For Wall Street and insurers, Obama is the (profit) messiah

In my recent column, I condemned the Supreme Court conservative majority for rulings that allow the 1 percent to buy our democracy at the expense of the 99 percent, and called for a constitutional amendment to reverse these decisions. Viewed from a different perspective, the 1 percent on Wall Street should be buying champagne and filet mignon for President Obama to thank him for all the money they made during the Obama years with rising markets, continued bonuses and huge compensation, and firms that remain too big to fail with Obama, as they were before him.

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History does prove that if you want to live like a Republican, vote for the Democrats, with more recessions being caused by Republican presidents and more recoveries brought by Democratic presidents. But there is more involved than this.

No matter which party is in power, the rich get richer, the poor get poorer, the middle gets squeezed, the bankers get wealthier, the workers get high unemployment, the politicians raise money and the revolving-door greed continues under Obama, as it continued under President George W. Bush, with "change you can believe in" working pretty well for many former Obama staff members who make their fortunes from special interests as former Bush staff members made theirs.

Incredibly, those in the 1 percent have done even better under Obama than they did under Bush, and the disparities of income have either remained unchanged under Obama or become even worse.

For those right wingers who call Obama a socialist: Among the folks who should be sending Obama champagne and filet mignon are the insurers, their executives, and their investors, because ObamaCare has made more money for insurers than anything the Heritage Foundation ever dreamed of. Oops — it was Heritage that first proposed key aspects of ObamaCare.

In short, it is hard to keep track of who is the messiah for whom, which is why we need change we can really believe in, which is why I proposed a constitutional amendment in my column to prevent unlimited donations that continue great inequality no matter which party is in power.

Budowsky was an aide to former Sen. Lloyd Bentsen (D-Texas) and former Rep. Bill Alexander (D-Ark.), who was then chief deputy majority whip of the House. He holds an LL.M. degree in international financial law from the London School of Economics. Contact him at brentbbi@webtv.net.