Obama vs. Obama

Consider “income inequality.” As far as this can be said to actually exist, it’s a function of certain sectors of the financial industry reaping massive windfalls over the past few years while the rest of the country has stagnated under the burden of the recession.

So who is responsible for this state of affairs? Consider the trillion and a half dollars handed over to the banks and other financial institutions shortly after Obama took office. This money was supposed to be extended as credit to businesses — including small businesses — in a bid to supercharge the economy according to the old Keynesian formula.

Instead it went directly into the markets, where it triggered the growth of the current market bubble, generating plenty in the way of paper profits, bonuses, and so forth along the way.

Also consider the $65 billion a month handed to the banks in the form of “quantitative easing.” This was supposedly the brainstorm of Ben Bernanke. But Bernanke is nobody’s idea of an independent agent. Any notion that he was acting outside of a framework created by Obama is ludicrous. This money did more of the same — slipping essentially unearned income into already well-upholstered pockets, and all at the bidding of none other than Barack Obama.

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