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May 04, 2009
Obama: Wall Street Will Play Less Dominant Role
Wall Street is not going to play as dominant a role in the economy, president says.
WASHINGTON
Wall Street is not going to play as dominant a role in the economy as regulations reduce "some of the massive leveraging and the massive risk-taking that had become so common," President Barack Obama says.
The changes in the role of Wall Street and the huge profits that came from that risk-taking could mean other adjustments as well, Obama said in an interview in this week's New York Times Magazine.
"That means that more talent, more resources will be going to other sectors of the economy," he said. "I actually think that's healthy. We don't want every single college grad with mathematical aptitude to become a derivatives trader. We want some of them to go into engineering, and we want some of them to be going into computer design."
The Obama administration is trying to restore more regulations on the financial sector to avoid some of the risk-taking that helped cause the current economic problems.
"Wall Street will remain a big, important part of our economy, just as it was in the '70s and the '80s," he said. "It just won't be half of our economy."
Obama said he expects that government efforts to fix the economy will cause long-term changes.
"What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade," he said.
Obama said he's confident that people will regain trust and confidence in the financial system, but he believes it will take time.
"I think it's important to understand that some of that wealth was illusory in the first place," he said.
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Wild Thing's comment........
Forget socialism. This guy is going straight for communisim. This Soutpiel puppet has perpetrated one of the biggest cons the world has ever seen.
Translation: “Wall Street, you better cough up big for Democrats in 2010 and for me in 2012 if you want us to stay off your back.”
Wall Street IS the free economy. If Wall Street declines it can mean only one thing. Government grows = communisim.
What a flaming hypocrite. If you look closely, HALF of his administration or more has worked on Wall Street at some point. I just read yesterday that Rahm Emanuel had a brief career as an investment banker. What the heck does Rahm Emanuel know about banking?
Rahm Emanuel’s profitable stint at mortgage giant [Freddie Mac]
Chicago Tribune
"Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.
One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort."
Rahm made $19 MILLION during his short time on Wall Street. He wired the state bond deals and reaped the harvest.
Obama and his soros communism will 'crowd out' capitalism. (which all here see as plain as the noses on our tea party faces). What he left out is...as goes Wall St, so goes Main St. (at least while he's president, or until we can elect a Congress WITH a brain to replace this cursed Congress WITHOUT a brain, whichever comes first).
Posted by Wild Thing at May 4, 2009 05:45 AM
Comments
His administration is nothing less than a Chicago mafia trying to take control of our Republic and turn it into a unique form of Communism called Obamammunism.
Bob A.
Posted by: Bob A at May 4, 2009 07:16 AM
Sonofabitch needs to be horse-whipped!!!!!!!!!!!!
Posted by: Glenn Cassel AMH1(AW) USN RET at May 4, 2009 08:21 AM
The dumb ass. Reducing economic profits reduces taxes paid. Less federal revenue=bigger deficits.
These commie crooks and thugs are leading us straight into economic stagflation and inflation. Of course, they will live well. Bribes and $500 sneakers. We can be just like Zimbabwe.
Posted by: TomR at May 4, 2009 12:26 PM
Let me understand this, he actually wants to reduce the private sector to less than half of the economy?
Janet Nappy should keep her carpetbag close by. She should also see if Kenyan natives can sponsor long-term visitors. If they are intent on going forward with this prescription for disaster, she may need a place to stay for a very long time.
Posted by: Avitar at May 4, 2009 04:31 PM
It's only been a 100 days ? It feels like it has been a lifetime. I use to wake up and smell the coffee now I wake up and wonder what Right do we lose today. This Salt-petre has got to go.
Posted by: Mark at May 4, 2009 06:15 PM
Bob A., good name for it.
"Obamammunism"
Posted by: Wild Thing at May 4, 2009 11:27 PM
Glenn Cassel AMH1(AW) USN RET, he sure does.
Posted by: Wild Thing at May 4, 2009 11:28 PM
Tom, it sure stinks to high heaven,commie
crooks I can't stand it.
Posted by: Wild Thing at May 4, 2009 11:34 PM
Avitar, that is the way I understand it,
just like you said.
That would be great if Janet Nappy can be
sent there for good.
Posted by: Wild Thing at May 4, 2009 11:36 PM
Mark, OMG I just said that to Nicholas
a couple of days ago. "It feels like it has been a lifetime". I feel the same way.
It is like normal time is in slow motion and
we are watching Obama on speeded up time
zooming.
Posted by: Wild Thing at May 4, 2009 11:38 PM
