Now that the Obama Administration needs Wall Street support for its plan to remove toxic assets from the books of financial institutions, it is suddenly become awfully nice to Wall Street.
I am sure that the friendliness is appreciated; it is certainly more civilized than the gratuitous Wall Street bashing the Administration previously involved itself in. But it smacks of desperation and opportunism nevertheless. Moreover, who on Wall Street actually thinks that the Administration won’t turn on the financial community the next time it finds it convenient to do so?
Before you go around riling a certain group of people up against you, you have to ask yourself whether you will need those people at some point down the line. When it comes to Wall Street, however, the Obama Administration does not appear to be in the habit of thinking ahead.