President Obama Takes On Wall Street In New York City Fundraiser

thehill.com:

Obama criticized the "reckless speculation and deceptive practices and short-sightedness and self-interestedness from a few." The audience included members of the Wall Street community....

"So if there are members of the financial industry in the audience today, I will ask that you join with us in passing what are necessary reforms -- don't fight them, join us on it," Obama said at the Democratic National Committee (DNC) fundraiser.

Read the whole story: thehill.com

Comments

[ElsaIndy]

Obama had a chance to straighten out Wall Street banks but he did not take it. So this is bunk. He might have asked for something in return when he bailed them out but he did not. Why he did not is the BIG question that needs to be asked of him by some brave reporter.

[DestinationsUnknown]

HP, please don't call Wall Street "the lion's den", there are much more appropriate, though, defamatory names that they should be addressed by.
BY David Paris on 10/20/2009 at 22:45

WSJ is a Murdoch Rag!

Let us be very clear!

Recall- WSJ/Murdoch: Dumb it Down Mr President!

[IGGHY]

Ironic place to prod Wall St. He is at a fund raiser, asking their money. Why didn't he prod from WH?

At any rate, he can't blame them making a fortune legallty. He needs to change the system. Make their practices that are harming the nation's economy illegal. What is he thinking financiers shouldn't make money legally when they can? It looks to me he is playing into popularism while doing nothing to fix the problem that he was elected to.

[doublels]

But they can be blamed for moral failure and selfishly making exhorbitant amounts of money of the poor & middle class. Just because they CAN get away with something legally doesn't mean they HAVE to do it.

[sherbug]

Obama's scolding of Wall Street is just words. I believe President Obama wants Wall Street to play fair, but he has no power to make them.

The banks are owned by bankers not the government. The media is owned by a few corporations not the government. The trade regime is controlled by global corporations not the government. The banks have been deregulated, the media got rid of the Fairness Doctrine and the trade agreements were negotiated off line and are signed, sealed and delivered.

Does Obama think that he can put this genie back in the bottle? Does he think the oligarchs that run this country are suddenly going to see the error of their ways and adapt an all for one and one for all attitude?

The only way we make changes is to take back control of our banks and trade. We are not the only country this is happening to. All the countries in the G7 have been bamboozled into this notion of "free trade". Trade is only free when the agreements are dynamic. The trade agreements we have might as well be the Dead Sea Scrolls. They must all be null and voided and renegotiated.

We must re-establish democracy and end this plutocratic rule by the corporate oligarchs.

[WeMustSpeakOut]

Indeed, but how?

[sherbug]

I don't know how we do it, but its not impossible. We need to start to lobby against the current trade agreements and withhold our vote from anyone who is not willing to introduce some legislation to renegotiate these agreements.

We must make it a centerpiece of the 2010 elections, hopefully before the agreements are signed for the manufacturing jobs Obama said he would create here that could not be outsourced. There is no job that cannot be outsourced

We must make those in favor of these unfair agreements defend them in public.

We must be visible and vocal and persistent.

[BlueSkyPilot]

The only people that have enough money to pay their share of the national debt are the ones getting bonuses from our bail outs!

[IGGHY]

So, Tax them. Bring back the 90% tax rate to mega income. Have them take care of the deficit they brought on. We got them out of water so let them pay what cost us to rescue them.

[yankee222]

"Obama takes on Wall Street...." is a gross mischaracterization.

All that he did was talk. All that he ever does is talk - there is no action, no follow through. Obama can talk to Wall Street all day long as they laugh at him on the way to the bank.

Hint to Obama - do something - anything. Enough hot air already.

[PWM]

Obama is doing something.

Obama Record as of 10/21/9
Promises kept (48)
http://www.politifact.com/truth-o-meter/promises/rulings/promise-kept/
Promises broken (7)
http://www.politifact.com/truth-o-meter/promises/rulings/promise-broken/
Compromises (13)
http://www.politifact.com/truth-o-meter/promises/rulings/compromise/
In the Works (124)
http://www.politifact.com/truth-o-meter/promises/rulings/in-the-works/
Overall Count
http://www.politifact.com/truth-o-meter/

You cannot expect 8 years of Republican mismanagement to simply go away with the wave of a magic wand.

