Posted on 08/29/2010 7:54:08 AM PDT by maggief
Barack Obama was “incredulous” at what he was hearing, said one of his top economic advisers. The president had spent his first year in office overseeing the biggest government bailout of the financial industry in American history. Together with Federal Reserve chairman Ben Bernanke, he had kept Wall Street afloat on a trillion-dollar tide of taxpayer money. But the banks were barely lending, and the economy was still mired in high unemployment. And now, in December 2009, the holiday news had started to filter out of the canyons of lower Manhattan: Wall Street’s year-end bonuses would actually be larger in 2009 than they had been in 2007, the year prior to the catastrophe. “Wait, let me get this straight,” Obama said at a White House meeting that December. “These guys are reserving record bonuses because they’re profitable, and they’re profitable only because we rescued them.” It was as if nothing had changed. Even after a Depression-size crash, the banks were not altering their behavior. The president was being perceived, more and more, as a man on the wrong side of an incendiary issue.
(Excerpt) Read more at newsweek.com ...
“Wait, let me get this straight,” Obama said at a White House meeting that December. “These guys are reserving record bonuses because they’re profitable, and they’re profitable only because we rescued them.”
Next time let about half fail, use a coin toss.
Brilliant!
BS.
Obama knew what was going on with his Wall Street buddies. Hell, he capped off his Martha’s Vineyard vacation with a round of golf with his good buddy Robert Wolf, the CEO of UBS in the U.S.
Obama’s Wall Street bailout was all about ensuring future campaign contributions as well as financial backing for his other socialist programs.
Funny how the liberal media is now trying to paint the gay muslim from Kenya as a victim of his Wall Street buddies.
Aw poor little Obama.
Obama ala bs. All he has got. Makes everything up as he goes.
Absolutely right - the goofy author doesn’t even understand the difference between Wall Street and the big banks.
” Obama’s Wall Street bailout was all about ensuring future campaign contributions as well as financial backing for his other socialist programs.
Funny how the liberal media is now trying to paint the gay muslim from Kenya as a victim of his Wall Street buddies. “
Pathetic article. Obama and Goldman Sachs sleep together. Thick as thieves ;-)
” JOURNOLIST:
http://www.freerepublic.com/focus/f-bloggers/2567539/posts
Michael Hirsh - Newsweek “
LOL.....all we need to know.
tax cuts would work but that is like supporting pro life to the rats
Wall Street is now steering some campaign contributions to the GOP for 2 reasons:
1. They’re mad at the Kenyan for not getting their Cap & Trade scheme passed
2. They’re afraid of what a GOP house with subpoena power will find out about the backroom deals that were made during Obama’s socialist orgy of the past 1.5 years. They need RINO’s to cover things up and have decided to pay protection money if the GOP retakes the House.
I should have checked the Journ0List before posting the thread, as I would have noted it in the title.
” I should have checked the Journ0List before posting the thread, as I would have noted it in the title. “
You mean to tell us you aren’t perfect??
NAW!!
;-)
” Wall Street is now steering some campaign contributions to the GOP for 2 reasons:
1. They’re mad at the Kenyan for not getting their Cap & Trade scheme passed
2. They’re afraid of what a GOP house with subpoena power will find out about the backroom deals that were made during Obama’s socialist orgy of the past 1.5 years. They need RINO’s to cover things up and have decided to pay protection money if the GOP retakes the House. “
FReeper jimbo123
Sunday morning W I N N E R !
Read it, folks.
“Joe Biden—the product of a working-class upbringing in Scranton, Pa” ??????
I thought Biden claimed that his old man was a diamond stickpin kind of guy.
And so it starts, the blame game begins for the coming election debacle in Nov 2010 and the probable Demo political collapse in 2012. Rahm is out, Timmy G and Summers are marked men, Biden will retire for “health reasons”. The deck chairs are about to be shuffled, but don't expect it to make much difference.
The power structures are at war right now, the political vs the economic interests, the previous uneasy alliance, is coming apart. And it will be war with fury. Bam etal decided to play along, The Fed and Wall Street laughed and took them for a ride. Newsweek is just a pawn for these tools.
They were both betting that this was just like other recessions, 2 years and things would be “improving” and all would be well. Spend a couple of trillion and the market and jobs picture would be better and the voters will come home to the Demos.
But it didn't happen because we have reached the end of the credit cycle, the marginal value of all this spending is now less than 1, it costs more than it helps. Many could see this, most were uneasy with it, but the warnings went unheeded.
Bam and his ilk will be on the ash pile of history, the Progressives are dead. And all us regular folks will have to pickup the pieces from their folly, the US will never be the same. I for one am very angry ....
schu
LOL!
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