When Bill Clinton suffered a midterm reversal, he abruptly embraced the corporate money guys who had financed his opposition in an effort to purchase a second term. Now we have Barack Obama, and the same cycle begins anew.
Stashed away in a draw somewhere on Capitol Hill is a simple piece of legislation that would have done much to stop the mortgage mess, robo-signing, unfair foreclosures, and the growing claims against lenders.
The disastrous disarray in the housing industry is a direct result of decisions taken during the deregulation frenzy of the Clinton presidency when the securitization of mortgage was removed from any regulatory supervision.
For all the headlines given to foreclosure affidavits and robo-signing virtually no one has mentioned the real point, the idea that the affidavits themselves may not prove loan ownership regardless of how they were signed.
Until progressives break with Obama's rosy perceptions, they will have nothing to offer as a retort to the tea-party faux populists who are effectively monopolizing the legitimate rage over the bailouts.