[doublels]

He has to start somewhere & talking gets the ball rolling. See PWM's post (which was great)

[Tiggy]

My solution:
Vote them out I must confess
It’s about time for complete redress

No time to reason
Tis the change of Season

Done are the days of pleasing
We been betrayed by acts of treason

Gone are the cages
Broken by our rage

Gone is our fear
Washed away by our tears

No time to waste
Victory we can taste

Race to the polls
After all, it is your role

Bring forth our change
That leaves them to hang.

Gone is their day in the sun
For it is time for them to run
And our time for fun!

[gladys46]

We should support the President in his attempts to make laws, rules of the road that would protect consumers and bring some semblance of financial regulations... this is a must read:

http://www.pbs.org/wgbh/pages/frontline/warning/view/

Why is there no loud noises coming from rethugs re push back against the banks who refuse proper oversights ??

[poco767c]

http://www.youtube.com/watch?v=VTbYUd1jUc4

Are games violent enough?

[Lowell Thompson - Huffpost Blogger]

Why is this story so buried? This should be the headline of every newspaper in the land. Not just because of what he said, but also what he didn't say. And what he actually does. This story is about what Obama plans to do about the trillions of taxpayer dollars that have been "loaned" to Wall Street and when we get it back.

The fact that Arianna didn't write a big analysis of this on the front page of today's HuffPost is troubling at best, suspect at worst.

http://www.buythecover.com

[voteblue4evr]

This story is buried because most top-paid bankers are Democrats who contribute heavily to the campaings of Democrat politicians. I'm troubled that the Huffington Post has buried stories connecting politicians to Freddie/Fannie and Countrywide. While the republicans have been lousy, its now time for the democrats to cash in. Honestly, unless there's real revolution, not this 'vote for obama' stuff, there won't be any change in America.

[PWM]

How do you know most top-paid bankers are Democrats?

Or did you just make that up?

[phoenix1964]

That was 2008. Top bankers and Wall Street are so pissed w/ Obama and the Democrats they are now donating the the Republicans in droves.

[enoughalready13]

President Obama:

I am an ardent supporter of yours, contributed to your campaign, and have championed your calls to action. I believe in you as a leader and have always given you the benefit of the doubt.

However, in the wake of all the Wall Street scandals, illegal bonus payouts, Geither/Sumners/Bernake complicity in the TARP bailout fraud, and continuing in-bed-with-the-crooks character of your Administration, I can no longer blindly support this charade.

We all know Wall Street runs this country, and they seemingly have more power than even you. And one cannot reasonably expect you to wave a magic wand and fix it overnight. But one can reasonably expect that some form of action or steps are taken to mitigate this greed, corruption and borderline treason being committed at the highest levels of government.

YOUR treasury department - Geither/Sumners/Bernake - is in the center of this all, while Elizabeth Warren, who is trying to do the right thing by the people, is hung out to dry. This is shameful and appalling, especially as you attend Wall Street fundraiser dinners.

Enough with the passive/aggressive behavior towards your own treasury department and Wall Street. Enough with the fake outrage, while you take their money in droves. Enough with focusing on every other last cause as an excuse to not focusing on the greatest one that is destroying this nation every minute of every day. You need to take on Wall Street NOW.

[ebroadcast]

Well said

[care4mypeeps]

enoughalready13 even if you were the President you would face the same challenges that President Barack Obama does. Since organized back room dealings seem to be the rule of law in the House and Senate our President has to have the wisdom of Solomon.

We can All talk all the ying yang we want about what should be done here or there but we don't know where the IED are planted.

Lets just face the fact that as President Obama leads this great Nation of our he has to clean house every step of the way.

Organized crimes have legitimized itself by campaign contributions and kick backs that find their way into freezers and off shore accounts and governance is made almost impossible as Wall Street and Banking Institutions deemed to big to fail dictate what is Law and How we are to Govern.

Stop putting our Presidents arm in a sling and let him do his thing the way he does it.

