President Obama reportedly told senior bankers in a private meeting that he is the only thing standing between them and the "pitchforks," but he himself is faced with alternatives that may increase public anger. He has postponed the day of reckoning by subjecting the 19 biggest banks to "stress tests, supposedly to determine whether they have the capital to stay in business if the recession gets worse.
Banks Still Pose a Significant Headache for Obama
Credits
Guests:
- Ed Luce - Financial Times - @EdwardGLuce
- Kenneth Rogoff - Harvard University - @krogoff
- Felix Salmon - chief financial correspondent for Axios - @felixsalmon
- Kevin Drum - Writer, Mother Jones