Don't Expect Wall St. Reform From 2012 Field
Obama, GOP hopefuls all cozy with banks: Joel Kotkin
By Matt Cantor, Newser User
Posted Dec 5, 2011 12:03 PM CST
Don't look for Wall Street reform here.   (AP Photo/Paul Sancya)

(Newser) – Wall Street doesn’t have much to worry about in 2012: President Obama, Newt Gingrich, and Mitt Romney all have the big banks’ backs. Obama “may call them ‘fat cat’ bankers, but he's been something of a kitten when dealing with financiers: There have been fewer prosecutions during his term than in the previous 25 years, notes Joel Kotkin at Politico. Indeed, Obama has received more Wall Street donations “than all the GOP candidates combined,” and he’s gotten more from Bain Capital—which Romney co-founded—than anyone else.

Romney, of course, has friends in finance as well. He’s “to the manor born and is expected to view things as the ultra-rich prefer,” Kotkin notes. Romney is pro-TARP and anti-Occupy. Gingrich, with his decades in Washington, “symbolizes, as much as anyone, the interplay of the financial elite, Washington lobbying, and politics.” He also backed TARP, despite first calling it “socialism,” and he has supported extensive deregulation. If we want Wall Street reform, we’ll have to find it in public consensus, concludes Kotkin—not in the next election.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Joel Kotkin: President Obama, Newt Gingrich, Mitt Romney All Cozy With Wall Street is...
9%
8%
1%
58%
4%
19%
Show results without voting
You Might Like
Comments
Showing 3 of 32 comments
WallyEFunk
Dec 5, 2011 6:36 PM CST
Didn't Obama promise bank reform as one of his election promises. Didn't corporate contributions to Obama go up when it looked like he was going to be president.Didn't Democrat's bring in bank reform bill, twice filibustered by Republicans , because they wanted closed door meetings. Didn't some regulations come out, with approval ,even from our right wing posters here. ( I couldn't believe that really happened.) Corporations wouldn't be giving the largest amounts to Obama unless they thought he was going to win again. Would any action against wall street be a good idea at this time, even hinting about it. Going off facts, or logical thinking, into speculations. Since you only can have two terms as president , on your last term , you really can push threw anything. If it's what both party voters want chance of regulations coming out. So if Democrat's win a large majority in congress, there is a chance of regulations coming out. Really non, absolute 0 with Republican.
pg13
Dec 5, 2011 3:43 PM CST
We're so darn happy to be employed, we can't afford to be choosy about our 401(k)'s being run by companies who fund all of Congress and refuse to be regulated or define a Fiduciary standard.
Spudsy
Dec 5, 2011 12:44 PM CST
Well Obama didn't do it and everybody knows the GOP won't do it so, the middle class is f*cked.