Wall Street's takeover of the Obama administration is now complete. The mega-banks and their corporate allies control every economic policy position of consequence. Mr. Obama has moved rapidly since the November debacle to install business people where it counts most. Mr.William Daley from JP Morgan Chase as White House Chief of Staff. Mr. Gene Sperling from the Goldman Sachs payroll to be director of the National Economic Council. Eileen Rominger from Goldman Sachs named director of the SEC's Investment Management division. Even the National Security Advisor, Thomas Donilon, was executive vice president for law and policy at the disgraced Fannie Mae after serving as a corporate lobbyist with O'Melveny & Roberts. The keystone of the business friendly team was put in place on Friday. General Electric Chairman and CEO Jeffrey Immelt will serve as chair of the president's Council on Jobs and Competitiveness. That is the spot, under a different council name, previously held by Paul Volcker. Both he and his post now will be airbrushed out of Obama administration history to align the past with the inglorious future.
Mr. Obama last week obediently recited the Chamber of Commerce's liturgy about governmental regulation being the cause of what ails the American economy in the pages of the Wall Street Journal. This public oath of allegiance signaled his now admitted complicity with those who supposedly had been his opponents. The one example of alleged bad regulation he cites in the WSJ op-ed is something about saccharin and the environment. The prospect of our corporate moguls being released from the bonds of saccharin regulation doubtless has China's President Hu and his colleagues quaking in their well-tailored suits.
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