From Martha's Vineyard, the Times also reports Obama intends to stand behind George W. Bush's man (and Wall Street favorite), Republican Ben Bernancke, and nominate him for a second four-year term as chairman of the Federal Reserve Bank, the semi-private entity which guides US monetary policy.
Mr. Bernancke is apparently a leading scholar on the Great Depression. That must be convenient. Interesting that he didn't see this one coming.
Granted, stocks are bouncing back nicely, but unemployment is at 9.7%. Wall Street and industry have been well served by the citizens, but they still aren't hiring them.
New York Times reports Citigroup, a bank that got a $45,000,000,000 TARP bailout, intends to pay $130,000,000 to just 2 Citi employees. Citi contends that these two traders are exempt from the TARP compensation rules. Reuters reports that Citi will lose another $44,000,000,000 over the next 18 months. Expect them to plead poverty and demand handouts once again.
Is this an example of the “sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression”? Because...I'm not feeling it.
Obama's tone-deafness here is astonishing. Making economic pronouncements on a golfing vacation with your banker buddies from a jet-setter's playground. Really? What's even more amazing is Obama's disappointing "incrementalism" philosophy and his "stay the course" mentality.
Obama is proving to be a profoundly conservative and unimaginative leader.