How Obama Got Rolled by Wall Street

#2
#2
Several officials who have worked with the Obama team said the president’s heart was in health care above all else. “He didn’t run for president to fix derivatives,” says Greenberger

you know focus on the important stuff like billions of spending. god forbid we care about the foundation of american capitalism.
 
#3
#3
his view that financial deregulation was the culprit is just wrong. Clearly the financial markets need regulation and those need to be revisited regularly, but this implosion wasn't solely about deregulation.

Deregulation didn't allow for the derivatives market to burgeon and even begin trying to act like securitization insurance. Frankly, that insurance, and implicit gov't guarantee via Fannie and Freddie led investors - large institutional ones at that, to abandon any semblance of true due diligence and that eventually came home to roost. We need some level of regulation in the derivatives market, but we really need investors to do their homework.
 
#5
#5
really? you expect a guy who has never had a real job to understand economics.
 
#7
#7
droski said:
really? you expect a guy who has never had a real job to understand economics.
Click to expand...

emptiest empty suit ever, with a voting history to prove that he firmly believes in government as a solution provider.
 
#9
#9
I also like this point:

“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.”

rather simplistic and self serving logic. apparently obama didn't notice these record bonuses by and large were coming from companies that didn't need govt support, but were forced to take the money.
 
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#11
#11
droski said:
I also like this point:

“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.”

apparently obama didn't notice these record bonuses by and large were coming from companies that didn't need govt support, but were forced to take the money.
Click to expand...

It's almost as if he has no idea what profitable actually means.

Crazy, I tell you.
 
#12
#12
BigPapaVol said:
his view that financial deregulation was the culprit is just wrong. Clearly the financial markets need regulation and those need to be revisited regularly, but this implosion wasn't solely about deregulation.

Deregulation didn't allow for the derivatives market to burgeon and even begin trying to act like securitization insurance. Frankly, that insurance, and implicit gov't guarantee via Fannie and Freddie led investors - large institutional ones at that, to abandon any semblance of true due diligence and that eventually came home to roost. We need some level of regulation in the derivatives market, but we really need investors to do their homework.
Click to expand...

When you say his, do you mean Michael Hirsh's?
 
#13
#13
The last 3 years have made me a cynic when it comes to the free market and government welfare. The whole situation pisses me off. The responsible hard work guys are the ones that got screwed and left out in the cold.
 
#15
#15
Wall Street bankrolled Obambi's campaign, one good turn deserves another.
 
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