Tuesday, October 20, 2009

White House PR -- Too Little Too Late

White House has launched a belated PR campaign playing catch-up after Goldman Sachs announced record bonuses to be paid out.

First Larry Summers' harsh words on Wall Street which, by the way, had paid him handsomely beyond any semblance of productivity. I posted that story earlier. Now this:

"The bonuses are offensive," Obama senior adviser David Axelrod said Sunday on ABC's "This Week," adding that banks must do more to support lending across the country and should stop their lobbying efforts aimed at blocking the passage of new financial regulations that are being prepared in Congress.

Source: Washington Post.

Then Obama's alter ego:

White House Chief of Staff Rahm Emanuel chided Wall Street firms for neglecting their responsibilities "in the short period of time where they have a level of normalcy because of what the government did to help them."

"Not only do they come for a bailout . . . they're now back trying to fight a consumer office and the type of protections that will prevent another type of situation where the economy is taken over the cliff by the actions taken on Wall Street and financial market," he said on CNN's "State of the Union."

The article from which these 2 quotes came from is here.

Any reader of my blog over the past bunch of months or the public writings of Paul Volcker, Paul Krugman (NY Times and Princeton), Simon Johnson (MIT) and the to-your-face article in Rolling Stones here on Goldman Sachs could only be surprised or dismayed or angered or just simply pissed off that these hifaluting officials are only now showing their displeasure.

I don't even know whether this is genuine anger or just PR. Surely these folks couldn't have been so stupid as not to know their policy had allowed those guys to bolt from the gates. They are way ahead of Washington's ability to rein them in.

So, the DC types are now publicly fuming just to placate an angry Main Street and all those that live on Off-Main-Street Streets -- all of us that is.

Unless GOP continues with their current folly of playing ignorant fools, The Democrats are going to take a huge beating at the next by-elections. That's my bet.

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