"Obama Slams 'Fat Cat' Bankers: President Voices Frustration, Escalating Tensions With Wall Street"

[ClarkUSA]

WASHINGTON -- President Barack Obama lashed out at Wall Street, calling bankers "fat cats" who don't get it, in an escalation of tensions with the industry... "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."

Relations between the banking industry and the White House were frosty from the start and have deteriorated in recent weeks, with large banks lobbying against portions of legislation that would toughen financial-market regulations and administration officials angered by some banks' continued payment of high bonuses and their reluctance to lend... White House economic adviser Larry Summers also criticized Wall Street Sunday. "Here is what I think they don't get...It was their irresponsible risk-taking in many cases that brought the economy to collapse," Mr. Summers, who chairs the National Economic Council, said on CNN's "State of the Union."

Mr. Summers knocked big banks for opposing the bill in Congress that would tighten regulatory controls over the financial industry.

http://online.wsj.com/article/SB126073152465089651.html

This is a counter to the persistent false narrative that I keep encountering here regarding President Obama. This is a reminder of what this liberal President said to Wall Street bankers in 2009, way before OWS. As you recall, Wall Street reform and credit card reform passed, despite determined opposition from The Chamber of Commerce, the Koch Bros. party, the banking industry and Wall Street.

I don't recall any other President ever talking about bankers in this way whilst in office. When's the last time any President called out bankers in such a direct and denigrating way, much less successfully re-regulated the financial industry afterwards? Hmm?

[Pirate Smile]

1. They still bring up and whine about being called "fat cats".

[CoffeeCat]

56. But these Obama quotes are from 2009...

Obama said the "fat cat" quote in 2009.

It's lovely that Obama said these things in 2009.

However, the quote in the OP--gives the impression that Obama said these things
recently--and that Obama said them in support of the Wall Street protesters.

These quotes have NOTHING WHATSOEVER to do with the Occupy Wall Street protesters.

I think that needs to be made clear.

[izquierdista]

2. Larry's going for the Condi defense

"No one could have predicted that banks would crash the economy when we shit-canned Glass-Steagall". :eyes:

[99th_Monkey]

3. FDR. But FDR did more than tough talk. That's what I'm wanting from Obama. Nice post tho, nt

[ellisonz]

5. Some reform was passed. Get a majority back in the House and a stronger majority in the Senate...

and they can go further.

http://en.wikipedia.org/wiki/Dodd-Frank

[99th_Monkey]

13. I quite agree ;-) nt

[ellisonz]

14. Making sure we don't loose the SCOTUS for another generation...

...is a huge priority in protecting reform. Consider Citizens United.

[FedUp_Queer]

61. What a pile of excrement.

You'll note this law passed when the Democrats controlled both house of congress. But, then of course, for the Obamaphiles, it's always Congress' fault no matter who's in charge.

[bornskeptic]

22. What did FDR do? He talked tough about the bankers in 1936

when he was running for re-election, but I don't recall anything that he did to them after that. Glass-Steagall was passed during the First New Deal in 1933, when Congress was willing to pass anything the Administration sent them.

[Carolina]

36. exactly

we've heard the words before. After all, it is campaign season!

[catgirl]

57. Yeah, like Obama's done nothing...NEXT

GGGGRRRRRHHH

[Liberal_Stalwart71]

4. But, wait a minute...I thought Cornel told us that Obama is a puppet for Wall Street.

Why do they love him so much?

:sarcasm:

[salib]

23. One could come up with a compelling argument as to "why"

If Obama were simply one of numerous cogs in the neo-feudalistic machine, he could be seen as very effective at trying to address the outrage (e.g., OWS) while doing little real.

He would not need to be "loved" by Wall Street. Just a useful "asset."

[Liberal_Stalwart71]

26. Again, if Wall Street loved him so much, then why are they sitting on trillions in cash

profitting from the fucked up economy that Bush & Co. left us, then sitting back overjoyed that you and others are blaming Obama rather than what THEY did?

If Wall Street loved Obama so much, then why sit on their laurels and not do something about moving this economy forward?

We had a watered down Wall Street reform bill that is the fault of the Corporatists--both Dem and Rep--in the Congress. Both parties are at fault, and not just the fault of one man.

Tomorrow, I'll be joining my brothers and sisters on the Mall here in D.C. for the Rebuilding the American Dream rally with Van Jones. And I think Van said something poignant on Bill Maher's show last week: Obama never ran on "YES *HE* CAN!" He ran on "YES *WE* CAN!!" No one man can save this country. We need to take responsibility and get out there and fight!!!

It's no longer about Obama. What are WE going to do?"???

[salib]

27. Exactly.

Democracy is our responsibility. The environment is our responsibility. We know what needs to be done.

So why is it not done?

Making it happen requires an overwhelming majority. It is a society, and just as it is quite ineffective to try to change things with a personal boycott, it is also ineffective to "demonstrate" or practice civil disobedience in small numbers.

Of course, everything starts small and can grow.

However, to really make change, we need to be a part of something larger. We are not islands. That is for the Libertarian.

No, we are a society.

So, yes, fight, protest, disobey. However, even mare so, organize, build, coordinate.

And enough with the apologies for those who have positions of leadership when they fail to lead. It is markedly more difficult to get that overwhelming majority together as long as those leaders keep talking the talk, but fail to deliver. It can be very effective.

[ellisonz]

6. Props to you Mr. President!

:kick:

[CoffeeCat]

53. Are you aware that Obama said this in 2009?

I was a bit disappointed to see that the article from which these Obama quotes are pulled is
from December 14, 2009.

[emilyg]

59. For what - old news.

[slay]

7. Well.. it is coming up on election time

i'd like to see some action - not just more election time talk.

[ClarkUSA]

11. President Obama said this two years ago. What "election time" was "coming up" in 2009?

His "action": http://www.whitehouse.gov/wallstreetreform

[Skittles]

20. LOLOL

holding Wall Street accountable? :rofl:

[slay]

21. Ah well that's more like it - explains his lack of action

otherwise known as - "an Obama". :evilgrin:

Bernie Sanders was on Countdown the other day talking about how we need REAL wall st reform, not that lip service link you posted.

[txlibdem]

29. "Reform" that does nothing to change the crooked practices that trashed the economy

Way to go, Obama! BS reform instead of actually pissing off your major contributors! He's sure to get re-elected with all that Wall Street, Big Bank and Corporate cash flowing into his campaign coffers.

[Bake]

37. I guess it was hard to hear him then ...

All we could hear was the sound of campaign cash rolling in from Wall Street. Talk is cheap.

Bake

[Myrina]

24. ... and I'd also like to see how much money the campaign is taking ...

... from those "Fat Cats" he's decrying out of the other side of his mouth.

[txlibdem]

30. +1... n/t

[chill_wind]

45. So far...

http://www.opensecrets.org/industries/recips.php?cycle=2012&ind=F

http://www.opensecrets.org/industries/summary.php?ind=F&cycle=2012

[Puget Progressive]

67. Remember that he just had a group of them

for a meeting at the White House. I would guess that the subject of his proposed BILLION dollar campaign came up and just how he was going to pay for it.

[Vanje]

35. Action! !?? You got it!

Heres how Obama kicks those Banker's asses!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5015084

[The Backlash Cometh]

8. Sounds like Obama is on the correct side of the protest line.

[salib]

25. No, he has already crossed that line

Time and time again.

I seem to recall the belief that one should never cross a union line.

I still do not see any walking shoes in use.

[Solomon]

44. Oh, you mean he crossed the line by not crossing the line?

:rofl:

You guys are a hoot!

[CoffeeCat]

54. No...These Obama quotes are from Dec 2009...

The "fat cat" quote from Obama--and the article cited in the OP--are from December 14, 2009.

Obama has yet to take a stand or made ANY KIND OF SUPPORTIVE STATEMENT LIKE THIS--regarding
the current Wall Street protesters.

Just so we're clear on that.

This OP is incredibly deceptive and should be unrecc'd for false advertising.

[emilyg]

60. You mean in 2009?

[Tx4obama]

9. K&R n/t

[Skittles]

10. must be an election looming

either that or he is just now starting to fucking get it

[ClarkUSA]

15. "either that or he is just now starting to fucking get it"? What "election" was "looming" in 2009?

[Skittles]

19. ? he got it in 2009?

:rofl:

[YellowCosmicSun]

12. Obama is aligning himself with OWS

[TheWraith]

16. Because he's telepathic and/or a time traveller? THIS IS FROM TWO YEARS AGO.

Obama was there long before anybody even thought about OWS.

[YellowCosmicSun]

17. did you see what Carney said today? Obama is getting ready to side with the protesters,

in a public way.

As things grow, he will respond.

