Obama's Bailout Double Standard and the Revival of Reaganism
I appeared on Rachel Maddow’s MSNBC show last night to discuss the seeming double standard between the Obama administration’s treatment of car companies and Wall Street firms. You can watch it here.
There is clearly a double standard at work: Just a few days ago, Wall Street executives were hosted at the White House for a cheery photo op and reassurance that they will be getting hundreds of billions more in no-strings-attached bailout cash. Then this week, Obama demanded the firing of GM’s CEO, and said he may withhold the mere $30 billion or so that the automakers are requesting.
I’m not saying that automakers don’t deserve to be pushed around, nor am I saying even that GM’s CEO shouldn’t have been fired. What I am saying, however, is that there are two different standards at work here.