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A presidency in peril : the inside story of Obama's promise, Wall Street's power, and the struggle to control our economic future

Author: Robert Kuttner
Publisher: White River Junction, Vt. : Chelsea Green Pub., ©2010.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
When Barack Obama took office in January 2009, he had an unprecedented chance to do what no other recent president could: seize the nation's financial reins from the corporate elite and return them to the American people. Progressives everywhere held out hope that their new leader would take advantage of the economic crisis he stepped into and enact bold policies that would evoke real financial reforms, putting Main  Read more...
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Named Person: Barack Obama; Barack Obama
Document Type: Book
All Authors / Contributors: Robert Kuttner
ISBN: 9781603582704 1603582703
OCLC Number: 591788364
Awards: Commended for IndieFab awards (Political Science) 2010
Description: xxiv, 300 pages ; 24 cm
Contents: The man and the moment --
The politics of capture --
Continuity and collusion --
Missing a rendezvous with reform --
Crony capitalism --
Obama's loyal opposition --
Political malpractice --
Change we can believe in.
Responsibility: Robert Kuttner.
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Abstract:

When Barack Obama took office in January 2009, he had an unprecedented chance to do what no other recent president could: seize the nation's financial reins from the corporate elite and return them to the American people. Progressives everywhere held out hope that their new leader would take advantage of the economic crisis he stepped into and enact bold policies that would evoke real financial reforms, putting Main Street in front of Wall Street, at last. But that, writes the author is not the way things turned out. Instead, America's best chance for radical financial reform turned into Wall Street's greatest victory. Obama filled his administration with allies of financial elites who were more interested in business as usual than in transformative change. As a consequence, Main Street remained mired in deep recession. Instead of being the instrument of economic renewal, Obama became the target of economic frustration. In this account, the author shares his insider's view of how the Obama administration not only missed its moment to turn our economy around, but deepened Wall Street's risky grip on America's future. Carefully constructing a one year history of the problem, the players, and the outcome, he gives readers an account of the president's first year. More importantly, though, he shows how we could, with swift, decisive action, still enact real reforms. This is a book for those who want to understand exactly how Wall Street won, and how Main Street can still fight back.

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"Booklist" Starred Review--Kuttner follows his previous work, "Obamas Challenge" (2008), with a scathing criticism that Obama has thus far followed in the footsteps of his predecessor, favoring Wall Read more...

 
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