Barack Obama adopted a strongly populist tone today when he announced new curbs on the banking industry, a direct response to the Republicans' stunning election win in Massachusetts.
The move had been planned for a month but the timing and language were a direct result of Massachusetts. Obama, who as president has prided himself on cool, moderate language, spoke about the banks who "took huge, reckless risks in pursuit of quick profits and massive bonuses" and promised to "rein in the excess and abuse".
The Republicans immediately responded by saying that Obama was making the banks the whipping boy for the Democratic party's election defeat.
Scott Garrett, a Republican member of the House financial services committee, said: "This renewed focus on financial services reform by the Obama administration is clearly a transparent attempt at faux-populism, in light of the outcome of the Massachusetts Senate race."
Obama will make many more speeches and statements critical of the banks and Wall Street in the months ahead. It is almost certain there will be at least one such passage when he delivers his State of the Union next Wednesday.
rest at http://www.guardian.co.uk/business/2010/jan/21/barack-obama-banks-reform-massachusetts
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