Think Progress gets all triumphant with regards to this bit from Obama‘s speech:
[W]e have lived through an era where too often, short-term gains were prized over long-term prosperity; where we failed to look beyond the next payment, the next quarter, or the next election. A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future. Regulations were gutted for the sake of a quick profit at the expense of a healthy market.
A) Obama, Geithner, and Summers are transferring wealth to shareholders every time they inject capital or guarantee debt while leaving their equity intact. The entire US banking system is insolvent and surviving on government money. How is it not a transfer of wealth when the government doesn’t take full control of these banks?
B) Summers was and is four-square behind deregulation.
Stop taking damn victory laps when your guy is doing the same thing you railed about when Bush was doing it.