Salient to Investors:
William D. Cohan writes:
We were either naive or stupid to believe Obama’s “change you can believe in” included Wall Street. Robert Rubin protegés were appointed to the three most important economic positions in Obama’s first term: Treasury secretary, national economic adviser, and director of the OMB. Other Rubin acolytes still occupy the national economic adviser, chief of staff, and top international economics adviser positions.
Obama’s first term produced a remarkably Wall Street-friendly set of policies – continued bail out of the big banks, the weak Dodd-Frank financial reform act continues to get watered down, and not one Wall Street trader, banker or executive has been held criminally liable, the S&P 500 doubled since March 2009, the Fed keeping interest rates at rock-bottom levels that are a gift to Wall Street and a tax on savers.
Wall Street clearly wants more: 8 of Romney’s 10 top donors were Wall Street firms.
Appointing Bowles to Treasury would show that Obama is serious about getting the country’s fiscal house in order and finding a more productive relationship with Wall Street.
Eliot Spitzer would be a good choice for chairman of the SEC as he has proved to be the news media’s most aggressive and informed critic of Wall Street.
Carmen Reinhart would be a good choice for national economic advisor as she knows how economies get into financial difficulty and how they get out of them.
Read the full article at http://www.bloomberg.com/news/2012-11-11/an-obama-economic-team-to-sweep-wall-street-clean.html