Sunday, December 13, 2009

Wall Street Didn't Get it??!!

President Obama over the weekend once again blasted Wall Street for not "getting it":

..."The president told CBS' "60 Minutes" that "the people on Wall Street still don't get it. ... They're still puzzled why it is that people are mad at the banks. Well, let's see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year ... in decades and you guys caused the problem," Obama said in an excerpt released in advance of Sunday night's broadcast of his interview..."

Here is a little quiz:

1) Did the "people on Wall Street" violate any regulations that came with the bailout package? If so, which?
2) If they acted totally within the parameters set by the Federal Government, in what way didn't they "get it"?
3) Are "people on Wall Street" in the charity or in the profit maximizing business. Remember the maxim: the business of America is business.

There is just one person on this planet, so it appears, who still doesn't "get it".

President Obama, the Wall Street "people" acted totally rationally within the parameters set by your own people. They include most importantly Tim Geithner, your Treasury Secretary, Larry Summers, your principal economic adviser and Ben Bernanke, your Fed Chairman.

If you now blame Wall Street for having done this or that, why did your people hand over multibillion dollar bailout money on a silver platter without any restrictions? Without cleaning out those running Wall Street for having aided and abetted the whole financial bubble? You did that with GM, a Main Street firm.

Why not disclose all records documenting in what negligent or worse deliberate ways former Treasury Secretary, Hank Paulson, handed over billions to aid AIG knowing a big chunk of that money would go to Goldman Sachs, his old firm?

I am sorry, I cannot get excited over Wall Street's basic nature to make money for itself. These "people" exist to do just that. Making money for oneself is not a crime. It is what once made America great.

The only person who is clueless, Sir, is you, Mr President. You just don't "get it" that your own people have aided and abetted Wall Street to do what they do best. Normally that too would have been OK, except this time you were using money from taxpayers over 10% of whom are unemployment, over 40% of homeowners are facing negative home equity and with California, for years the "future" state of the Union bankrupt. That's really pretty poor performance for a former Editor of the Harvard Law Review.

The report on Obama's "don't get it" is here.


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