John Judis, in The New Republic (a magazine I rarely read because of the insufferable Martin Peretz who owns it
), has a trenchant analysis, which, I am pained to say, rings true to me: Obama was too timid economically and insufficiently populist about the Wall Streeters whose gambling and greed produced the crisis:
Two things are then required of a president: bold and unprecedented initiatives that address the underlying economic problems, and a populist—and sometimes polarizing—politics that marshals support for these initiatives and disarms the opposition. Obama failed on both counts: His economic program—no matter how large in comparison to past efforts—was too timid, as many liberal economists recognized; and Obama proved surprisingly inept at convincing the public that even these efforts were necessary.
But Obama, who was uncomfortable with the rhetoric of populism and apportioned blame on Main Street as well as Wall Street, left a political vacuum that the right-wing populists of the Tea Party filled. They even managed to portray Obama and the Democrats as the patrons of Wall Street. When asked who was most to blame for “current economic problems,” a plurality of voters yesterday said “Wall Street bankers” rather than George W. Bush or Barack Obama. But amazingly, these voters backed Republicans by 56 to 42 percent. That testifies to the utter failure of the Obama administration’s politics.
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