In the context of a new book to be released revealing an insider’s account of the bungling of the TARP program, a guest writer over at Naked Capitalism does a great job of describing and calling for a third narrative to emerge that will honestly describe the policies of President Barack Obama. Read the piece here.
But there are a few brave souls who are speaking truth, and the information about who Obama is and what he has done is slowly coming out. Charles Ferguson’s excellent new book, Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America, is the first post-mortem of the financial crisis in which the lens is political corruption in both parties and in economics. Ferguson, who made the Academy Award documentary Inside Job, sees the financial crisis first and foremost as a political problem, of oligarchy and a captured political system. The technical details – Volcker Rule, Dodd-Frank, etc – are just that. Ferguson isn’t dancing around the problem, either. He puts the blame on, among other people, Bill Clinton and Barack Obama. I’ll have more on this book.