Rachel Maddow talks to Naomi Klein about the bank bailouts, the results of the stress tests and how bailing out these banks is a massive transfer of wealth from the public sector into private hands. They talk about how the crisis has not been solved but instead the burden has been moved to those that can least afford it.
We need to re-regulate these industries and I agree completely with Klein and Maddow when they say the regulation should have come hand in hand with the bailout money. The Obama administration had a chance to channel the public anger over these bailouts to get reform passed and by not using that anger in same the way FDR did, they've wasted an opportunity to really fix the system that got us into the mess we are now. And as Naomi Klein notes that anger is going to get channeled somewhere and unfortunately not always towards the ones that deserve it.
Instead we see these tea bag parties, people lashing out at immigrants or anyone else they can blame their own economic woes on, and many who don't feel that one party is any better than the other one. If the Democrats don't get some real reform passed even if it is a day late and a few trillion dollars short they're going to be facing a lot of that anger at the polls come next election and rightfully so. They're saying that they're going to get it done and that we'll see some reforms come through this summer. I will take them at their word for now that they're going to do it but if they don't, I'm sure myself and everyone else who contributes at this site will be calling them out for it.
