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Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 5:42:27 AM   
rulemylife


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Obama Criticizes 'Fat-Cat Bankers'

Dec. 14 (Bloomberg) --President Barack Obama said he is frustrated that “fat-cat bankers” continue to take large bonuses and fight his effort to revamp financial regulation.

“I did not run for office to be helping out a bunch of fat-cat bankers on Wall Street,” Obama said in an interview with CBS’s “60 Minutes” program.

.....In the interview, which was recorded last week and aired last night, Obama said that some firms may have repaid bailout money from the Troubled Asset Relief Program to escape government limits on pay and bonuses for executives.

“The only ones that are going to be paying out these fat bonuses are the ones that have now paid back that TARP money and aren’t using taxpayer loans,” he said, according to a transcript of the interview from CBS.

“The people on Wall Street still don’t get it,” Obama said. “They’re still puzzled why is it 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 that it’s gone through in decades, and you guys caused the problem. And we’ve got ten percent unemployment. Why do you think people might be a little frustrated?”
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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 5:44:39 AM   
LiveFreeAndSpank


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Oh really? The same guys who got him into office? What a joke(r)!!!

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 5:55:28 AM   
tazzygirl


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Whoa! Im confused. Bankers got Obama into office? And here i thought he was elected!

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 6:24:30 AM   
Sanity


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Just call him back track Barack. Its only been a few months since he was bowing down low before them and kissing their toes, and stuffing billions of taxpayer dollars into their pockets.

Someone must have finally told him which way the wind is blowing these days...


quote:

ORIGINAL: LiveFreeAndSpank



Oh really? The same guys who got him into office? What a joke(r)!!!




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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 6:33:00 AM   
DarkSteven


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Well, calling them names won;t get out money back, but it's something.

Now, if the laws could be rewritten to reinstall the firewall between lending and investing, and outlawing financial investments that can't be valued, and eliminating fees that have no basis in reality, we'd be getting somewhere.


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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 8:09:37 AM   
Musicmystery


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quote:

Now, if the laws could be rewritten to reinstall the firewall between lending and investing, and outlawing financial investments that can't be valued, and eliminating fees that have no basis in reality, we'd be getting somewhere.


Amen.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 9:27:50 AM   
Moonhead


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quote:

ORIGINAL: Sanity


Just call him back track Barack. Its only been a few months since he was bowing down low before them and kissing their toes, and stuffing billions of taxpayer dollars into their pockets.

What, like Bush was doing at the end of last year?
Never understood why stuff that's fine when your party's scapegoat is doing it suddenly becomes hideous evil as soon as somebody from the other party wins an election. I get the impression that most of the people who are whining about what Obama's been up to since January would be coming in their panties if McCain had been doing it instead.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 4:55:53 PM   
Mercnbeth


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~ Fast Hypocrisy Disclosure ~


Meanwhile, outside the front door of the White House and under the direct control of Congress, some "Fat-Cats" weren't a concern of the President. In Washington DC receiving bonuses with taxpayer money is the norm, and above Congressional or Presidential scrutiny.

The economy has been in the dumps for years, but the good times keep on rolling for some favored D.C. employees.City officials have doled out nearly $15 million in bonuses and awards since Mayor Adrian Fenty took office in January 2007, records obtained by The Examiner under the Freedom of Information Act show.

Among the big winners were Schools Chancellor Michelle Rhee, who was handed $41,250 in August 2007 after barely two months on the job; Department of Health Director Pierre Vigilance, who was given $15,000 in 2008; and city property manager Robin-Eve Jasper, handed $18,000 over two years.

The bonuses were ladled out even as the city was facing nine-figure budget shortfalls and officials -- including Rhee -- were firing employees by the bus load, claiming they could no longer afford them.

Then-special education "czar" Phyllis Harris was paid $17,000 in 2008; special-ed bureaucrat Karen Griffin was given $25,000 the same year; and Rhee's chief of staff, Lisa Ruda, was given $17,000 in 2008, records show.


Yeah, but look at these marvelous results!


