PBO made this “you’re in a heap o’trouble” statement to his friends in the financial industry the other day:
The bankers struggled to make themselves clear to the president of the United States.
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.”
Yeah? Well, that’s the problem, Barry. You are deflecting all the rage and ire onto the banker boys. We’re comin’ to get’em and there’s nothing standing between us and the $1500 suits but you and Jon Favreau.
Not so fast. The real target of my rage isn’t the banker who is by nature reckless, selfish and greedy. Oh, no, not by a long shot. My anger is directed at the people who were supposed to keep the beasts caged in the first place. Sure, it would have been nice to let them play in a natural habitat setting where they could fell a few hapless antelope. But someone should have been keeping an eye on the electric fence. *THAT’S* who I am sharpening my tines for. And that would include Barney Frank, Chris Dodd, all of the Republicans who have served in Congress, Executive or Judicial branch in the past 30 years and YOU.
The banker dudes paid you well for keeping the power off of the fence. Like the true shmoozer you are, acquiring the office was as far as your plans went. The real process of governing means you have to shoulder the responsibility and fulfill your constitutional oath to “promote the General Welfare.” (I’ve given up on your intention to “protect the blessings of liberty”, considering how you cheated your way into the nomination with the caucuses, the RBC hearing and the help of the superdelegates you paid off with banker-buddy dollars) Willam Black, senior regulator of the S&L crisis, thinks that you and Geithner are afraid to tell the country just how bad the bankers have screwed things up. Judging from the stunned expressions on my friends’ faces, who have stashed away all of their money in 401K’s and other investments as they were instructed, you have a very limited amount of time before they snap out of their state of shock and come a-lookin’ for you. Your reticence to rein the bankers in may have created the biggest surge in liberalism the country has seen since 1930.
We’ve got about 18 months to take over Congress. It can be done, Barry. People are really angry and there are a lot of motivated and intelligent PUMA-esque people out there who may be unemployed and find a Congressional salary very much to their liking. Wouldn’t that frost Pelosi’s and Reid’s crockies? We can be very demanding.
Here’s some of my demands:
- Bonuses should be limited to 15% of total compensation. That’s right, bankers should be forced to live on s straight salary and bonuses given for good customer service. Those customers are US. You want to talk merit pay? Ok, we institute merit pay for bankers. Restore our confidence and you will get paid a nice salary. F^&* us over, you get nothing.
- Cancel the debts on the credit default swaps. As far as I know, they weren’t insured by the FDIC. Gambling is Ok as long as you do it with your own money. If we the taxpayers didn’t agree to insure them before they created the “instrument”, there is no reason why we should agree to bail them out now. We shouldn’t have to honor a gambling debt.
- Take Citigroup, Bank of America and the other two almost insolvent banks into receivership. Quit conflating it with nationalization. Just get it done already.
- Get rid of Geithner, Summers and the rest of the Goldman Sachs operation they rode in on.
- Leave the autoworkers alone and fire the pension fund managers who played with our retirements. Recapitalize the pensions and leave the fricking bankers to fend for themselves.
- Address the mortgage principle problem for those of us with house values that are now underwater. Failure to do so will result in many homeowners walking away from their obligations and make the financial crisis worse. We know Hillary would have been on top of this problem by now. Too bad for us, we got stuck with you. If you don’t have time to do it right, you won’t have time to do it over, so, get on it now.
I’m also getting really tired of the finance industry wailing that the full faith and credit of the US is on the line if we don’t pay off the people who bet over and over again using CDS’s. We guarantee bank deposits of up to $250,000. We have (had) rules in place for pension funds. We had regulations on the insurance industry. If the banking and insurance industry found ways around what regulation was left to fritter away money and didn’t take advantage of the insurance we the taxpayers provided, tough. We are not responsible for protecting the lifestyles of the rich and shameless while the auto assembly line guy watches the only job he’s ever had get terminated because some rich asshole in the CEO’s office couldn’t think beyond the next quarter’s earnings. We know that it’s going to be painful to get out of this mess but for gawd’s sakes, don’t prolong it. Every month, 600K+ people are losing their jobs, including lots of people we know. Our patience is wearing thin.
Take this seriously, Barry, Barney and Chris and all you faithless superdelegates. The deflection to the banking boys will only last a short time. Destitution has a wonderful way of concentrating the mind. It won’t be long before the public finds out that the people who are standing in the way are the ones who need the sharp poke in the ass.
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Filed under: Economy | Tagged: bankers, Barry is protecting the bankers, nakedcapitalism, pitchforks, William Black | 45 Comments »