Obama's Just Not That Into You
By Dick Morris
March 26, 2009
Does President Obama truly believe that he can castigate and condemn Wall Street on Mondays, Wednesdays and Fridays and then secure its cooperation on the other days of the week?
Does he not understand that when he ignites a public furor over AIG bonuses and then incites Congress to pass a punitive tax, he sends shivers down the spines of every other corporate executive who makes a lot of money?
Does he seriously believe that Wall Street investors will not worry that their winnings, should they join the Treasury as partners in risky investments, would be subject to public abuse, publicity and confiscatory taxation?
Of course he realizes that his rhetoric makes it unlikely that his program will succeed. He obviously gets it that the entire concept of a public-private partnership is impossible amid a climate of waging class warfare, taxing the rich and heaping contempt on anyone who makes money. The president is quite bright and certainly understands that you cannot shake hands with your right while you launch a roundhouse with your left.
So why does Obama persist in his aggressive rhetoric? Why does he continue to treat Wall Street as something out of Dante's Inferno?
Because he's just not that into you! He doesn't really care if the public-private partnerships work out.
He sends Geithner out to announce the program because he doesn't want to make it his own. When he announces a stimulus plan or a new spending bill, it's Obama's moment before the teleprompter. But the public-private partnerships he leaves to his Treasury secretary to announce.
The most rational explanation for Obama's puzzling conduct -- sabotaging his own program by way of his own rhetoric -- is that he truly wants to be forced to nationalize the banks in pursuit of his ultimate goal of a socialist economy.
Obama has to oppose nationalization today in order to achieve it tomorrow. He has to show the country and the world that he is doing all he can to help the private sector to sort things out with government help. He must ostentatiously invite the hated demons of Wall Street to join him in rescuing the banks in order, later, to say that he did his best to avoid having to take over the banks. Only then will nationalization be an acceptable alternative -- when he has run out of other options.
Meanwhile, he makes sure the private sector won't play ball by going after their bonuses, sending an implicit message to the other executives on Wall Street that reads: Stay away.
Even when he takes over the banks, as he almost inevitably will, he is going to have to dress up the nationalization as a temporary measure forced on him by the economy and the previously unrealized depth of the problem. He will cite the example of Sweden, where the government nationalized the banks only temporarily and returned them to private hands quickly.
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