Obama is escalating the war in Afghanistan and hasn’t closed Guantanamo yet. He also hasn’t parted the Red Sea or cured cancer, but my hopes weren’t quite that high. Matt Taibbi of Rolling Stone explains at length why the financial crisis not only hasn’t been solved, but looks like it’s getting worse.
What’s taken place in the year since Obama won the presidency has turned out to be one of the most dramatic political about-faces in our history. Elected in the midst of a crushing economic crisis brought on by a decade of orgiastic deregulation and unchecked greed, Obama had a clear mandate to rein in Wall Street and remake the entire structure of the American economy. What he did instead was ship even his most marginally progressive campaign advisers off to various bureaucratic Siberias, while packing the key economic positions in his White House with the very people who caused the crisis in the first place.