President Obama and his Wall Street protecting economic team's policies are failing to create an economic recovery and instead compounding the damage of this economic catastrophe helped caused by the criminal Bush regime.

What else can one expect when they are following  the Bushite policy of rewarding the financial meltdown perpetrators with billions/trillions in bailout monies?

I've written so often about the Obama administration's woodenheadedness in supporting a failed and corrupt financial system rather than overhauling that terrible system that, this time, I'll let others weigh in on the subject.

Mike Lux at Open Left: "Obama's policies related to overall banking and economic policies are currently failing. Goldman Sachs and JP Morgan Chase are becoming bigger, richer, and more powerful, while unemployment, home foreclosures, small business bankruptcies are going up. Goldman Sachs and JP Morgan Chase are not only too big to fail, they are so big that everyone else is failing. As Paul Krugman pointed out, the things they do actually are harmful to the rest of the economy."

As Jim Hightower comments: "You'd think that Wall Street bankers – who have caused a national economic collapse and cost taxpayers $12 trillion just to keep banks in business – would be pariahs in Washington.

"But no – not only are they still being glad-handed and back-slapped in the Capitol corridors by officials of both parties, but the banking lobby is still winning legislative and regulatory battles over you, me, and the public interest. Why is that?

"Remember the words of Willie Sutton, who said he robbed banks "Because that's where the money is." Even though today's robbers are the bankers themselves, they are still a reliable source of campaign money for both Democrats and Republicans – and that money buys them friends in high places."

Again, what can one expect when the head honchos of Government Sachs and JP Morgan Chase are treated with friendly kid gloves by this administration and Congress, since both government branches are controlled by these Wall Street perps?

Meanwhile, the Washington Post reports: "Many of the banks that got federal aid to support increased lending have instead used some of the money to make investments, repay debts or buy other banks, according to a new report from the special inspector general overseeing the government's financial rescue program.

"The report, which will be published Monday, surveyed 360 banks that got money through the end of January and found that 110 had invested at least some of it, that 52 had repaid debts and that 15 had used funds to buy other banks.

"The report by special inspector general Neil Barofsky calls on the Treasury Department to require regular, more detailed information from banks about their use of federal aid provided under the Troubled Asset Relief Program. The Treasury has refused to collect such information."

And while bank are profiting, the number and value of new loans are dropping as these figures show while Larry Summers and other members of Obama's economic team continue to spew lies.

Where in this administration are the progressive economists who were warning about this economic catastrophe long before it happened and providing solutions?  Where in this administration are James Galbreath, Dean Baker or Nobel Prize winners Joseph Stiglitz and Paul Krugman?

Paul Krugman comments: "I think this Michael Hirsch piece on Joe Stiglitz somewhat misses the point.

Yes, Joe should be playing a bigger role — he’s an insanely great economist, in ways you can’t really appreciate unless you’re deep into the field. I’d say that he’s more his generation’s Paul Samuelson than its John Maynard Keynes: as with Great Paul, almost every time you dig into some sub-field of economics — finance, imperfect competition, health care — you find that much of the work rests on a seminal Stiglitz paper.

But the larger story is the absence of a progressive-economist wing. A lot of people supported Obama over Clinton in the primaries because they thought Clinton would bring back the Rubin team; and what Obama has done is … bring back the Rubin team. Even the advisory council, which is supposed to bring in skeptical views, does so by bringing in, um, Marty Feldstein.

The point is that even if you think the leftish wing of economics doesn’t have all the answers, you’d expect some people from that wing to be at the table. Yet I don’t see Larry Mishel, or Jamie Galbraith … Jared Bernstein is it.

Joe Stiglitz stands out because in addition to being on the progressive wing, he’s also, as I said, a giant among academic economists. But I think the real story is more about excluded points of view than excluded people."

Disappointing, dismaying, and damaging describe the Obama administration's financial system and economic policies.