President Obama announced on Thursday that he would pursue legislation to fix America's broken financial system. Why have the President and Congress waited so long to introduce a plan that would prevent another global financial collapse?
It is a shame that the bailout which was rushed through Congress in early 2009 did not include provisions to begin breaking up financial giants deemed "too big to fail." It is obvious that the President's sudden announcement on Thursday was a political reaction to the US Senate race in Massachusetts, and not a sincere attempt to rectify the circumstances which have catapulted the United States of America into our second "great depression." The President's proposed solution, while restricting the size of big financial corporations, would do very little to scale down those institutions that caused the crisis in the first place. Teddy Roosevelt, known as a "trust buster" for dismantling monopolistic companies in the early 20th century, would certainly roll over in his grave if he could hear the rhetoric currently coming out of the White House.
Midge Potts, co-chair of the Progressive Party of Missouri and the party's candidate for U.S. Senator in 2010