Ed Stein: Matador
The closer we get to economic recovery, the more difficult it’s going to be to reform Wall Street. Congress has already dithered for almost a year, and still no substantial reforms of the practices that led to the economic meltdown have emerged. For all Obama’s lecturing of the miscreants, he’s done little to force them to change their ways. The few banks that are now showing a profit are doing so largely because they’re trading in the same kinds of risky securities that led us to this mess in the first place. Worse, they’ve learned the wrong lesson: if they screw up again, we’ll bail them out rather than risk the destruction of the economy, and they’ll be rewarded yet again with huge bonuses paid for by the taxpayers, assuming we have anything left by then.
See more of Stein’s work at EdSteinink.com
Spot on with this one. I doubt Wall Street will ever get a makeover. This whole economic meltdown will always occur every so often.
Despite what Gene is going to post on this, it happens with every president and has nothing to do with whether they’re republican, democratic, socialist, communist, satanist or just plain stupid (like Bush). In fact, it has nothing to do with any president. Also, mind you Gene, Bush did a stimulus package too so don’t blame everything on Obama.
In other words, nothing has changed since Alexander Hamilton, William Duer and their cronies caused the first Wall Street collapse (shortly after its inception) on March 23, 1792.
Mary,
Good to hear from you.
Your goosey Obamaite friends above suffer the shakes when they realize their emperor has no clothes. . . Since when are Wall Street bonuses paid for by the taxpayers? I say they shouldn’t be. Obama says they should be. He is only arguing how much, or if they should have a job. Sometimes you have to step back and separate out reality. I read Charles Krauthammer today in Washington Post. He tells “The Three Envelopes” joke. – Old Soviet joke:
Moscow, 1953. Stalin calls in Khrushchev.
“Niki, I’m dying. Don’t have much to leave you. Just three envelopes. Open them, one at a time, when you get into big trouble.”
A few years later, first crisis. Khrushchev opens envelope 1: “Blame everything on me. Uncle Joe.”
A few years later, a really big crisis. Opens envelope 2: “Blame everything on me. Again. Good luck, Uncle Joe.”
Third crisis. Opens envelope 3: “Prepare three envelopes.”
In the Barack Obama version, there are 50 or so such blame-Bush free passes before the gig is up. By my calculation, Obama has already burned through a good 49. Is there anything he hasn’t blamed George W. Bush for? The economy, global warming, the credit crisis, Middle East stalemate, the deficit, anti-Americanism abroad — everything but swine flu.
- (he continues on in his op-ed, . .)
“Obama says they should be….” “50 or so such blame-Bush free passes…”
Um, excuse me, but wasn’t TARP I under Bush?? Likewise, TARP II was under Obama. Ray is right that these happen under every president, but these two have dumped more taxpayer money into shoring them up than any others I know of. You are half right, Gene – those salaries shouldn’t be paid by the taxpayers, but the fact remains that, under the last TWO presidents, they have been.
p.s. – sorry I’ve been out of pocket so much lately – it’s not likely to improve for a while, I’m afraid. Never think that means I don’t care & won’t check in when I can.
Mary,
When you get back in – I love being 1/2 right!
Actually blathering Ray was talking about the ‘stimulus’ under Bush. He lumps it with Tarp I, and makes generalizations. Easy for wingerLefties like Ray and Ed Stein. They have no basic understanding. Just feel-good generalizations. Regarding Tarp I under Bush, I have made the case before in these columns that Bush’s Paulson was a Democrat. I didn’t agree with Tarp I, and I don’t think is logical to say just because Bush did Tarp I to save the system, that Obama was forced to do Tarp II. The stimulus package of Obama is also something else, loopy Ray and Ed Stein.
I agree with Art that it is good to see Mary again.
However, . . this common man diatribe will soon be exposed. When it is clear that Obama has not helped the common man, but k i l l e d him off. Unfortunately I am afraid the whole country will be k i l l e d off by the time Art has figured it out.
marym,
Oh it is good to see you again. Beacause you usual see the true facts. And are not confused by winger news. Many others by in to the fake facts. And are led by the blind. It is funny that W did the pay outs much worse than obama with lots more money. Since obama does not want to do the bail ouits but cheny forced it on obama. And obama would not pay out money to those fat cats if it was only his doing. Likely that cheny influence will stop soemtime. In that times the economy can get on the right tracks as ed stine says. And all the common men can share the help. Really a lot to look forward to for the common man but the cheny man will be told no by obama.
art