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What happened to the global economy and what we can do about it
Make The Call Or Get Out Of The Booth: After The President’s “Wall Street” Speech

http://baselinescenario.com/2010/04/22/make-the-call-or-get-out-of-the-booth-after-the-president%E2%80%99s-wall-street-speech/

What happened to the global economy and what we can do about it
Make The Call Or Get Out Of The Booth: After The President’s “Wall Street” Speech

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By Simon Johnson, co-author of 13 Bankers: The Wall Street Takeover And The Next Financial Meltdown

Update: The Progressive Change Campaign Committee has a petition that takes you to a page with your senators’ names and phone numbers, as well as a script to use when calling them.

The president’s rhetoric today at Cooper Union was impressive and his body language indicates a major shift in administration attitudes towards the big banks over the past year. This is commendable.

But there is still the awkward question of legislation that would actually reduce the political power of big banks – and make our financial system significantly safer. The latest indications from the Senate are that there will be some sort of “Dodd minus” compromise bill brought to the floor early next week. The Republicans have substantially backed down from Senator McConnell’s “hell, no” position of last week because the polling is crystal clear: Anyone perceived as opposed financial reform will lose badly in November.

But the Democratic leadership is not seizing on this advantage and on the opportunity presented by the SEC case against Goldman Sachs – key figures in the Democratic establishments are too worried about upsetting financial sector donors. As a result, come November, independents will view the Democrats with scorn, while the Democratic base will be far from energized; you do the math.

What can you do? What makes sense in both economic and political terms?

(more at link)

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