At the end of Bush’s third term, guess who’s at the top of the economic heap

President Obama and Fed. Reserve Chair Ben Bernanke.

The millions of unemployed in our nation today are lucky that Bill Clinton has their backs. The Clinton Global Initiative is currently focusing on America to create jobs and given the  CGI’s success in helping other countries resolve persistent problems, we’ll soon be seeing movement on the economic front.

As Obama wraps up what amounts to Dubya’s third term, it’s enough to make you want to start a petition asking the One to step down to make room for Hillary Clinton to lead the Dems to victory in 2012. 

 

Surely you’ve heard by now that hard times among the electorate are making Obama’s 0reelection campaign team nervous. The National Journal’s Josh Kraushaar reports:

 

It’s been a rough June for the White House. Instead of being able to run a campaign taking credit for economic improvement, President Obama will - according to the latest forecasts - be trying to win four more years amid a grim economy next year.

In the meantime, the beleaguered president has been courting Wall Street executives to fund his reelection campaign in the same generous manner they did in 2008. I know… you thought his campaign was funded solely by small donations from college students and unpaid interns.

At the Washington Post, Phil Angelides, who served as chairman of the Financial Crisis Inquiry Commission, which conducted the official inquiry into the nation’s financial and economic crisis, begins his coverage of the latest economic developments with this not so surprising news:

They say that winners get to write history. Three years after the meltdown of our financial markets, it’s clear who is winning and who is losing. Wall Street — arms outstretched in triumph — is racing toward the finish-line tape while millions of American families are struggling to stay on their feet. With victory seemingly in hand, the historical rewrite is in full swing.

The contrast in fortunes between those on top of the economic heap and those buried in the rubble couldn’t be starker. The 10 biggest banks now control more than three-quarters of the country’s banking assets. Profits have bounced back, while compensation at publicly traded Wall Street firms hit a record $135 billion in 2010.

Meanwhile, more than 24 million Americans are out of work or can’t find full-time work, and nearly $9 trillion in household wealth has vanished. There seems to be no correlation between who drove the crisis and who is paying the price.

The report of the Financial Crisis Inquiry Commission detailed the recklessness of the financial industry and the abject failures of policymakers and regulators that brought our economy to its knees in late 2008. The accuracy and facts of the commission’s investigative report have gone unchallenged since its release in January.

Take an anti-nausea pill and read more: