Democrats, This Is Why You Lost


Naked Capitalism has the article Matt Taibbi and Alayne Fleischmann Discuss JP Morgan Mortgage Fraud, Eric Holder CoverUp on Democracy Now.

The article features this video from Democracy Now:


There are so many quotes from this video that I jotted down, that I’ll probably put some of them in the addendum to this post. Here is the one, I have chosen to feature.

Juan Cole: And Matt Taibi, The reality that despite all the claims of the Obama administration that they pursued all these civil cases that they never really went after the people who practically wrecked the world economy and how that relates to this election result that we just had. We obviously, Americans across the board from Democrats to Republicans to Independents are still furious about their economic situation and the failure of holding these people accountable

Matt Taibbi: It’s hard not to make a connection between the total lack of enthusiasm we saw for the Democratic Party this past week. For instance their behavior in pushing investigations of the financial services community. We saw it with the Occupy protests. I talk to people on Wall Street all the time. All my sources come from Wall Street, and they all say the same thing taht Barack Obama had an incredible opportunity in late 2008 just after he took office with his communication skill he could have gotten in front of the American people and explained to them exactly what happened and said this is why the economy is bad, this is why you are losing your job, there was massive criminal activity, it’s not just an accident, and then he could have gone and a few people in jail, and really put some teeth behind those words. The they swept it all under the rug and people, even if they don’t completely understand what happened they sense that nothing was done. I think it is important to understand that.


If you are a Democrat searching for a reason why the Democrats suffered big losses this past Tuesday, then look no further from this discussion. If you cannot see how this behavior of the Obama administration has soured the public on Obama, then you must be unwilling to face the truth.

If you cannot see why Hillary Clinton must not be the 2016 Presidential nominee of the Democratic Party and someone like Elizabeth Warren must be the nominee, then you are doing your party and your country a terrible disservice.


Here is another quote. Amy Goodman had played a video clip of Obama’s press conference announcing Holder’s resignation. Obama offered high praise for the fines Holder extracted from the financial industry. Amy Goodman asked for Matt Taibbi’s reaction.

Matt Taibbi: The first thing I would say is, ok, they brought a bunch of settlements, collected a bunch of money, but there isn’t a single individual in this entire tableau who is actually individually paying any kind of penalty for any of these misdeeds. All of that money came out of the pockets of shareholders. No executives had to pay a fine. No executives had to do a single day in jail. There were not even charges filed against any individuals.


As I reread this quote as I place it here, I realize how much it reinforces the points I made above the line.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.