Is Obama Committing Political Suicide? Defending Wall Street CEOs is not a winning strategy

[Better Believe It]

Is Obama Committing Political Suicide? President Calls Obscene Wall St. Bonuses 'Part of the Free Market System'
Obama says he doesn't have a problem with bonuses at Goldman Sachs and JPMorgan. He's going to have a big problem at the polls in November.
By Zach Carter
AlterNet
February 10, 2010

After several weeks of strong showings in the media, President Barack Obama appears to have committed political suicide in an interview with Bloomberg focusing on bank bonuses. Just as bad, Obama's statements praising bailout barons and downplaying their bloated bonuses amount to outright economic insanity.

Here's what Obama had to say about the $9 million bonus Goldman Sachs CEO Lloyd Blankfein will be paid and the $17 million bonus JPMorgan Chase CEO Jamie Dimon will receive:

"There are some baseball players who are making more than that and don’t get to the World Series either, so I'm shocked by that as well....I know both those guys; they are very savvy businessmen," Obama said. "I, like most of the American people, don't begrudge people success or wealth. That is part of the free-market system."

I have no particular love for professional athletes, but let's give credit where credit is due: Baseball players did not wreck the global economy. Baseball players did not destroy seven million jobs and send the unemployment rate into double-digits. Baseball players did not con millions of people into taking out predatory subprime loans, and baseball players did not rob their fans with undisclosed overdraft fees. Baseball players did not come to taxpayers and demand $17.5 trillion to save their teams, and baseball players did not make their money in 2009 by speculating in financial casinos with taxpayer funds.

.... everybody understands that bailout bonuses are totally obscene. Everybody grasps that U.S. taxpayers saved the biggest financial institutions from failure in 2008, and that continued rescue efforts have allowed banks to book the huge profits that support their bonuses. Of all the issues Obama could have caved on for political expediency, he picked the one that resonates most with voters

Defending Wall Street CEOs while the rest of the country is out of work is not a winning strategy for the economy for the mid-term elections.

Please read the full article at:

http://www.alternet.org/economy/145628/is_obama_committing_political_suicide_president_calls_obscene_wall_st._bonuses_%27part_of_the_free_market_system%27?page=2

[QC]

1. Somestimes it seems like he wants to lose.

There's just no way someone who ran such an effective campaign could truly be as tone-deaf as the man we've been seeing lately.

[Echo In Light]

21. US presidents don't act on their own volition, but fulfill a role for corporate paymasters

[arthritisR_US]

27. that's how I see it too. n/t

[Name removed]

31. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Fumesucker]

2. One does not crticize one's bosses strongly if at all..

And we all know who really holds the reins of power in America.

Remember the Golden Rule.

[Autumn]

5. Yes I have heard that them who has

the gold rules. And we see it more every day.

[T Wolf]

3. Sometimes you do have to wonder what is driving him to say and do some of the things

that come from the WH.

They range from just plain stupid (politically) to complicit (policy-wise) to wanting to bail out after one term (got my place in history, so long) to who knows what?

None of the possible explanations are good reflections on someone who entered office on the backs (and wallets) of so many with so much hope for progress.

But hey, he's only been in office for a little over one year. Let's give him the full four years and see where things are come 2012.

Of course, the opportunity for significant progress will have been lost by then. But who are we to put demands on him?

[unhappycamper]

8. 'who are we to put demands on him?'

I'm his base. The place where he needs to come to get re-elected.

I'm the guy whose tax dollars are being used in two occupations that I completely disagree with.

I'm the guy who thinks a trillion dollars a year for the Department of War is insane.

I'm an unhappycamper at the moment.

[bvar22]

69. Well, the campaign begins in 2011, after 3 years.

He is already more than 1/3 of the way there with pitifully little to show, and a huge waste of the Mandate Momentum.

* Would you favor or oppose the national government offering everyone the choice of a government administered health insurance plan — something like the Medicare coverage that people 65 and older get — that would compete with private health insurance plans?

Favor 82%

Oppose 14%

Not Sure 4%
http://www.ourfuture.org/blog-entry/2010010320/poll-shouts-message-massachusetts-voters-were-sending

"When given the choice between a Republican, and a Democrat who acts like a Republican, the voters will choose the Republican every time." ---Harry Truman

QED Massachusetts

[aquart]

4. I must be in the minority. I DO begrudge those executive bonuses.

And surreal, stratospheric executive salaries and perks.

But I don't mind a bit about the baseball players whose every move is the obsession of millions. Or movie stars. They give good value. And if they don't, they don't get even more next time.

[Autumn]

10. Sorry, I don't believe you are

in the minority. I don't know of anyone in real life who thinks the bankers deserve those types of bonuses on our dime. Even the republicans I know think its a disgrace.

