The resulting policy framework of Tim Geithner’s Treasury Department was, in effect, a wholesale attack on the American home (the main store of middle-class wealth) in favor of concentrated financial power. But the Obama administration failed to act, and this pattern seems to be continuing. This is very much a parallel of the financial crisis, as elites operate without legal constraints while the rest of us toil under an excess of bureaucracy. Bill Clinton’s generation, however, believed that concentration of financial power could be virtuous, as long as that power was in the hands of experts. But voters don’t want concentrated financial power that deigns to redistribute some cash, along with weak consumer protection laws.

Source: Washington Post January 12, 2017 13:35 UTC