Don’t leave us behind, O

Happy days are here again — if you’re Goldman Sachs or JPMorgan Chase.

These Bailout Barons raked in third quarter profits of $3.2 billion and $3.6 billion, respectively, with Goldman reportedly preparing to dole out $23 billion in 2009 bonuses. For others, the third quarter wasn’t nearly so kind — foreclosures hit an all-time high, for example.

With headlines like these, the results of a recent poll by Hart Research Associates come as no surprise: Americans view the government’s economic policies as helping the fat cats, not ordinary folks. When asked “How much has each of the following been helped by the government’s economic policies?” 62 percent said that large banks had been helped “a lot” or “a fair amount;” only 13 percent feel government economic policies have helped the average working person.

There is a growing danger that the public face of the Obama administration’s response to this Great Recession is the Bank Bailout. In contrast, the public face of the response to the Great Depression was the WPA. While the administration has accomplished some good with its too-small recovery bill, it seems the no-strings-attached Bank Bailout is corroding the view of a government that is on the side of the working person. This is a real threat to the possibility and promise of the Obama administration.

As Wall Street celebrates the Dow reaching 10,000 for the first time since October 2008, unemployment continues to rise toward double digits. And now we see these megaprofits and obscene bonuses on the horizon from big banks which were bailed out and in return haven’t given anything back to the people.

The administration needs to switch this frame. Yes, it’s a challenging time politically, with a right-wing GOP that is devoted to taking down Obama at any cost. But heading into 2010, the Obama administration must put itself back on the side of working people.

– Katrina vanden Heuvel is the editor and publisher of The Nation.

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