Posted on 01/23/2010 12:00:25 AM PST by fishhound
"If these folks want a fight," President Obama said Thursday, tossing a rhetorical barb at Wall Street, "it's a fight I'm ready to have."
But what if they don't want a fight?
To begin with the substance of his proposed regulations: Right now, all we have is a vague first draft. We know they will be fleshed out, rewritten, amended, tweaked, ping-ponged, and massaged.
All along, we know Wall Street lobbyists will be at the table. The Wall Street "fat cats," as Obama calls them, probably aren't really looking for a fight as much as a seat at the table -- and the numbers suggest they've earned that seat.
For his presidential campaign in which Wall Street regulation was a mantra, Obama's top source of funds was investment bank giant Goldman Sachs, whose employees, partners, and executives gave him $995,000 -- that's the most any politician has raised from any one company in a single election since the age of "soft money" ended.
Obama is touting his proposed bank tax and financial regulations as a test of "whose side" politicians are on -- the bankers' or the people's. But check the numbers at OpenSecrets.org, and you get an interesting clue as to whose side Wall Street on.
The "securities and investment" industry has favored Democrats by more than a two-to-one margin so far this cycle. The top eight recipients of Wall Street PAC money this election are all Democrats.
The Wall Street flood of cash to Democrats is not simply about buttering up those in power -- a closer look at the cash looks like Wall Street wants Democrats to win. The top recipient of Wall Street PAC money is Rep. Paul Kanjorski, D-Pa., distinguished mostly by his being a very vulnerable incumbent.
(Excerpt) Read more at washingtonexaminer.com ...
And 10 days ago, once it was clear Martha Coakley's campaign was in trouble, Citigroup's PAC cut a $2,400 check, while many lobbyists representing Goldman, Citi, and Morgan Stanley shelled out for her Capitol Hill wine-bar fundraiser."
Where a journalist was knocked down by a thug.
“Where a journalist was knocked down by a thug.”
Make that where free speech was knocked down on the sidewalk.
The article is spot(light) on
But there was no reference to Obama’s stump speech made at a factory in that same town in 2007 where Obama promised he’d be working on getting jobs, shutting down NAFTA. etc etc. He couldn’t stop at that site because that factory where he made all those promises is closed. There is a need for Glass-Seigal act which was removed during the Clinton administration with the assistance of Phil Graham but when Obama talkes about taxing big banks Fannie Mae and Frank are exempted
http://www.theusmat.com/
Most of the big bankers are big Rats. But it’s Republican policies that help them prosper the most.
Danial Mudd. Who’s is Danial Mudd? Isn’t he the head of Big Bank and received $10,000,000.00 bonus money? 100% paid for by us, the tax payer/consumer. Thank you Obama and Congress,let me bend over some more. NOT.
Obama is aiming at the wrong target...and I think the people have figured it out.
There are two potential targets of populism: the social/economic elites and the political elites.
Obama is aiming at economic elites. But that’s not where the people are. Yes, they’re mad at Wall Street. But voters recognize that social/economic elites have joined the political elites...forming one giant bullseye squarely on Washington D. C.
So, once again, Obama is out of step and aiming at the wrong target. Voters aren’t going to be satisfied until someone takes on the self-enriching, economy-crushing culture of Washington. They notice that Obama’s “solutions” always result in more money flowing out of their wallets (bank fees) into Washington’s coffers.
“If these folks want a fight,” President Obama said Thursday, tossing a rhetorical barb at Wall Street, “it’s a fight I’m ready to have.”
How many more times is he going to use that stupid line?
following the money ping
Every thinking American knows there needs to be reform in certain aspects of the banking industry...That’s Obama’s hook. But its a shakesdown...He then creates semi-load loopholes in “reform” legislation which the semi-socialist pigs can drive through to get at their space at the OTM (our tax money) trough. Don’t forget ...”All animals are equal...but some are more equal than others”...G.O. “Animal Farm”
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