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There are national implications to this fight. As Shanker pointed out, American schools have been slipping for decades - our students are now 32nd internationally in math scores, 10th in science, 12th in reading. It will be impossible to rebuild our economy - to create the sophisticated, high-paying jobs we need...
It's also no coincidence that the President made his announcement while standing next to the unlikeliest populist advocate for financial reform, 82-year-old former Federal Reserve chairman Paul Volcker, a previously marginalized Obama adviser who had chastised the Administration for making insufficient efforts to limit the size and...
Allergic to Populism Shortly after Obama unveiled a $117 billion plan to tax the riskier liabilities of larger financial firms, Geithner hosted a dinner for bankers. A few of them grumbled about Big Government, class warfare and the unfairness of scapegoating financial institutions that already repaid their bailout money while...
And yet Obama's bank tax - designed not only to make taxpayers whole but also to discourage excessive risk-taking - came from Geithner. And so did most of the Administration's plans to address the too-big-to-fail problem, create an independent consumer agency for financial products and otherwise...
But for critics who believed the Administration was reluctant to crack down on Wall Street, Volcker became the proof that wasn't in the pudding - the monetary version of the "most trusted name in news" who suddenly sounded like a Daily Kos blogger. If Obama really wanted to stop banks...