Thursday, January 29, 2009
Obama criticizes wall street bonuses
Obama called the bankers “shameful” for giving themselves $18.4 billion in bonuses. Financial executives have received the same level of bonuses as they had in 2004, when the economy was a lot better. Obama has said, “That is the height of irresponsibility. It is shameful, and part of what we’re going to need is for folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility. The American people understand that we’ve got a big hole that we’ve got to dig ourselves out of, but they don’t like the idea that people are digging a bigger hole even as they’re being asked to fill it up. . . there will be time for them to make profits and there will be time for them to make bonuses. Now is not that time.” This response came the day after the president met privately with business leaders. One of the business leaders was the chairman of the board of Citigroup, which received taxpayer money last year. They wanted to buy a $50 million business jet, but the administration was able to urge them to cancel that. I think Obama has the right to be angry at the businesses for spending so much money and being so irresponsible with the money that they got. This is not the time to buy a $50 million business jet. Businesses should be spending taxpayer's money more responsibly.
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I didn't know they gave themselves bonuses! Obama did the right thing to criticize these people, who want to buy a $50 million jet while that money could buy 50 million double cheeseburgers to feed 1/6 of America (more like 1/3, since the babies can't eat the whole thing), or at least go to some important cause, and also increase their wages when they could use that money to hire qualified people in need of jobs. They remind me of the person my cousin was telling me about, some rich person who lost the money to afford a private jet, but refuses to fly first class because it's not good enough for him. Although they're obviously not going to vote for Obama next election, I'm sure Obama's criticism should strengthen his overall support.
While it may be good on Obama for criticizing these Wall Street parasites (which is the way they are acting), words are not going to cut it. Back when the bailout was going through I said that there needs to be regulations in the bailout or you're going to see these Wall Street people take the billions of dollars we give them, spend it on themselves, and then come back claiming that they need more money to fix this economic mess. It is absolutely shameful and it's going to take more than some of Obama's scolding to fix that.
Nevertheless, good on Obama for at least saying something. Sure never saw Bush scolding his Wall Street buddies for anything, did ya?
I just want to know when all of this will end. Yes many of the people working on wall street are selfish and to be honest I am not one bit surprised. We all know this already though. This latest bonus fiasco is just another example of how not enough regulation can have disastrous consequences. Of course hearing about this makes me upset, but I feel like it's just another thing to add to our mounting list of problems. I hope Obama can take steps to improve the economy somewhat. I'll cross my fingers
And who gave them this money????
Douglas do you want the government to completely run these companies? Or should they be allowed to run themselves? Regardless, this is just another sign that we shouldn't have had a bail out.
Why even bother with this capitalism malarkey anymore? Government spending can stimulate the economy, so if all spending were government spending, our economy would be booming!!!!!!!
Socialism is the road to prosperity!!!!
LOL not enough regulation??????????????????????
HOW BOUT NO BAILOUT IN THE FIRST PLACE?????????????????
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