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Let them eat cake


From The Guardian:

Bankers rage at G20 “witch hunt”

Bankers and hedge fund managers were furious yesterday at attempts by the G20 to cap their pay and regulate them for the first time, calling it a “witch hunt” by world leaders.

“Regulation is generally bad. You should let the market decide what the people will get paid,” said Matthew Prest, managing director at Close Brothers investment bank. “Sometimes regulation has the opposite effect of what you want and I think bankers’ salaries regulation would fall under that category. I don’t hear anybody calling for Hollywood star salary caps. This is a trendy, fashionable thing to do, it will have bad consequences.”

The m****r-f*****g bastards are upset??? Why don’t they just say “Let them eat cake” and get it over with?

These f**ksticks are obviously so far removed from the rest of us that they have no clue how enraged we are.  People aren’t peeved or miffed, they are apoplectic with fury.  Normally law-abiding citizens are seriously talking about violence – and others just nod their heads in agreement.  The last time people were this pissed off we invaded a couple countries.

Serenity now!  Serenity now!

Serenity now! Serenity now!

Compare and contrast:

Teddy Roosevelt:

Too much cannot be said against the men of wealth who sacrifice everything to getting wealth. There is not in the world a more ignoble character than the mere money-getting American, insensible to every duty, regardless of every principle, bent only on amassing a fortune, and putting his fortune only to the basest uses —whether these uses be to speculate in stocks and wreck railroads himself, or to allow his son to lead a life of foolish and expensive idleness and gross debauchery, or to purchase some scoundrel of high social position, foreign or native, for his daughter. Such a man is only the more dangerous if he occasionally does some deed like founding a college or endowing a church, which makes those good people who are also foolish forget his real iniquity. These men are equally careless of the working men, whom they oppress, and of the State, whose existence they imperil. There are not very many of them, but there is a very great number of men who approach more or less closely to the type, and, just in so far as they do so approach, they are curses to the country.

Franklin D. Roosevelt:

Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people’s money, and there must be provision for an adequate but sound currency.

Barack Obama:

I, I, would say that, er … if you look at … the, the sources of this crisis … the United States certainly has some accounting to do with respect to . . . a regulatory system that was inadequate to the massive changes that have taken place in the global financial system … I think what is also true is that … here in Great Britain … … here in continental Europe … around the world. We were seeing the same mismatch between the regulatory regimes that were in place and er … the highly integrated, er, global capital markets that have emerged … . So at this point, I’m less interested in … identifying blame than fixing the problem. I think we’ve taken some very aggressive steps in the United States to do so, not just responding to the immediate crisis, ensuring banks are adequately capitalized, er, dealing with the enormous, er … drop-off in demand and contraction that has taken place. More importantly, for the long term, making sure that we’ve got a set of, er, er, regulations that are up to the task, er, and that includes, er, a number that will be discussed at this summit. I think there’s a lot of convergence between all the parties involved about the need, for example, to focus not on the legal form that a particular financial product takes or the institution it emerges from, but rather what’s the risk involved, what’s the function of this product and how do we regulate that adequately, much more effective coordination, er, between countries so we can, er, anticipate the risks that are involved there. Dealing with the, er, problem of derivatives markets, making sure we have set up systems, er, that can reduce some of the risks there. So, I actually think … there’s enormous consensus that has emerged in terms of what we need to do now and, er … I’m a great believer in looking forwards than looking backwards.

From the Washington Post:

The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.

We needed a hero.  We got a ZERO.


12 Responses

  1. Does CNBC know about Matthew Prest? He’d be a perfect anchor/performing seal for them.

  2. I doubt David Letterman will be using Obama’s gaffes for his “Great Moments in Presidential Speeches” segment. He’s been using that to make fun of George W. Bush for years but he’s defend Obama for relying on a teleprompter 24/7. Total hypocrisy.

  3. I find it difficult to believe that Obama and the Dems and Republicans will do anything that cuts off potential funding for themselves by the financial industry. That Obama might try to cap the pay of Soros and other hedge fund managers is just not believable to me. I think this is all show. Ultimately, there will be additional regulation but mostly we will get laws that hurt the rest of America only. The same will be true of the “health insurance” for everyone. It will put more money in the hands of the insurance industry and Obama’s admin, but it will not really benefit America as a whole. They will tell us that it is fair and the MSM will push it.

  4. We completely stopped watching David Letterman last fall. It was amazing how much more relaxed we were after that.

  5. I think it is Germany and France who are the leaders on this.

  6. I wouldn’t wish harm on someone but I honestly don’t blame people who have vandalized these bankers’ homes and property. I personally wouldn’t go to those extremes but I understand the anger. They are thieves who stole millions of dollars from the public so some might feel inclined to take back what is theirs. If these thugs know what is best for them they’d keep their mouth shut. They’ve already gotten much more than their fair share (which would’ve been $0) from the government. To see them still complaining and pointing fingers is disgusting. I can’t believe how greedy and morally corrupt these people are.

  7. I just read the WaPo article, yep Obama is up to his old tricks.

  8. i dont have a problem with folks making tons of money, ido have a problem with governments that take over these busineses…i didnt buy the first bailout, didnt buy into the second one..and what do we get
    governments all up in the private business sector, it’s disgusting, let em all fail, let deal with it, they wanted to run these businesses, if they all fail oh well…the news media is a business, you dont see them failing reporting on all this, the entertainment business seems to continue to be able to pay one single person 20 freaking million to do one movie…the nba and nfl sure havent cut any of their salaries…this whole bailout world we are living in is only dangerous because of the present leader we have. He’s taking it to a whole new level…a dangerous one.

  9. It’s time for the bitter knitters to get out the little red caps.

    Bully, Teddy! Bully!

  10. Hedge fund regulation and caps on multi-million pound bonuses, (which encouragedcheating creatvity, seem to be on the cards in the UK, but not yet in the US.

    Perhaps, that’s why the pound has gone up on exchange markets since the G20.

    The US financial system must do everything to dispel the notion that deliberate fraud was perpetrated by their CEOs, upon the rest of the world (who bought triple A, trusting in US rating agencies). At the moment it simply seems that Geithner is sweeping stuff under the carpet.

  11. The market should decide? Huh? It HAS decided. It’s lost 50%. By their logic, they should be forking over 50% of their net worth to . . . well, my preference would be to me, but I’m open to suggestions . . . .

  12. Bankers being bankers doesn’t bother me, criminals will be criminals after all. I also don’t think we need a whole lot more regulation, we have regulations, like other laws, they need to be enforced. But, when the inmates (bankers) take over the jail (government) it seems silly to argue about them giving themselves extra helpings of dessert. And, when the warden helps them do it, he deserves to remain locked up in there with them when the real authorities finally show up and re-take control.

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