This week Obama's acceptance of the Nobel Peace Prize came as an ironic reminder of the ethics and change so many had hoped he would bring to American politics. At this point one year in, I believe that he is a massive disappointment. The trouble is Obama set himself the high bar; he promised morality, fairness and an ousting of the status quo. A breach of this trust hits people harder than regular disappointments. His elegant words inspired the hope of the masses. So many believed.

This week a Rolling Stone article examines how Obama has sold out the American trust to Wall Street. In “Obama’s Big Sellout”, Matt Taibbi argues that President Obama has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway. Rather than keeping his progressive campaign advisers on board, Taibbi explains how Obama gave key economic positions in the White House to the very people who caused the economic crisis in the first place. Taibbi also points to the ties Obama’s appointees have to one man in particular: Bob Rubin, the former Goldman Sachs co-chairman who served as Treasury secretary under Bill Clinton.

The full story is available online here. — Rolling Stone

Here is also a video clip of Taibbi giving a breakdown of his argument in which he identifies the major players on Obama’s economic team, untangles the web that ties them to Rubin and points to how these relationships play into the financial “reforms” the Democrats are currently pushing through Congress.

But hey, it is Christmas. Maybe there is still hope? What do you think: will Obama be able to do an about face, and remedy his breach of trust in 2010? Is it too late?   more »