Economics

Really Not a Good Idea for Obama To Be Talking About The "Best and the Brightest"

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From President Obama's 60 Minutes interview, broadcast last night:

President Obama said Sunday it isn't "anti-Wall Street" to say that the "best and the brightest" made poor investment decisions that have plunged the nation into economic crisis.

"Because of bad bets made on Wall Street, there have been enormous losses," Obama said during a 60 Minutes interview in which he defended his advocacy of increased federal regulation. "I want them (the people on Wall Street) to do well, but what I also know is that the financial sector was out of balance," he said.

More here.

There's no question that a load of people on Wall Street made stupid decisions. Typically, those decisions were aided and abetted by dumb government policies (read: Fannie Mae and Freddie Mac, the Federal Reserve, Chris Dodd and Barney Frank, and more) and various ongoing bailouts ("Too big to fail" is a phrase that should never again be uttered by anyone in Washington, D.C.). And now the dumb decisions of the past 1,000 years are being exacerbated by the bailout/stimulus frenzy that shows little to no signs of abating, even as it sets up the next big catastrophe down the road. Is that any way to create what Obama dubs a "New Era of Responsibility" in his proposed budget for fiscal year 2010 (which increases spending over FY 2008 by 19 percent)?

60 Minutes interview video below.

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  1. There's no question that a load of people on Wall Street made stupid decisions. Typically, those decisions were aided and abetted by dumb government policies

    There's no question that the single biggest dumb mistake made on Wall Street was trusting that government policies were there to help them.

  2. If I recall correctly, President Clinton promised us the most ethical administration in history, and what did we get?

    President Bush promised us a humbler foreign policy, and what did we get?

    Now President Obama promises us "A New Era of Responsibility." So what do you think we are going to get? It's not that hard to guess, is it?

  3. Shut the fuck up, Barack Obama.

  4. After the greatest interview in history this is all you can complain about? HA!

    Good morning FrBunny.

  5. If I recall correctly, President Clinton promised us the most ethical administration in history, and what did we get?

    But wait! Clinton's administration, where the bulk of the Obamacy's administration came from, told us that the "era of big government is over."

    Are you saying that they might have been fibbing?

  6. There's no question that the single biggest dumb mistake made on Wall Street was trusting that government policies were there to help them.

    But the events of the past 7 months have shown that these policies *did* help them ultimately.

    These same policies fucked us over royally and several generations of our offspring too, but I'd say that trust paid off in spades for the incompetent decision makers.

  7. I wonder how much more damage Obama will have to do before he no longer fancies himself a god.

  8. Solana,

    He has existed since the morning of the world and shall exist until the last star falls from the heavens. Though he has taken the form of Barack Obama, he is all people, yet even as he is none. Therefore, he is a god.

  9. JW, The employees who kept their jobs made out ok - the shareholders, not so much. I get your point that the banks were right to believe the goverment wouldn't let them fail - but they've paid a terrible price as an industry as they lose independance, profits, and market share to european competators.

  10. He has existed since the morning of the world and shall exist until the last star falls from the heavens. Though he has taken the form of Barack Obama, he is all people, yet even as he is none. Therefore, he is a god.

    He's a god now.

  11. The man is out of his depth. Comparing him to Jimmy Carter is unkind to Carter.

    -jcr

  12. The truly astonishing thing in all this isn't that Barack Obama is out of his depth (his resume, after all, was tissue thin), or that Geithner is floundering (he was the man in charge of preventing exactly the kind of financial holocaust we have witnessed).

    No, the truly astonishing thing is that all the main players in Congress who did their bit to make bring this catastrophe to bear still hold their positions as the Congressional panjandrums of banking, finance, and tax policy. Dodd, Frank, Rangel, etc. are still in place as the Big Bosses of the areas that they augured into the ground.

  13. When discussing fiscal responsibility, Obama's credibility is diving faster than GWB's did over the same period of time.

    Since the retarted challenged son ended his first term with negative credibilty on budget discipline, perhaps it's time to extrapolate what the chosen one will really do to our descendents tax burden.

    Let's face it, this does not look good.
    Not one fucking bit.

  14. "He has existed since the morning of the world and shall exist until the last star falls from the heavens. Though he has taken the form of Barack Obama, he is all people, yet even as he is none. Therefore, he is a god."

    Blah - the first emporor of China thought he was a god too.

    But he kicked the bucket just like everybody else.

  15. "I want them (the people on Wall Street) to do well, but what I also know is that the financial sector was out of balance," he said.

    I love His preacher style. Almost everything He says I can imagine coming out of the mouth of someone at His moron church.

    Speaking of which, has He opened an investigation into the government agency that created AIDS to kill the black people yet?

  16. :\~

  17. The Special Olympics Presidency: the dim and the dimmer.

  18. The socio- and neo-cons have currently trashed reputations. At the current rate so will big-spending and micro-managing liberals in 2010. Who are the American people going to vote for in their disgust? The naive optimist will say its time for some libertarian wins, while the cynical pessimists will predict that we're going to get some weird fusion of the two. Nixonian keynesians? Supply-siders with delusions of godhood?

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