Embrace the populism

March 21, 2009

I was freaking out all week about the great populist uprising of ’09 and how it would affect a) Barack’s capital and long term agenda and b) the ongoing resolution of the crisis.

But now I’m thinking this may actually help Obama’s agenda in two counts:

First, Republicans who just weeks ago were opposing executive salary limits basically as socialist and unamerican, have now aligned with the administration.

Second, this is giving the administration and congress a lot of leverage against the Wall Street lobby which is sure to bring fierce opposition to upcoming regulation of the industry.  This makes it easier for every congressman and even Obama himself to come down on them hard even after having received hundreds of millions in contributions.

Also, after a week of grand-standing, I don’t really see any winners.  Everyone lost a little.  So the net effect for upcoming legislative battles (other than additional bailouts) is nil.

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