President Obama puts Wall Street Whiners in their Place

(9AM EST – promoted by Nightprowlkitty)

in case you missed it ……

Wall Street Wizard, Anthony Scaramucci, complained like a baby to the President yesterday:

I represent the Wall Street community. We have felt like a Piñata. […] we certainly feel like we’ve been whacked with a stick.

Waaaaaa!! ….

I bet, The 8 million people who lost their jobs (or homes) are about to …  

The 8 million people who lost their jobs (or homes) …

because of shady Wall Street Derivatives bets on Mortgages, are probably about looking for a stick about now …

Kudos to Obama, for standing up for Main Street!

Here’s the President, standing his ground — our ground — against the Big Piggies of Greed:

The White House

Office of the Press Secretary

For Immediate Release

September 20, 2010

Remarks by the President at CNBC Town Hall Discussion on Jobs

Newseum, Washington, D.C.



MR. HARWOOD: Let’s go to Anthony Scaramucci, who is familiar to some viewers of our network because he appears on CNBC as a hedge fund manager.

Anthony Scaramucci: […] Listen, I represent the Wall Street community. We have felt like a piñata. Maybe you don’t feel like you’re whacking us with a stick, but we certainly feel like we’ve been whacked with a stick. So I certainly think that Main Street and Wall Street are connected, and if we’re going to heal the society and make the economy better, how are we going to work towards that, healing Wall Street and Main Street?


THE PRESIDENT: On the first question, I think it would be useful to go back and look at the speeches that I’ve made, including a speech, by the way, I made back in 2007 on Wall Street before Lehmans had gone under, in which I warned about a potential crisis if we didn’t start reforming practices on Wall Street.

At the time, I said exactly what you said, which is Wall Street and Main Street are connected. We need a vibrant, vital financial sector that is investing in businesses, investing in jobs, investing in our people, providing consumers loans so they can buy products — all that is very important and we want that to thrive. But we’ve got to do so in a responsible way.

Now, I had been amused over the last couple years — this sense of somehow me beating up on Wall Street — I think most folks on Main Street feel like they got beat up on — (applause) — and I’ll be honest with you, there’s probably a big chunk of the country —

Q But people connect us —

THE PRESIDENT: Hold on a second — there’s a big chunk of the country that thinks that I have been too soft on Wall Street. (Applause.) That’s probably the majority, not the minority.

Now, what I’ve tried to do is just try to be practical. I’m sure that at any given point over the last two years, there have been times where I have been frustrated, and I’ll give you some examples. I mean, when I hear folks who say that somehow we’re being too tough on Wall Street, but after a huge crisis, the top 25 hedge fund managers took home a billion dollars in income that year $1 billion. That’s the average for the top 25, which is —

MR. HARWOOD: And yet Forbes Magazine puts on their cover a story saying, “he has an anti-colonial attitude” — or Steve Schwarzman, a big figure on Wall Street, says, “their approach to the financial regulation and taxation is like Hitler invading Poland.” Where does that come from?

THE PRESIDENT: I don’t know where that comes from. That’s my point. I guess — it is a two-way street. If you’re making a billion a year, after a very bad financial crisis where 8 million people lost their jobs and small businesses can’t get loans, then I think that you shouldn’t be feeling put upon. The question should be how can we work with you to continue to grow the economy.

A big source of frustration — this quote that you just said, this was me acting like Hitler going into Poland, had to do with a proposal to change a rule called “carried interest,” which basically allows hedge fund managers to get taxed at 15 percent on their income. Now, everybody else is getting taxed at a lot more. (Laughter.) The secretary of the hedge fund is probably being taxed at 25, 28 — right? And these folks are making — getting taxed at 15.

Now, there are complicated economic arguments as to why this isn’t really income, this is more like capital gains, and so forth, which is a fair argument to have. I have no problem having that argument with hedge fund managers, many of whom I know and went to school with. And I respect their business acumen. But the notion that somehow me saying maybe you should be taxed more like your secretary, when you’re pulling home a billion dollars or a hundred million dollars a year, I don’t think is me being extremist or being anti-business. (Applause.) And that’s the confusion we get into.

[emphasis added by diarist]

It was great to hear Obama stand up in defense of Main Street and average folks, in the face of that “Wall Street’s Rep” whining and bitterness and unapologetic Greed.

Afterall THEY have gotten all the Bailout Breaks, as designed by GW Bush and Hank Paulson

While the American People have gotten all the Grief, due to the Wall Street careless bets with the Nation’s future — due to their turning our Mortgages into “Monopoly” Money.

Not only should Wall Street Hedge Fund Managers have their Tax Rate raised to match their workers — from 15% to 28% —

They should be compelled to re-invest some of those Bailout Billions, into helping to restore American Jobs and Small Businesses, jobs and lives, that their careless greed only managed to destroy!

To Downsize. To Outsource.

Wall Street needs to learn to stop leeching — and start re-building, and cleaning up the mess that their creative financing has made!


H/T to Randi Rhodes, for pointing out the irony of this Wall Street Whiner, for having the gall to complain, after all the American People have done — to help save them from the Derivative Brink.

Oh!  The unmitigated nerve of the Billion Dollar Babies.

They stubbed their Toe, and got an Owie!

Poor Babies!  …


Skip to comment form

    • jamess on September 22, 2010 at 04:42

    Obama ain’t Perfect.

    One question, who is?

