Tag Archives: Wall Street

The New Populist Obama?

Are we witnessing the emergence of Obama II, the man of the masses, the man who will cease listening to Wall Street types like Larry Summers and Tim Geithner? Two days after witnessing his party get clobbered in Massachusetts, Obama II came out swinging. He made clear there will be legislation that prevents banks from taking risky bets with their own capital to make money on financial markets. They not only will not be allowed to make such bets, but to run hedge funds or make private equity investments through what is called the “Volcker rule.” He wants to prevent further consolidation of the financial system and ban takeovers and mergers among American firms in the financial sector.

The Dow Jones went down about 190 points on news the president was finally going to behave as president of the United States rather than president of Wall Street. Finally, he made reference to how Bush got us into the mess. Obama is expected to push for higher taxes on financial institutions. Of course, it remains unclear whether Wall Street types can actually live on incomes under a billion of year.

Price Of Captialism?

The Republican party, and to a great extent, the Democratic party, have extolled the virtues of capitalism as the door to a prosperous future. During the past half century, the famous Chicago school of economics theorists such as Milton Friendman have assured the American people it was “the government” and its regulations which hampered the road to prosperity. As the Soviet Union collapsed, Republican leaders urged the end of government regulation of business which has arisen after the Depression in order to ensure that another economic calamity would not occur. The assumption was one could trust CEOs and Wall Street bankers and hedge fund leaders with the reins of economic power. They did not promise pie in the sky to everyone, just old fashioned a house of your dreams.

The critical test of the Obama administration is challenging free enterprise and restoring the concept that business alone without government regulation is the surest guarantee of economic disaster. It is vitally important for new legislation to control hedge fund managers and Wall Street bankers from calling economic decisions.

PLACES I WOULD NOT LIKE TO BE

Following are some places I prefer not to be seen at.

In a Fox News meeting called to discuss if it is possible to report objectively.

At a fruit stand which just received news the strawberry season is over.

An Obama meeting called to discuss how to create jobs– for others than bankers, that is.

In a room with John McCain as he writes his account of the 2008 presidential election and reaches Sarah Palin.

On the plane to Minneapolis when pilots got into an argument with traffic controllers.

Eliot Spitzer’s press conference where he announces another run for governor.

Any congressman meeting with health insurance lobbyists to discuss why a public option is un-American.

In Rudy Giuliani’s bathroom when he shaves and tells the person in the mirror, “who is fairest of them all, Rudy, that is!”

Yankee Manager Joe Girardi explaining his pitching changes during the playoffs.

Michelle Obama press conference when she is asked about the $6,000 purse.

Any Republican ethics committee meeting.

The Taliban meeting explaining to a suicide bomber why she must blow up a girl’s dorm at an Islamic university.

Listening to Tony Blair explain why he supported the Iraq invasion for WMD.

With George Bush as he cleans up his dog Barney’s poop.

A Wall Street banker meeting at which the head honcho explains why everyone is getting a $5 billion bonus for good work the past year.

OBAMA TERRORISM PROGRAM AGAINST WALL STREET

Finally, the real Barack Obama is showing his true black hearted color in attacking the innocent men of Wall Street who toil day and night for the greater good of the nation. Is it any surprise that a black skinned president is trying to destroy the mainly decent, honest white men who work so hard for so little? As Scott Silvestri of Bank of America put it so clearly, “people want to work here but they want to be paid fairly.” Bank of America will pay its top officials a mere $6.04 million a year and those below them will be earning close to a poverty scale of $2.5 million. Imagine, a brilliant man is forced by the totalitarian government of Barack Obama to get along on a pittance of $2.5 million!! My God, what has happened to the free enterprise system when our brilliant leaders who have performed so heroically over the past two years are now down to pay of a few million.!

Let’s face it, Barack Obama is showing his SOCIALIST IDEOLOGY by forcing America’s financial leaders to get along on less than $100,000,000 a year. Just how does the man in the White House who gets free food and free transportation expect a businessman to get along on a few million when he has to feed his family of four??

I call upon all bankers, financial wizards, accountants and those who toil in the mines of Wall Street to march on Washington D.C. and demand a return to fair wages!!

Jeers, Cheers And Hypocrisy On Campaign Trail

The one guarantee about an American presidential election is the presence of two candidates each accusing the other of some form of evil and corruption. However, the campaign experienced a new twist when Senator Barack Obama was greeted at the University of Miami by black protestors accusing him of selling out the black community. They even held up signs proclaiming, “Barack Obama Endorsed by KKK).” No one knows who these protestors actually represent other than their own stupidity. Meanwhile, Senator John McCain, who has spent a quarter of century fighting against government regulation of the market place has now transformed himself into a twentieth century battler against Wall Street bankers. We can assume his Halloween costume will portray the right wing “maverick” dressed in a working man’s outfit with steel helmet and all. After all, if Sarah Palin is able to become an expert on Russia by looking across the Bering Straits, John McCain is able to become an expert on the working man by giving speeches in front of closed plants.

Naturally, McCain who has opposed government regulation as “socialism in action” now seeks to establish government regulation of the business community. He also blasted Barack Obama for taking money from Wall Street firms. The Arizona senator wanted to get across the point when he takes money from the corporate world it stems from opposing the interests of people who give him money, and the fact most of his top advisers work for lobbyists is necessary because having lobbyists working for you means they will not be working for their own corporate interests. I suspect McCain is the first political leader in American history to grasp the way to end power of lobbyists is to hire them.

McCain Quote of the Week: “Senator Obama may be taking their(Wall Street) advice and he may be taking their money, but in a McCain-Palin administration, there will be no seat for these people at the policy-making table. They won’t even get past the front gate at the White House.” But, Senator McCain, they currently work for you!!