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National and Global, United States

Saturday, December 12, 2009

More Yada from the White House to Wall Street...

President Obama 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.

In his address, Obama contended that the worst economic downturn since the Depression wouldn't have happened if the rules governing Wall Street been clearer and enforcement tougher.

"Americans don't choose to be victimized by mysterious fees, changing terms and pages and pages of fine print. And while innovation should be encouraged, risky schemes that threaten our entire economy should not," he said. "We can't afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown."

Obama has scheduled a meeting Monday (14 Dec) at the White House with financial services industry leaders to seek support for his effort to tighten federal oversight of the industry and to limit pay for top executives at institutions that accepted billions in bailout money from the government. Now, just read that paragraph again. He is meeting with financial industry leaders to get support to tighten federal oversight of...their industry! Now, what do you think the outcome of that meeting will be?
Break out the Jack Daniels on this one. Fact is, I don't get it. Do you?

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