Of course he did. That ship sailed long ago when he handed over the economy to Wall Street boot-lickers like Geithner and Summers. It remains possible to influence them via the tax code - the tool that helped them enjoy massive profits - but does anyone really believe Obama or Congress has the willpower to do that? It's possible but only barely. If Wall Street could call the shots through the worst economic period in decades, there's little to suggest it's going to change during this period. It may be lackluster and few jobs are emerging but it's still calm. This is not a team that likes to rock the boat under any circumstances. CNNMoney:
The president is expected to say he wants to see more loans for the sake of economic recovery. He'll also urge execs to curb compensation, to stop gouging customers with high credit card rates and hidden overdraft fees, and to support financial reform efforts.
But some observers question that the administration can make its message stick. The reason: It no longer has much leverage over the banks because it so readily accepted repayment of bailout money -- $116 billion in all.
That sounds great on a budget report, but now policymakers have little power over bankers who have their own priorities, namely, making money.
