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Obama is a moderate. Why you think Progressives like me aren't satisfied w/ his incremental approach. I wanted single-payer
I am no fan of anyone, but facts and fairness dictate reality...
On February 5, 2009...Summers and Timothy Geithner, the Treasury Secretary, drafted a memo to the President...TARP, they believed, wouldnt be enough. Seventy per cent of Americans assets were in four banks, three of which were in serious trouble. If the situation worsened, Obama might need to nationalize one or more institutions that were at the doorstep of failure. Indeed, there is a significant chance that Citigroup, Bank of America, and possibly others could ultimately end up in this category. Nationalization would expose the government to enormous financial risk and political peril. Obama would be forced to take actions to get the government a dominant ownership position, and the banks would then be subject to substantial restructuring and government control including the replacement of long-standing top management and long-standing directors. It was unclear whether such a takeover was legal. Moreover, there was a real risk that seizing control of banks could, in fact, destroy them.
Obama would need congressional support if...
They warned Obama, We may, by being proactive, be blamed for causing the problems we are seeking to preempt..."
Read more The Obama Memos: How Washington Remade the President : The New Yorker