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Monday, September 21, 2009

One Term President: The Tool of Wall Street

*Paul Krugman writes an article wondering on the incredulity of our famous (guess who), his face has been plastered all over the BOOB TUBE, making the following statement. I could hardly contain my outrage, as you can imagine! Read some excerpts:

Op-Ed Columnist
Reform or Bust
In the grim period that followed Lehman’s failure, it seemed inconceivable that bankers would, just a few months later, be going right back to the practices that brought the world’s financial system to the edge of collapse. At the very least, one might have thought, they would show some restraint for fear of creating a public backlash.
But now that we’ve stepped back a few paces from the brink — thanks, let’s not forget, to immense, taxpayer-financed rescue packages — the financial sector is rapidly returning to business as usual. Even as the rest of the nation continues to suffer from rising unemployment and severe hardship, Wall Street paychecks are heading back to pre-crisis levels. And the industry is deploying its political clout to block even the most minimal reforms.
The good news is that senior officials in the Obama administration and at the Federal Reserve seem to be losing patience with the industry’s selfishness. The bad news is that it’s not clear whether President Obama himself is ready, even now, to take on the bankers.

In relevant part:
I was startled last week when Mr. Obama, in an interview with Bloomberg News, questioned the case for limiting financial-sector pay: “Why is it,” he asked, “that we’re going to cap executive compensation for Wall Street bankers but not Silicon Valley entrepreneurs or N.F.L. football players?”
That’s an astonishing remark — and not just because the National Football League does, in fact, have pay caps. Tech firms don’t crash the whole world’s operating system when they go bankrupt; quarterbacks who make too many risky passes don’t have to be rescued with hundred-billion-dollar bailouts. Banking is a special case — and the president is surely smart enough to know that.

*I couldn't have said it better myself so I won't even try. And while I don't always agree with Krugman (the bleeding heart) I sure find the President's comments not only outrageous but somewhat blasphemus(?spell) and am fully convinced that he is now the sanctimonius spokesperson for all of Wall Street and that now we know where he will be working when his FIRST and ONLY term is over in shortorder! The disingenuosness of these remarks are just frankly, unbelievable. The NFL nor the Tech industry had there hat in hand crying to Congress (US TAXPAYERS) to save me and now we are supposed to believe this character comparing them to cash rich companies and well run athletic entertainment? Change we can alright. I'm thoroughly disgusted and will no longer defend this guy. I was a Hillary supporter, experience meant something to me. Now you all know why. Even she was more trustworthy! Man, what a dissapointment. -Tradebum

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