In one of his first speeches since leaving the White House, Barack Obama offered up an honest explanation for why bankers were saved under his Administration.  Speaking at a Profiles in Courage event, Obama observed

it takes little courage to aid those who are already powerful, already comfortable, already influential — but it takes some courage to champion the vulnerable and the sick and the infirm, those who often have no access to the corridors of power.

With his own words, Obama effectively said he acted with little courage in dealing with the financial crisis.

Who did he bailout?  He bailed out the bankers: also known as the already powerful, already comfortable, already influential.

Who did he protect from the law when their misbehavior behind a veil of opacity became known?  He protected the bankers:  also known as the already powerful, already comfortable, already influential.

With his own words, Obama effectively admits he didn’t have the courage to use the financial system as it was designed to protect the vulnerable 99% who have no access to the corridors of power.

On the positive side, with his words, Obama reveals just how bogus Ben Bernanke’s claim to have the personal Courage to Act was and is.