Posted at Hartmann Report on May. 24, 2026
Obama rescues neoliberalism from itself: The Hidden History of Neoliberalism: How Reaganism Gutted America and How to Restore Its Greatness
The following year Barack Obama was elected to the presidency. In his inaugural address he told the American people that markets needed supervision to work.
“Nor is the question before us whether the market is a force for good or ill,” President Obama said, looking into the camera. “Its power to generate wealth and expand freedom is unmatched. But this crisis has reminded us that without a watchful eye, the market can spin out of control. The nation cannot prosper long when it favors only the prosperous.”
Americans who were hopeful that the age of neoliberalism was coming to an end (even if they didn’t know there was a name for it) cheered: Obama’s popularity soared above 60 percent.