"Mistakes."When he first entered the White House, as Barack Obama’s vice president, Democrats faced a crisis nearly as large as the combined health and economic panics confronting them now. But back then, Obama’s team had little interest in holding accountable the individuals and institutions that created those problems. Whether it was Wall Street bankers or CIA torturers, Obama insisted he wanted to “turn the page” and “look forward as opposed to looking backwards.” A range of wrongdoers paid no price and, as a result, many went on to make the same mistakes again.
Kevin Kruse @ Vanity Fair
And how'd that work out for us?If Democrats actually want to move on from the Trump era, they’ll first have to provide a real reckoning with the past. Not everything can be probed, of course. But a deep dive into the administration’s mishandling of the coronavirus and other crises, plus its wider pattern of incompetence and corruption, would be warranted.
[...]
[In 1932] the Senate held hearings to uncover the causes of the crash [resulting in the Great Depression]. After 10 months, though, the Committee on Banking and Currency had accomplished little. Two successive investigators were dismissed for lackluster work, and a lack of results, before a third one was hired in January 1933, with hopes he might be able to scrounge some sort of report out of the thin findings and help the Senate save face.
[...]
A Sicilian immigrant from the East Side of New York City, [investigator Ferdinand] Pecora Pecora was hired to wind down the committee’s work, but after reviewing their records, he decided the work wasn’t finished. He urged the senators to extend their investigation. He soon got results.
[...]
[Pecora] had worked his way up through the District Attorney’s office handling major cases against murderers, gangsters, racketeers, and corrupt politicians. He sent the state Banking Commissioner to Sing Sing and nearly put a State Comptroller there too. Pecora also turned his attention to Wall Street, closing down 150 “bucket shops”—shady outlets that handled illegal bets on stock performances—and sending several of their owners to jail.
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When [Franklin] Roosevelt took office just weeks later, he announced plans to explore “all of the ramifications of bad banking, so that the government will be able to guard against their continuance and prevent their return.” The new president urged the Senate to continue its hearings.
[...]
Pecora became a national celebrity, appearing on the cover of Time and Newsweek in the same week that June. More important, the cause he pressed became a national concern as well.
The American people, who had looked up to bankers in the 1920s, now called them “banksters”—gangster-like figures up to no good. The hearings had crafted a narrative about who had wronged them, and how, and prepared the way for Congress to enact sweeping new laws to ensure it would never happen again. The Securities Act of 1933 and the Securities Exchange Act of 1934 led to the creation of the Securities Exchange Commission which regulated Wall Street from that point on. The Glass–Steagall Act, meanwhile, forced commercial banks out of risky investments and established the FDIC system which guaranteed deposits in case of bank failures.
For decades, these laws guarded against another great crash. Their evisceration in the late 20th century, not surprisingly, contributed to the financial meltdown of 2008.
When Obama, and Biden, came to office soon after, many called for another investigation into Wall Street to hold individuals and institutions accountable. In January 2009, Ron Chernow asked in the New York Times: “Where Is Our Ferdinand Pecora?” In April, House Speaker Nancy Pelosi likewise called for a new Pecora Commission, even pressing Treasury Secretary Tim Geithner about it. But nothing happened: Obama wanted to look forward.
If only.This time around, Democrats should learn from Obama’s mistakes and Roosevelt’s successes. Policies follow politics, and before any administration can “move forward,” it first has to make clear what it’s moving forward from, and why.
The only thing that gives me any hope that Trump will be held accountable for anything is that politicians may want to trounce him in order that the American public never again think about hiring a non-politician for the job. But even that hope isn't big enough to notice.
...but hey, do what you want...you will anyway.
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