Obama sweeps into his second term with real advantages, including stronger appointees and more senators on his side. But the problems run so deep that he is unlikely to solve them.
Tax code favors debt over equity, fattening bank profits and weakening the financial system.
Aided and abetted by Congress, the Securities and Exchange Commission deregulates as if the financial crisis never happened.
In an effort to wind down the bank bailout program, the government is trying to sell its preferred stock holdings of the remaining smaller banks, but the potential losses from the auctions could be in the hundreds of millions of dollars.
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