    IF We had a solid 60+ in Senate, thing would start changing —

    for real.

    that’s a big IF though.

    it would take work, it will take real votes.

  1. …in case you missed it.

    I just watched the whole video, and I still missed it.

    • jamess on September 22, 2010 at 06:41

    Billion Dollar Babies — Alice Cooper

  2. …not because I agree with your assessment of Obama as doing his best, as trying, as wanting to do right for main street.  I’m rec-ing it because I would like to see this diary get more reading and discussion.

    I agree with the comments by Free Society and David G. Mills.  

    With his first appointments of Geithner, Summers, Gates, Orsag, et seq, it was tragically apparent that Obama intended to support and please Wall Street.  And there is not a single thing he has done since which indicates any deviation from this commitment.

    And he’s doing it again. With his appointment of Jacob Lew to replace Orsag, Obama shows his intentions remain the same.

    As Thom Hartmann said in his blog today (9/21/10):

    Jacob “Jack” Lew, a former top executive at Citigroup who assisted Former President Bill Clinton in the deregulation of Wall Street, was tapped by President Barack Obama for a top White House post. Sen. Bernie Sanders asked Lew if he believed that the “deregulation of Wall Street, pushed by people like Alan Greenspan [and] Robert Rubin, contributed significantly to the disaster we saw on Wall Street.” Lew said, “…I don’t believe that deregulation was the proximate cause.” Apparently the Obama administration is joining the Bush and Clinton administrations in handing control of our economy back to a few billionaires on Wall Street. For the American middle class this in the real voodoo economic death panel.

    Obama is not on the side of main street.  He isn’t now; he never was.  He says one thing and does the opposite.  And he is also a master at deflecting blame to mythical things like insufficient votes in the Senate, recalcitrant Republicans, or even Rahm.  This is the way he intends it, and this is the way he works it.

    And I’m sure this same policy will be seen in the person he names to replace Summers.

    I truly feel now, after watching him these many months:

                  “He shall not be moved.”  

    Obama is doing what he wants, what he believes in.


  3. …..but so far (past 20 months) he has shown himself to be a corporate lackey, a Wall St tool, a Goldman Sachs flunky. People can change…….Obama needs change at the soul level not words or speeches.

  4. …for keeping the dialogue rational and polite.  No name calling or other examples of bloggers acting badly here.  


  5. Everybody knows they own this little weasel, this is merely a photo-op and the destruction of America’s middle class is well underway.

    In other far more relevant news.

    The EU bans natural herbs

    The US version is S 510 The Frankenfoods Big Pharma Big Farmer bill.

  6. Very telling that Bushwa Barry’s first thought was to harken back to one of his speeches about the crisis and not to any actual actions he’s taken.

    Let me know when he actually does something.  

  7. And as we’ve spent the past three years since Obama began campaigning for the office of the presidency watching, what Obama says is utterly worthless.  It’s what he does that truly matters, and he has proven by his actions that Wall Street has absolutely nothing to fear from him.

  8. To me, all that happened was a well-contrived ploy from the get-go under the Bush Adm.!  All of these things DO NOT suddenly happen!

    Obama has “lashed out” before and then proceeded to do what the RIGHT wanted of him in the first place.  I’m so confused.  Is it simply a “public display?” and merely proceed “a la rigueur?”

    I think Obama might, in reality, be malleable, but it is we who are GOING TO HAVE TO DEMONSTRATE OUR LACK OF ACCORD!  When something comes up that we do NOT agree with, WE NEED to form a unity and — turn off the TV for a week (think that won’t hurt? — Think again!); BP is STILL spraying Co-Exit!  Stop buying BP (not by individual owners, but by anything that BP owns) for a week or more.

    I just mention a few things, in all deference to everyone, because I don’t think the whole “left” blogosphere is enough united to bring about any REAL change.  

  9. Bush tax cuts is enough to make one vomitous!

    Consider this:

    The wealthy individuals and corporations have always enjoyed “tax cuts” in the form of various deductions, “loop holes,” the ability to create n-f-p foundations, etc. — they have never paid their proportionate share of taxes, on top of advantages afforded them.  They’ve also gotten away with murder, many of them, by paying no taxes at all, through the means of off-shore banking and taking their corporations off-shore to enjoy cheap labor, child labor often, and avoid paying their share of taxes, if any, at all.  Then Bush came along and gave them a nice big tax cut on top of all that, while the so-called middle class pay their taxes religiously and through the nose!

    Then, in December 2008, Bush announces that our economy is about to tank!  Yep, folks, the sky was falling to the earth.

    So here Americans were, being cried to — HELP WALL STREET AND BANKERS, who literally destroyed hard-working American’s little bit of 401-k’s, etc. and it happened during the Bush Adm. and Obama Adm. that WE have bailed out the very entities that FUCKED US — it WAS and HAS BEEN a successful campaign, despite the voices of Americans.  

    All this, while Americans have lost just about everything there is to lose — their jobs, their homes, their healthcare insurance, their 401-k’s, their savings, as they look for jobs that aren’t there.  People are living in tents all across this nation and don’t know what their fate is going to be.  

    That’s not enough, now they want to go after our Social Security and Medicare?  

    • on September 23, 2010 at 09:24

    Hi friends i am new here.I want to share my interest with all of my fellow members.

    Anyway,Nice story!Thanks for posting.

    Four Seasons Business Solutions

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