If it were up to the Democrats, financial institutions receiving bailout money should be chastised for making a profit. Shouldn't it be the other way around? Shouldn't we be rooting and cheering for companies like Goldman Sachs or JPMorgan to succeed? Barack Obama's National Economic Council Director Lawrence Summers wants to make real sure that these financial institutions know who to thank for making a profit. He says, "Prudent financial institutions will recognize that the profits they're enjoying are in part a reflection of the commitment government and the broader society have made to the financial system that has enabled them to enjoy those profits." That's right .. you companies better enjoy those profits and remember that if it wasn't for the government you would be nothing!
All hail the Imperial Federal Government of the United States! Whatever you become in life you own to your beneficent government!
But he's not the only one commenting on the evil profits of these financial companies. The lamestream media is doing a pretty darn good job of it as well. Even our own president! Meredith Vieira on the "Today" Show interviewed Barack Obama. She asked him about these profits: "You know I wanted to ask you about Goldman Sachs and JP Morgan reporting these big profits in the second quarter ... And they're talking about bonuses for their employees. People hear that, taxpayers, and they're very frustrated." Oh yeah .. there's nothing quite so frustrating to the taxpayers than the thought of a company making a profit. Just pisses me off no end. Talk about playing up the wealth envy, Meredith. If these employees were able to turn these companies from the verge of bankruptcy to turning a profit, why shouldn't they receive bonuses? What is so terrible about rewarding people for hard work? Then Meredith Vieira asks, "Should taxpayers get a cut of those bonuses? Yeah ... here's an idea. Let's remove all the financial incentives from the executives and employees of any company that received bailout money or any help from the government. No matter how successful those companies may become, the people who brought them back to profitability should not be allowed to benefit.
Hey Meredith, you twit. I'll tell you what the taxpayers deserve. They deserve to get paid back. Trouble is, when they DO pay the government back that money will not be used to reduce the national debt, nor will it be returned to taxpayers. It will simply be spent on more vote-buying.
That leads to her follow up question ... have these financial institutions learned their lesson? Read Barack Obama's response very carefully. He says, "That's the point. That's the point, is what you haven't seen, I think, is a change in culture, a certain humility, where they kind of step back and they say, 'gosh, you know, we really messed things up. And so maybe we should be more focused on the products that we're providing consumers, let's make sure that we're operating in a more secure, safe fashion.'"
Humility? What in the hell does Obama know about humility? How about some humility from Barney Frank, from Christopher Dodd - from the people who protected Fannie and Freddie while this mess was unfolding? How about some humility from Bill Clinton over his grand scheme to make sure that every person in this country who wants one could get a home loan? The blame is shared. But don't expect our hyper-arrogant president to ever drop even the slightest suggestion that government may have been part of the problem.
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