On Monday May 11, The Olympian ran an article by Greg Jaffe of the Washington Post, reporting Obama’s contention that Sen. Elizabeth Warren is ‘absolutely wrong’ in warning that the TPP (Trans-Pacific Partnership) trade deal would threaten the safety of our financial markets. Obama suggests she is politically motivated and cites his “massive fight with Wall Street” in the wake of the 2008 financial crisis as evidence that he would never support a risky deal.
“Massive fight with Wall Street?” Really? Does Obama think we have such short memories that we’ve forgotten how dumbfounded we were (especially those of us who had worked so hard for his election) when we watched him making one concession after another to the Wall Street insiders most responsible for the crisis, and how he overlooked repeated opportunities to use his political capital and popularity to bring some discipline into the financial sector? Instead, he included Wall Streeters in his inner circle, and made decisions that virtually assure future economic instability.
And Sen. Warren is right: Agreements like the TPP would only make such disruptions more likely, and more severe. To these perils, add the prospect of our environmental and public health laws being trumped by multinational corporations, and a new round of job losses. Obama’s record is deeply compromised by his support for Fast Track and the TPP –and his disingenuous criticism of Sen. Warren.