Do Politicians Represent People or Banks?

Do Politicians Represent People or Banks?
President Barack Obama (Getty Images)

ColorLines editor Kai Wright writes in his blog that it ought to be clear by now that politicians are not protecting the interests of poor people. Nor will they ever -- at least not until it is demanded. He writes about a new political-accountability campaign under way in Washington state.

This is an increasingly polarized era, and not because of the oft-discussed, but frankly unremarkable partisan divide. Rather, our poles are Dickensian. These are the best of times and the worst of times, depending on the economic universe in which you live.

For the masters of the investment universe, the recession was harrowing but brief and, ultimately, quite profitable. Last year was among Wall Street's best on record and most of the biggest banks are doing rosy business this year, too, save Bank of America. There are many reasons for that success, but largest among them is a suite of policy decisions made in Washington. A combination of bank bailouts, aggressive monetary policy and the Treasury's refusal to hold banks accountable for the bad mortgages on their books have propped up the financial sector ...

... President Obama stepped into the breach of this split reality yesterday and offered a full-throated, populist oath: He will force the handful of people his policies have enriched to finally "pay their fair share" toward getting everyone else on track.

Read Kai Wright's entire blog entry at ColorLines. 

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