"We've made tremendous progress in these three years," he said.

Fourth-graders' test result are now only the fourth-worst in the nation; eighth-graders' are only the second-worst.


One thing that has a direct correlation to the Bankers; although their contracts didn't call for bonuses resulting from total failure to 2nd and 4th worst improvement. They did however, have this in common as I mentioned when all the rhetoric was being vented when last years bonuses were paid to the Banking failures, under Bush I Stimulus and Bush II (Obama) Stimulus: Attorney General Peter Nickles said most of the bonuses to employees were tied to contracts that were entered into when "times were better" and that the city couldn't back out of them now.

The solution is also exactly the same. Chapter XI restructure - throw out the employee contracts, executive and union, and negotiate them in today's reality. Or continue down the current path, print money, and have our grandkids kids pay the interest on the deficit created. Too many are on the public dole, not as entitlement recipients as the dictionary defines it, but as employees who consider themselves entitled to the pay, benefits, and their perks while the company they work for, the government, is in bankruptcy.

Reality needs to be disclosed to affect the appropriate change. It's shouldn't be so difficult to achieve; but for the expectation that 'Uncle Sam' is now perceived as a 'Mom & Dad Sam' instead of being, as it should be, a benevolent 'uncle'.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 5:53:32 PM   
Fellow


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Obama makes a mistake again. People are angry and not stupid. Empty talk just brings Obama closer to early retirement.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/14/2009 6:25:39 PM   
Sanity


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Nobody I know was happy with Bush's deficits, so I can't help but wonder who you're referring to.

Still, Obama is making both Bush and McCain look very fiscally Conservative by comparison, and that is enough to keep a lot of responsible adults the world over awake at night due to very reasonable worry. These deficits are horrendous and the end result if things keep going in this direction may well be serious calamity for the entire world.


quote:

ORIGINAL: Moonhead
What, like Bush was doing at the end of last year?
Never understood why stuff that's fine when your party's scapegoat is doing it suddenly becomes hideous evil as soon as somebody from the other party wins an election. I get the impression that most of the people who are whining about what Obama's been up to since January would be coming in their panties if McCain had been doing it instead.


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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/15/2009 3:37:42 PM   
Fellow


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How and why the bankers return TARP money:

http://www.msnbc.msn.com/id/21134540/vp/34434392#34430524

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/15/2009 4:20:20 PM   
kittinSol


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quote:

ORIGINAL: Moonhead


quote:

ORIGINAL: Sanity
Just call him back track Barack. Its only been a few months since he was bowing down low before them and kissing their toes, and stuffing billions of taxpayer dollars into their pockets.

Never understood why stuff that's fine when your party's scapegoat is doing it suddenly becomes hideous evil as soon as somebody from the other party wins an election. I get the impression that most of the people who are whining about what Obama's been up to since January would be coming in their panties if McCain had been doing it instead.


Yep: it's pure blindism and stupidity. It's interesting: today, my son asked me whether things would have been very different had Palin (sic! He thought she was the main candidate: how telling is that?) been elected. I told him that Palin wasn't really running for president, but that had McCain been elected, there would have been a general "pro-business" policy carried out, but that in the end, the economic meltdown would have occurred anyway, and that notwithstanding a slightly different slant in foreign policy, things would be pretty much the same thing... for now anyway.

It takes time for powerful people to change history: I am still waiting for Obama's imprint.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/15/2009 8:45:20 PM   
Brain


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He means they gave Obama a lot of money, just to clarify. But I think you know what he means.

And I just want to add Obama only calling them fat cat bankers isn't good enough. He needs to get healthcare reform and financial reform through for me to take him seriously. We demand better because we deserve better.

quote:

ORIGINAL: tazzygirl

Whoa! Im confused. Bankers got Obama into office? And here i thought he was elected!


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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/15/2009 9:13:32 PM   
Brain


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So how about showing how fiscally conservative you are? How about reversing the Bush tax cuts so we can once again have budget surpluses?

Do you support this?

