sincere as one might believe. They don't like it, of course, but they aren't so lost in their arrogance that they don't know on some level that they've gotten off easy. After all, they're still in business, generating billion dollar bonuses. It's all good.
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