A Failure of Nerve: Obama's Promise and the Enduring Power of Wall Street

From the bestselling journalist, a scathing indictment of Wall Street's influence and a challenge to Washington to deliver the reform that the economy needs Barack Obama was elected at a moment of dire financial crisis, promising a new era of economic reform. But a year later the economy is still mired in recession and fundamental change seems an ever more distant hope. The reason, as Robert Kuttner reveals, is both simple and shocking: even at the hour of its disgrace, Wall Street still has a lock on American politics. From his ringside position as a senior adviser to the congressional panel overseeing the bank bailout, Kuttner recounts the first year of the Obama administration's efforts to contain the crisis--and Wall Street's efforts to contain the reforms. In this definitive and compelling account, Kuttner reveals new details of the titanic struggle between advocates of an overhaul and guardians of the status quo. He explains why the "outsider" president hired and trusted a crew of financial insiders, demonstrates how Wall Street quietly exerts its power, and shows how the financial industry's control is endangering Obama's presidency. The solution, Kuttner argues, lies in fundamental change in the way that Wall Street operates--change that America needs, and that Obama, we hope, can still deliver.