Thursday, December 17, 2009

Obama & Wall Street Controversy

In an earlier post I touched on Matt Taibbi's Obama & Wall Street article in which he attempts to show Obama is controlled by Wall Street.  His basic argument is that Obama relied upon people he knew and those people had their own agenda based on their work associations or, perhaps, as a result of their cultural biases.  Just because you know a member of the elitist class does not mean you can trust their judgment.  Yet, we are constantly being told if you have not been part of the problem you are not qualified to solve the problem.  Imagine what The President's advisers must tell him.

Consequently, I think it is important that you view the links in this post to get a perspective on how facts spin.

Here is an overview of the controversy from Harper's.  Here is the reaction to Taibbi's article by Tim Fernholz.  Here is Salmon's criticism of Fernholz.  Of course, Fernholz continued to react in clarification.

Personally, I think Obama has been played and used and it is now a matter of does he know it and what is he going to do about it.  Brad Delong provides a good nutshell analysis.

Any book, any article in a magazine or news paper, any article on the internet has to be approached with a critical analysis.  The failure to assess information methodologically is the road to poor judgment and false beliefs.

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