My wife and I went into Times Square for the Occupy Wall Street rally held there Saturday evening. One of the lead chants was "Wall Street got bailed out; we got sold out." That's a half truth -- and a vague charge, as it leaves the nefarious deeds in the passive voice. Obama thus avoids the direct hit. But not everywhere:
Although that sign is more false than true, I'm glad it's out there. Obama did need to complete the bank bailout and engineer their recapitalization, but he did it with far too few strings attached, and without demanding reciprocal action from the banks in the form of mortgage relief. I want him pressured from the left -- as FDR was pressured.
Today people love to quote Roosevelt's October 31,1936 campaign speech in which he laid into powerful moneyed interests, who had been excoriating him for instituting a tax on a tax on undistributed corporate profits. Roosevelt responded by campaigning with increasing fervor, according to David M. Kennedy in Freedom from Fear, against "greed" and "autocracy." The Madison Square Garden speech was the climax: