Presidential Address | 03/25/2009 8:10 am
Obama Tries to Tap Down AIG Anger in Prime-Time Address
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President Obama last night delivered his second prime-time address since taking office. And, not surprisingly, the economic crisis dominated most of the hour-long session. Rather than highlighting his anger of Wall Street’s mismanagement and the thorny AIG bonuses, Mr. Obama attempted to quell the rising tide of populism. Said the president:
You know, there was a lot of outrage and finger-pointing last week, and much of it is understandable. I’m as angry as anybody about those bonuses that went to some of the very same individuals who brought our financial system to its knees, partly because it’s yet another symptom of the culture that led us to this point.
[But we] can’t afford to demonize every investor or entrepreneur who seeks to make a profit. That drive is what has always fueled our prosperity, and it is what will ultimately get these banks lending and our economy moving once more.
The president went on to insist bankers have to realize "that enriching themselves on the taxpayers’ dime is inexcusable, that the days of outsized rewards and reckless speculation that puts us all at risk have to be over." The next step toward recovery, he insisted, was to pass his budget. That, however, may be an entirely new challenge, especially since congressional lawmakers, even Democrats, are looking to trim down the president’s ambitious plan.
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288 Reader Comments (so far…) Sign In or Register to comment
Diamond, exactly. I, for one, knew he was a complete phony way back when…
I miss President Bush so much. I trusted him and felt safe with him. Now…..no such luxury. This new guy is scary.
The War on Terror is now known as the Overseas Contingency Operation. The easier, softer way.
Since 1998, the financial sector has given a total of $37.6 million to Obama, compared to $32.1 million to McCain. But Obama ran for his first national office only in 2004. So McCain got less from the financial industry in a decade that included two runs for president than Obama did in four years.
As we’ve seen in recent weeks, Wall Street gets what it pays for. Democratic Sen. Chris Dodd included language in the stimulus bill allowing executives of the bailed-out banks to collect million-dollar bonuses.
Which Democrats got "really mad"? Chris Dodd? George Soros? Warren Buffett? Jon Corzine? Tim Geithner?
Democrats take care of the financial industry — and the financial industry takes care of Democrats. After honing his financial skills as the bagman for Bill Clinton’s White House, Rahm Emanuel was hired by the investment bank Wasserstein Perella, where he worked for 2 1/2 years.
For that, Emanuel was paid more than $18 million. (Maybe Rahm Emanuel was the Democrat livid at Schumer for preserving a sweet tax deal for hedge fund managers!)
Democrats have a beautiful system: They’re showered with Wall Street money, but they also get to pillory Republicans for being the party of "Wall Street." The bankers don’t care if Democrats attack them. They still get their bailout money.