President Obama saved capitalism for the big corporations, and at a terrible political price, Egan says. Under President Bush the economy was in the pits, with the worst stock market decline in the history of any president. Today, under President Obama, interest rates are at record lows, corporate profits are up, and it is one of the best years for earnings in a decade. He saved the automobile industry and more than 1 million jobs. Yet his three signature accomplishments–a health care law, financial reform, and the $814 billion stimulus package–have been rejected by the emerging majority. Obama should now recast himself as the protector of the consumer and veto any measures that attempt to roll back basic protections for people against insurance companies, Wall Street, and big oil.
Egan is a New York Times columnist.