Obama’s curious inability to confront corporate thugs

If the US is in charge of the Gulf oil leak remediation as Obama says, did he also ok the BP’s 16 hr delay in reporting the halt in trying to fix the leak? If so, why? If not, then they lied to him.

Obama says he’s in charge but knew nothing about the MMS chief resigning. This is simply not a credible statement.

Robert Reich

According to a new CBS News poll 70 percent of Americans disapprove of how BP has handled the oil gush, compared with 45 percent who disapprove of how Obama has handled it. This could change in the days or weeks ahead if the spill continues to worsen and the White House looks and acts powerless.

The poll also points out a danger for Obama: Only 35 percent approve of his words and deeds so far during the crisis. He seems too willing to defer to BP executives, even as Bad Petroleum Ltd. tries to shift blame to Transocean Ltd., the rig operator, which is trying to put blame on Halliburton, which made the cement casings.

But it’s not just the oil gush. Most Americans continue to be livid at Wall Street executives and traders — for which they blame an economic crisis that’s cost many their jobs, savings, and homes — a crisis that’s still costing taxpayers a bundle even as the bankers are back to collecting huge compensation packages. Yet the President continues to consult and socialize with many of them. Inexplicably, the White House won’t go along with proposals by several Democratic senators to cap the size of the biggest banks (the only way to ensure they’ll never be too big to fail and their political power is contained), to resurrect the Glass-Steagall Act (except in its weaker “Volker rule” form), or to force the biggest banks to do their derivative trading without the artificial support of tax-payer insured commercial deposits.

There’s nothing inexplicable about it. Obama never confronts corporate thugs. Never. He always acquiesces to them. Either he’s scared of them or they simply own him and he sees his interests as indistinguishable from theirs.

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