There’s a lot to this story by the Politico titled ‘Obama blames “ethic of greed” for economy‘, but here’s what really caught my eye:
Barack Obama went to New York Thursday and blamed lobbyists, greedy businessmen and complacent Washington politicians for creating “an ethic of greed” that led to today’s foreclosure crisis.
Not long after he left the stage, the Democratic presidential hopeful attended a fundraiser held by his campaign in a room in the Manhattan headquarters of Credit Suisse, one of the major investment companies caught up in the subprime lending mess.
The event wasn’t sponsored by the investment firm but it was interesting. The Politico piece has a lot to say on the cozy yet awkward relationship between the investment firms and the Democrat contenders, though, there is a lack of analysis on why this is a bad position for any candidate. I think it only goes to show that when politicians say “regulation” they mean “government-business alliance”, just like every other “regulation” in American economic history.
Filed under: Barack Obama, Democrats, Economics, Election 2008, Hillary Clinton, Politics