David Obey Calls for War Tax on Wealthy
http://www.michaelmoore.com/words/latest-news/david-obey-calls-war-tax-wealthy

I don't suppose this bothers you at all does it?
For me, this was jaw dropping and I was going to say I have nothing to say. But now I am so mad all I can say is if I hear another Republican/conservative demand tax cuts……….[:****]

One of Few Things Growing as Fast as Health Care Costs Is Income of Richest 1% - Firedoglake

The Economic Policy Institute provides a much needed counter-weight to those cheerleading the use of Cadillac-as-Chevy taxes to pay for the Senate health care bill. It shows, generally, that the millionaire’s tax used to fund the House bill is far more progressive than the Cadillac-as-Chevy tax used to fund the Senate bill, which ends up taxing those at $20-30,000 more than it taxes those at $500,000 to 1 million a year.

http://emptywheel.firedoglake.com/2009/12/14/one-of-few-things-growing-as-fast-as-health-care-costs-is-income-of-richest-1/


quote:

ORIGINAL: Sanity


Nobody I know was happy with Bush's deficits, so I can't help but wonder who you're referring to.

Still, Obama is making both Bush and McCain look very fiscally Conservative by comparison, and that is enough to keep a lot of responsible adults the world over awake at night due to very reasonable worry. These deficits are horrendous and the end result if things keep going in this direction may well be serious calamity for the entire world.


quote:

ORIGINAL: Moonhead
What, like Bush was doing at the end of last year?
Never understood why stuff that's fine when your party's scapegoat is doing it suddenly becomes hideous evil as soon as somebody from the other party wins an election. I get the impression that most of the people who are whining about what Obama's been up to since January would be coming in their panties if McCain had been doing it instead.



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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/16/2009 11:39:48 AM   
willbeurdaddy


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quote:

ORIGINAL: Brain

So how about showing how fiscally conservative you are? How about reversing the Bush tax cuts so we can once again have budget surpluses?




Because tax rate increases dont result in more revenue.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/16/2009 11:46:26 AM   
mnottertail


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quote:

ORIGINAL: willbeurdaddy


quote:

ORIGINAL: Brain

So how about showing how fiscally conservative you are? How about reversing the Bush tax cuts so we can once again have budget surpluses?




Because tax rate increases dont result in more revenue.



That is the most profoundly simple minded argument to date. And since we may make statements like simpletons here is a couple:

Prior to the Bush taxcuts we had a government surplus, prima facie evidence that there was more revenue, via higher taxation.

http://videosift.com/video/Read-my-lips-NO-NEW-TAXES

Thanks for playing.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/16/2009 12:23:58 PM   
popeye1250


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Then why did he give them so much money?

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/16/2009 12:26:25 PM   
NorthernGent


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quote:

ORIGINAL: popeye1250

Then why did he give them so much money?



Same reason why the employees stood aside......I know mate: blame the politicians.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/16/2009 1:53:40 PM   
popeye1250


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quote:

ORIGINAL: NorthernGent


quote:

ORIGINAL: popeye1250

Then why did he give them so much money?



Same reason why the employees stood aside......I know mate: blame the politicians.



NG, welcome back.
In the U.S. "the govt." doesn't have any money.
It's "The People's money." Those banks are owned by their stockholders. Why would the govt. want to give them *our money* instead of letting them sink or swim like they're supposed to do in "capitalism?"
If 100 banks were to fail there'd be 100 new banks right behind them to fill the void.It smacks of favoritism and insiderism and cronyism.

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RE: Obama Criticizes ‘Fat-Cat Bankers' - 12/16/2009 2:00:16 PM   
Moonhead


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That said, if 100 banks had gone down the toilet, it would have discomfitted an awful lot of people. You know, homes seized even if their mortgage payments were up to date, life savings wiped out because they chose the wrong bank to open an account with, like that.
Surely you remember all the arguments about imminent financial meltdown and the complete collapse of western capitalism that were being bandied about to get Bush's relief package forced through at the end of last year? Do those suddenly no longer apply because there's a Kenyan marxist in the White House?

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