[Fuddnik]

31. Horseshit.

Lip service and support are two different animals.

He wouldn't siding with the pipeline protesters last month, even though it would have been the right thing to do.

We'll see just how much he's siding with the protesters when we start occupying DC on Thursday.

[YellowCosmicSun]

32. Good luck in your Revolution, comrade.

[FedUp_Queer]

62. Really? Next you'll call him a "Pinko,Commie."

[Bake]

38. I think they call that "leading from behind."

I'd be :rofl: if it weren't so sad.

Bake

[chill_wind]

39. +1

[DCKit]

18. Words. words, words.

When President Obama's DOJ begins prosecuting those who took down the world economy, I'll feel the love.

In the meantime, Holder and the DOJ are a wholly owned subsidiary of Wall St.

[theaocp]

40. He'd be a great Press Secretary.

He talked his way into the Presidency and was helped by dumbshits on the Republican side. Let's see if his handwashing technique is up to snuff this time around. Methinks he needs to practice some more.

[styersc]

28. Big Fucking Deal!!!! He's a hypocrite!!!

While he stands with debt collectors and proposes making it easier to stalk those in trouble........Warrior for the middle class my ass!!!!

[zipplewrath]

33. What he did

You post what he said, but what he did was to ensure that those fat cats would get their large bonuses, and didn't take action to stop it when he was buying their toxic assets for 100 cents on the dollar. He did it when he didn't demand the suspension of bonuses in order to get bailed out in the first place. Look at how he treated the heads of GM and compare that to how he treated the heads of the major bailed out banks.

And really, he did it when he appointed Summers and Geithner to begin with. Geithner, the treasury secretary so smart he couldn't figure out how to pay his own taxes. And Summers, the guy that thought banking deregulation was such a great idea.

[russspeakeasy]

34. News Headline: "Obama Hates The Flu".

When is the last time you heard a president call out sickness..What a brave man.

[FrenchieCat]

41. I believe he called out the pandamic flu not that long ago.

[russspeakeasy]

42. You got me...

:evilgrin:

[JDPriestly]

43. This article is from 2009. Since that time, Obama has appointed

the fat cats to even more powerful offices in his administration.

Unfortunately, that was Obama then, but the Obama now is not talking the same talk.

[ClarkUSA]

46. Since that time, Pres. Obama has re-regulated Wall Street after Clinton repealed Glass-Steagall.

He backed up his talk w/action. Anyone who works for him supports/supported that policy. It doesn't matter where they worked before; President Obama is their boss and he tells them what to do.

[Vanje]

47. Your ever continuing faith in your leader

is quaint.

[ClarkUSA]

48. President Obama is the leader of the Democratic Party and he earned my faith in him by his actions.

[swilton]

49. He talks a good line

but when his base turns around, he stabs them in the back!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5015084

[slay]

50. Exactly!

i'm glad some people here see how he says one thing - just to betray us. over and over again!

[backscatter712]

51. "I agree with you. I want to do it. Now make me do it!"

quoth FDR.

It's up to us to keep the pressure up on the President, if we're to get any real action.

[CoffeeCat]

52. This post is BLATANT FALSE ADVERTISING!

Look at the date on this article---December 14, 1009.

The title of this post, gives the impression that Obama said these things recently--and that his words
are related to supporting the protesters on Wall Street.

That's not what is happening.

This post and its title are a devious, disappointing bait-and-switch.

[woo me with science]

63. It's all they have.

Absolutely pathetic.

[ClarkUSA]

68. Who's "they"?

What's absolutely "pathetic" is that the critics of the OP don't seem to have read it through before ATTACKING ON A FALSE PREMISE, similar to how critics of President Obama and his supporters don't bother to acknowledge the facts before spewing negative rhetoric. That's the way propaganda works, I guess.

[woo me with science]

70. Sheesh. nt

[CoffeeCat]

55. delete

dup

[SkyDaddy7]

58. But Obama does not mean it it only due to

OWS that he is saying it! LOL!!!!!!!

He has said this since day one...They publicly yelling at Obama on CNBC & all those other financial CON channels. The problem is there should have been an OWS back then...It US who are late to the game!! Instead we got the Tea Party!

[woo me with science]

64. How incredibly desperate and pathetic does the argument get

when it is necessary to dig up a quote from 2009 to try to defend this administration?

Sheesh.

[emilyg]

69. Pretty pathetic.

[barbtries]

65. kick

too late to rec.

[Life Long Dem]

66. +1