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Thursday
May202010

Obama is business friendly by choice, not political necessity.

One narrative of Obama's policies is that his personal preferences are to the left but that he has to bend pragmatically--or reasonably judges that he does--to public opinion and Congressional politics and that is the reason his policies seem centrist or even center right.  I've said something like that here.  But in the financial institution legislation pending in the Senate, that seems clearly wrong. Public opinion and even Congressional politics favor tougher legislation than is apparently going to pass the Senate, but the President has weighed in against tougher legislation. In his statement today, he went out of his way to say the consumer protection provisions in the bill would not hurt business. 

And the reform I sign will not stifle the power of the free market -- it will simply bring predictable, responsible, sensible rules into the marketplace.  Unless your business model is based on bilking your customers and skirting the law, you should have nothing to fear from this legislation.

Possibly, he is "correct" on the merits, but he did have lots of political room to move further left on these issues and probably would have gained more support amongst voters and his left-wing base had he done so. In this case, at least, he leaned right by choice.

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