Pontiac Summit

WARNING: This is a rant. If you’re an Obama supporter, you may not want to read this post. You have been warned.

President Obama on 60 Minutes:

“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” Mr. Obama said in an interview on CBS’s “60 Minutes” program on Sunday.

“They’re still puzzled why is it that people are mad at the banks. Well, let’s see,” he said. “You guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it’s gone through in — in decades, and you guys caused the problem. And we’ve got 10% unemployment.”*

And to think that people made fun of the way President Bush spoke…

Although bankers were a large part of the cause for the financial crisis, they DID NOT cause it by themselves as Obama implies. There’s plenty of blame to go around. The Fed kept rates too low for too long. The banks couldn’t have created all those products and lent so much money without the help of cheap money.

Also, the banks couldn’t have made so many loans without the help of people who stupidly bought more house than they could afford and lied on their applications.

Don’t get me wrong. I don’t think bankers have any right to take bonuses during a time when their banks are losing money. I don’t care if the bonuses were promised or not. But, at the same time, shouldn’t government officials be taking pay cuts too since the crisis happened under their watch?

There’s PLENTY of blame to go around and Obama’s only showing his ignorance to focus all his attention on ‘fat cat’ bankers. He also must think that Americans are stupid.

End of rant…

Source: Obama Slams ‘Fat Cat’ Bankers – WSJ

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