Did Obama Administration Resuscitate Corrupt Banking System?

Did Obama Administration Resuscitate Corrupt Banking System?

from The Washington Note by Steve Clemons

The New York Times editors nail it today in a piece ridiculing the settlement between too-big-to-fail banks and states designed to assist anti-foreclosure efforts and underwater home mortgage victims.

Although the Obama administration did get some financial sector reforms through, like Dodd-Frank, the result seems to have been not a rewiring of the system to change the balance of power between economic stakeholders, particularly consumers and workers, but rather a resuscitation of the old system with some fig leafs (like this $26 billion foreclosure settlement) designed to cover up the corruption.