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Showing posts from January 25, 2010

Obama's new populist push against Wall St

Business Times - 26 Jan 2010


Obama's new populist push against Wall St

President and his aides hope new approach will help boost his political fortunes

By LEON HADAR
WASHINGTON CORRESPONDENT

AFTER one year in office and against the backdrop of growing anti-Wall Street anger among Americans being fuelled by continuing high unemployment rates and the signs that the big banks are once again taking reckless risks in the pursuit of quick profits, US President Barack Obama has decided that the time has come to alter the political-economic narrative of his administration.

Indeed, in the aftermath of the disastrous loss of the Democratic Senate seat in Massachusetts - a dramatic reflection of the populist mood around the country - and as he fights for his political survival (and that of his own Democratic Party), Mr Obama has decided that the time has come to get tough - really tough! - with Wall Street.

Launching a verbal assault against the mega banks and stating that the current econom…