Thursday, December 17, 2009

Obama 'chides' Wall Street fat cats

Chide is a weak verb. It simply goes to show us US president Barack Obama [BHO]does not hold a short leash on the irresponsible Wall Street fat cats. Far from it. Two examples will suffice. When BHO took his case to the New York Stock Exchange, none of the CEOs from the banks too big to fall came to hear him. Instead, they sent the flunky a step or down the ladder. The other days when BHO was holding his let's create jobs in Washington, Goldman Sachs, CitiGroup, and Morgan Stanley pretexting bad weather, couldn't be bothered to fly commercial to the nation's capitol, to attend the meeting in person. They took part on a conference call from the comfortable surroundings of their fortress banks in New York.
The US is a major shareholder in CitiGroup, but couldn't snap the whip to bring this dog to heel. It's partly BHO's fault, since, as is his wont, he put his big, flat foot in his mouth, saying at the moment or two after the taxpayer bailout of the failing US banking industry, he [read the government] was not in the business of running banks in the private sector. Mistake. He thereby give the very same banks who brought us a global recession, bordering on another great depression, carte blanche to do their worst. And they did.
More, BHO surrounded himself with advisers who in other administrations and in high office in investment banking or hedge funds, created the mess the country is in. Free marketeers to almost the very last one, who are more at the beck and call of finance capitalism than the interests of the country or the taxpayers who foot their bills.
BHO is the front man for finance capitalism. He's a believer in the free market, slow on imposing a programme of regulation....leave it to the venal Congress who greedily and readily in large measure hold out tin cups for the paltry alms that finance capitalism throws their way.
For sure the chief stooge is Timothy Geithner as BHO's secretary of the treasury, but he's the public's target, whereas the full share of responsibility fall on the shoulders of Larry Summers and Ben Bernanke, and in the private sector, the preponderant influence of Goldman Sachs [CEO Lloyd Blankfein famously boasting GS is doing 'God's work'!], Citibank, and Morgan Stanley who is in bed with GS and Citi.
GuamDiary suggests reading 'Rolling Stone's' Matt Taibi's eye opening articles on the poisonous tentacles of Goldman Sachs and the nefarious and deleterious influence of them Robert Rubin gang in the White House west wing, and in key economic posts in BHO's administration.
Taibi's reporting gives us much food for thought, and strikes the fear of the demons of finance capitalism who are intent of filling pockets with money on the back of the hard working and mostly unemployed Americans, and the unquenchable vampire thirst of finance capitalism for self gain, to the mantra of damn the future of country as long as we're living high off the hog and on the blood of America's down and out.
Little wonder, BHO jumps through bankers' hoops!

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