Mike Lux Thinks the Obama Admin is About to Sell Out To Banks Again

Obama on Banking: The Worst Deal They Could Cut:

I have had a somewhat up-and-down history with the folks in the Obama administration. I was proud to be their liaison to the progressive community during the Obama-Biden Presidential transition, and have labored mightily to help them at several key junctures during this first term. I have been quite critical of them at times on political strategy and specific policies, but have always supported them overall because I know Barack Obama is a far superior President to any of the extremist lunatics in the Republican Party: I definitely prefer a sane, intelligent President to any one of those turkeys. I have been especially appreciative of their outreach to me and other progressives since Rahm Emanuel left for Chicago, and have been thrilled with Obama’s new found messaging toughness on jobs and taxing millionaires over the last couple of months. The administration’s messaging strategy, as well as a lot of key policy decisions, has been much stronger in the last couple of months, for which they deserve a large measure of credit. Knowing the stresses of working in the White House, I am impressed with the staff I know for their patience, hard work and dedication, and for being in politics for the right reasons, because I really do believe they are trying to make the world a better place.

But, boy, am I about to get on their bad side.

He claims it it really is every bit as bad a deal as Gretchen Morgenson claims, plus really stupid politics.

Lux blames Geithner, but as Brad DeLong liked to say once upon a time, “the Cossacks work for the Czar.”

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