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Obama gets tough with bankers

Discussion in 'Political Discussion' started by Patters, Apr 3, 2009.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Inside Obama's bank CEOs meeting

    ...

    Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees — and, by extension, to themselves.

    “These are complicated companies,” one CEO said. Offered another: “We’re competing for talent on an international market.”

    But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”

    “My administration,” the president added, “is the only thing between you and the pitchforks.”
     
    Last edited: Apr 3, 2009
  2. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Yeah i read this earlier, i almost started a thread. I got a kick out of the bankers trying to talk there way out giving the bonouses, and such large salaries. Then BO saying enough, the people out ther are Really angry, "i'm the only thing standing between you and the pitch forks". (Paraphrased) The one glass of water, no ice etc.
     
    Last edited: Apr 3, 2009
  3. apple strudel

    apple strudel Banned

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    The man is learning how to use his power. I hope that ends up being a good thing.
     
  4. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    There actually are banks overseas. Barry will chase lots of people out of here. I'm not sure why any banker who can get a job overseas would stay here.
     
  5. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Patriotism, opportunity, natural beauty, diversity, family, friends, and that's just off the top of my head. But, if your imagination is limited to money, then you have a point.
     
  6. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I have no plans to leave, I love it here - but if Barry kept telling me "you suck, you suck, you suck", I guess I'd have to think about it.
     
  7. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    Super, our president now sounds like a fukcing loan shark. Super :rolleyes:
     
  8. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    UMass Amheast cranks out a couple of hundred finance majors a year i've been told. So i'm sure with the few other schools in this country we will be able to replace the ones that leave.
     
  9. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    He is a horrible person. How would the people of any profession like it if the president blames them for anything and has the gall to suggest that only he protects them from pitchforks ? He's a sick dude.
     
  10. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    If you watched or listened over the last 3-4 days he said that bankers aren't solely responsible for the mess we're in. That theres a lot of blame to go around. We need bankers to keep things running. I don't recall him ever hoping someones kids suffered unlike someone else i know. ;)
     
  11. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Well I'm not the president, no-one cares what I say. A lot of people care about what he says and he needs to be more careful. His whole persona seems to be about pitting group against groups. He's nasty and antagonistic but he is now the president of those he's antagonizing.
     
  12. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    You should read the article on the NYT correctly associating the Obama economic policies with the National Socialist, and the corresponding article about NAtional Socialist interaction with businesss, sounds JUST like what you are describing here...
     
  13. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    13, it's important to remember that, incomplete as your study of history may be, the most objectionable part of Nazi reign was not that he was rude to industrialists.

    This seems to be more of the same: Hitler tied both of his shoes. Obama tied both of his shoes. Hitler was a power-mad blot on the twentieth century. Obama must be a power-mad blot on the 21st.

    Regardless: You will note that having taken over the helm of the National Socialist German Workers Party (that's the "D" in NSDAP, left off in one of your earlier rants to this effect,) Hitler proclaimed the party not to have a program, despite the 25-point populist program the party trotted out at some point in the 20s. However, he clarified as well to calm his industrialist backers, that all provisions having to do with the seizure of property from industrialists apply only to Jews. Seems a bit buddy-buddy to me.

    At any rate: Obama correctly paraphrased his position here. He was elected by we, the pitchfork-bearing people. Leaders in the financial sector have been behaving as if it's a game of chicken. "The average shmuck out there doesn't understand it, but working three months for a million bucks is a sacrifice to me... let me tell you why..."

    Obama states that no, they do not hold all the cards. And now he's Hitler.

    Working with international allies together representing 85% of the world's economic activity, Obama is taking his best shot at fixing the problems left by decades of deregulation. He's also what stands between millions of Americans and the unemployment line (though jobs are STILL being hemmhoraged.) News flash: "the market" ain't gonna fix itself all by its lonesome on a free market model. Unless by "fix" you mean "Great Depression."