[enoughalready13]

Let's clarify a few things. Obama is doing an amazing job. We are closer to healthcare reform than ever before, which is his doing hands down. He is inspirational, he truly cares about our nation and its people, and we are all grateful he is in office.

But he also selected Tim Geithner for Treasury Secretary, he hired Sumners, and he confirmed Bernake for another term. So he does need to be held accountable for putting these individuals in place in the highest offices, who are now involved in major alleged fraudulent activities with TARP fund distributions, cover-ups regarding the BOA/Merrill Lynch deal, continuing cow-towing to Wall Street demands, stalling on major desperately-needed regulatory reform, and turning a blind eye to outrageous illegal bonus handouts.

Obama is not responsible for these acts, but he does need to be held accountable as the boss to these crooks and cronies. Moreover, without addressing this in a timely and swift fashion, it taints his Administration, respect and pact with the American people that he would always level with us. I fear that his inaction will result in more dire consequences for this nation should public opinion turn against him as he is viewed to be also in bed with these sheisters.

[Tiggy]

Yes, I feel much the same. His cascading rhetoric is like a soothing waterfall, then dam* the pain from the knife in the back serves a reminder of the realities we endure. If he expects to get this vote next election, he needs to stop backpeddling and earn it.

[coolmessanger]

YES YES AND YES
It could not be better said!!!
Thank you!!!

[BlueNotRed]

Excellent.

[chancho24]

The Repubs gambled that Obama's stimulus package which is about 50% spent so far, would fail.
All their attacks were dependent on him failing so they could say: you see?
But the opposite is happening, the economy is recovering, slowly, but surel.
And that means the Repubs are kaput!

[postman66]

Obama's Waterloo (Healthcare Reform) is turning into the Republican Little Big Horn.

[PWM]

The problem with the waterloo thingy of the GOPeers is that they don't have a Wellington.

[mouselion]

Wall Street is @ddicted to gambling and Washington has only helped to enable them.
Obama is trying to get them to dial back their risky behavior and remind them that they are their to serve the national economy's interests, not use it for their own personal 0bscene enrichment.

Will the server remember they are not the one at the table but the one who might a get a really great tip if they do a good job?

It's a tall order -- but persistence over time is key.

[oneanddone]

Those that think the economy is turn to the good are delusional. All the companies coming out with good earnings are doing so because the are tightening their belts. They are laying folks off and not hiring.
Unemployment will exceed 12% early 2010. That will severely hurt Demo's in next year elections.

Obama has done nothing to help business. Especially small business. Until he does unemployment will continue to rise and Obama will be in deep KA KA

[swengnikaerb]

Do you thumb your little weewee when you post such drivel?

[oneanddone]

Just stating facts. Maybe some should stay better informed

[chancho24]

lol

[chancho24]

You are speculating pal. And the ones in deep kaka will be the Repubs who kept saying no to everything.

[oneanddone]

They are not saying no. The proposed 66 amendments to the health care bill and all were rejected. So which party is the NO party?

[PWM]

Another logical fallacy. Just because people are not happy with the Dems does not mean they will vote Repub.

As for unemployment, we all know this mess started with the Republicans and their frenzy to give tax breaks and deregulate the banking industry.

[ZenDiagram]

Does anyone else think it's a little dishonest to take money from Wall Street at a fundraiser while publicly dressing them down? [wink, wink; nudge, nudge]

[postman66]

Politicians have always said if you can't go to their parties and drink their drinks then F their wives, what kind of politician are you?

[Zaphod Beeblebrox]

Should he take the money and not dress them down or should he dress them down and let the Republicans take the cash instead?

So no.

Dishonesty would be more like taking the money and kissing their butts in a closed room while saying another thing in public.

[lobear00]

No" he and others learned well from the "Criminals in the last dictatorship" on how to manipulate others.

[Roma6888]

I agree. He should STOP giving them money, being nice to them so they can stop laying ppl off and packeting the money for themselves. Otherise, as an strong-loyal obama supporter, i see trouble in the horizon if he doesn't tight his belt with these money-hungry thieves.

[PWM]

Well, Wall Street was the group Bush called his base.