Sheldon Richman: Obama’s phony populism

  President Obama likes to portray himself as a man of the people. But a look behind the veil shows this to be a deception. Take the financial regulatory overhaul brewing in Washington.

  I know what you’re thinking: What could better illustrate Obama’s bona fides as a champion of the people? He wants to regulate the banking industry after the recent debacle and is being fought by the banks and the Republicans. Doesn’t this clearly demonstrate his pro-people agenda?

  A closer looks reveals the real story to be something quite different. First, there has never been an unregulated banking industry in the United States. You can look it up. And since 1914 we’ve had a central bank, the Fed, whose regulatory powers have only increased over the decades. Several other agencies also regulate the banks. There are regulators at the state level too.