    PFnV
     
  14. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    I'm not prepared to say someone other than the bankers is to blame. Sure regulations were relaxed; but it shouldn't be laws that compel a person to do the right thing. Good sense should do that. Just because its not specifically illegal for a mechanic to clean parts with gasoline while smoking a cigarette doesn't make it the state's fault when he blows himself up. You shouldn't need laws to run your business right.
     
  15. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Apparently you didn't read the material from the NYT nor my post nor the material from the Reviews of the books written while the National Socialist were in power. Again the comments concerned ONLY economic policy. The similarities are stricking.

    If you ideology prevents you from examining the concepts fine. Saying there hasn't been regulation for the past 30 years is absurd on it's face. Since you are a gov drone you might look up the number of regulations put in place each year, here's a hint the # haven't been going down.
     
  16. atomdomb

    atomdomb Third String But Playing on Special Teams

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    when you say foolishly say gets tough is this what you mean?

    Politics Story - Politics and Government * US * News * Story - CNBC.com

    WASHINGTON — Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed Friday in releasing financial information about top officials.

    The disclosure forms also shed further light on the compensation received by a top Obama aide who previously worked for Citigroup, one of the largest recipients of taxpayer bailout money. The aide, Michael Froman, deputy national security adviser for international economic affairs, received more than $7.4 million from the company from January 2008 to when he joined the White House this year.

    Thomas E. Donilon, the deputy national security adviser, reported earning $3.9 million as a partner at the Washington law firm O’Melveny & Myers. His disclosure form says major clients included Citigroup, Goldman Sachs and Apollo Management, a private equity firm in New York that specializes in distressed assets and corporate restructuring.


    So getting tough is hiring people that are potentially involved in making this mess? Goooooooooooood.
     
  17. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    I did read your NYT article. I did not find the similarities "stricking." "Me" ideology doesn't prevent me from examining the concepts; "me" ideology does not prevent me from reaching the same conclusion as you have. A couple of articles are fine; equating "stimulus" under the Nazis -- without the unfortunate complications of rearmament which well preceded WWII, and the complication of confiscation of all property (by the mid 1930s) from a couple hundred thousand German citizens -- with Obama's stimulus, is a tad disingenuous, and from my point of view, seems written specifically because of the novelty of the "analysis." Stating that war had not begun does not address German rearmament, which began instantly upon repudiation of Versailles, in 1932 I believe. It's not the firing of the weapons that creates jobs (except that it did result in the hiring of millions in every country, for the job of firing weapons.) The big-scale jobs were created in manufacturing the weapons.

    Your application here derives from Obama's standing up to the private sector, to a certain extent, but refusing to nationalize as policy (which of course would have the knee jerkers hereabouts screaming "socialist.")

    So my understanding is this:

    1) If Obama trusts the market to fix itself -- besides being foolish -- he's breaking all his promises and he is more of the same (Bush), which is precisely what we all voted against.

    2) If Obama embraces a command economy, he is a Socialist... except he's a Socialist just for discontinuing Bush's tax breaks for the wealthiest. I suspect that if he went in with desire to nationalize financial sector assets, we would be calling him a Communist, and comparing him to Lenin.

    3) If Obama proceeds toward a mixed model -- which necessarily means he does not give away the farm to the captains of industry and finance -- but is not a Communist, he is therefore Hitler.

    I have problems with too much optimism too, 13. I want to see jobs rebound not just the Dow, and we're looking at late 2010 by most guesstimates before that happens. That's a long time and a lot of jobs.

    And by the way, recovery will also come with a great deal of inflation.

    It's not going to be puppy dogs and rainbows just because the guy seems to be doing the right things (by my lights at least.) But it sure as hell ain't Hitler just because he's not in bed with leaders in the private sector.

    Besides, you'd just be complaining if he were.

    PFnV
     
    Last edited: Apr 4, 2009
  18. godef

    godef In the Starting Line-Up

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    See ya. :singing:
     

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