The Banks And The Reign Of The Cool

John Judis uses Karl Marx's rhetoric to explain why President Obama hasn't nationalized the banks. Judis says the banks may or may not be as strong as the administration says (and yesterday's earnings reports seemed to affirm). Their successfully persuading the government to stop using "mark to market" rules makes it hard to know for sure, Judis says, and proves that they're winning a shadowy class struggle, which may not be best for the country.

I disagree. Obviously private control of the major banks is in the long-term interests of the economy. Hard to say whether Judis actually agrees with that. As for Obama, he's once again demonstrating an ability to watch, discern, wait, and avoid overreaching.