[Lorien]

20. That's what I'm hearing as well. It isn't Capitalism at work, it's Socialism for the rich

reverse Robin Hood-ism. I don't know anyone who believes that failure and f*cking up deserves obscene rewards. It's as if someone drove a car through the wall of our living room, and we're not only forced to pay for the repairs on their vehicle, but we're also forced to buy them an additional luxury car on top of it.

[Autumn]

29. That is just too

perfect, and so true.

[Edweird]

51. I do too. It is especially galling when there is 'no money' for job creation or healthcare.

[bvar22]

71. I'm in the same "minority".

Obama was clearly WRONG about this claim.
I Begrudge.

The Wage Gap between Executive Pay vs Worker Pay has broadened over the last 30 years to surreal levels. MOST Americans are OUTRAGED by the Wall Street Bonuses and extreme Executive Compensation, and rightly so.

Those at DU desperately trying to Oil the Troubled Waters on this issue ARE on the wrong side of this issue. Obama should have stood strongly with the vast majority of Working Class Americans and DEMANDED a clawback in NO uncertain terms.

I was furious when he tried to hide behind the Republican "Free Market" and Pro athlete excuse.

If it was a REAL "Free Market", the FAILED Wall Street Bankers would be making the same bonuses as a FAILED Baseball player = "Would you like some fries with that?"

Instead, the Centrist Democrats (Obama included) again joined with their Economic allies, The Republicans, to ensure that the Economic Elite Class never suffered a moment of discomfort from their FAILURES.

I KNOW which side I'm on...the lower 98% Working Class Americans.
Whose side is Obama on?
Whose side is the Democratic Party on?

[Name removed]

6. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[Peregrine Took]

7. I think he wants to be a one termer and leave for academia in 2012.

He is just all over the place on his positions.

Before long he'll be inviting Paul Ryan to the WH to discuss his "interesting proposals for cutting entitlements.

[Lorien]

23. He dropped hints throughout the campaign that he didn't intend to run for a second term

I won't bother going over them again but I know that a few other DUers caught them. Maybe a back room deal was struck "OK Mr. Obama; we'll let you win this one so you can make your mark on history; but don't rock the boat! It's just one term. Give 'em any real "Change" and, well, you remember what happened to Kennedy." I prefer that scenario to believing that he's one of them. :-(

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Fumesucker]

13. I recced it just for you and your slur against fellow DUers..

:hug:

[TwilightGardener]

15. How is it a slur to say that this is a big lie perpetuated by some on the left?

Edit to add: the headline is, Obama defends Wall Street CEO's. He didn't, if his words are put in context with the rest of the interview. That constitutes a lie.

[Fumesucker]

16. Obama said he had no problem with the obscene bonuses..

I wish he would be a "fierce advocate" for the little guy as much as he is for Wall Street.

[TwilightGardener]

17. Where did he say he had no problem with obscene bonuses?

The interview I read said that he doesn't begrudge wealth and success, but thought that if anyone gets bonuses in ANY field (and he used baseball as an example), those should be tied to performance.

[Better Believe It]

33. So comparing the Wall Street tycoons with baseball players was a good analogy in your opinion?

[TwilightGardener]

36. Actually, yes--do baseball players who suck deserve raises?

Do CEO's who fuck up deserve bonuses? If you find that controversial, then you're not someone I can reasonably talk to.

[Better Believe It]

39. Don't you know the difference between baseball players and Wall Street CEO's bonuses?

Apparently not.

Baseball players who fail to produce under contract provisions DO NOT receive pay bonuses.

Baseball player bonuses are based on achieving specific performance goals clearly specified in their employment contracts such as batting average, games won, home runs hit, fielding excellence, earned run average, etc., And many baseball players do not receive any bonuses at all no matter how well they perform!

So automatic Wall Street CEO's bonuses are based upon how much money they can squeeze out of taxpayers and enrich their clique at the publics expense.

[TwilightGardener]

43. He could have said "Do movie stars deserve high salaries for

low box-office earners?" or "Do sales people deserve sales bonuses for poor sales"--insert any profession you want to. Only a simple-minded fool (or someone looking to find perpetual fault, no matter the reach) would read this as "OMG! Obama is picking on baseball players11!1!1!"

[Better Believe It]

48. Comparing baseball players to Wall Street crooks was a piss poor analogy. Case closed!

[TwilightGardener]

54. Nope. Case open.

[countingbluecars]

18. It seems to be a slur

if you contradict this poster. It's happened to me.

[TwilightGardener]

19. I have never seen this poster post anything supportive of Dems or the President, ever.

In fact, this person goes out of his/her way to bring negative stuff here.

[Better Believe It]

30. Obama, Mullen, Gates Deserve Praise for Opposing “Don’t Ask, Don’t Tell”

Better Believe It (1000+ posts) Sat Feb-06-10 10:14 AM
Original message

Obama, Mullen, Gates Deserve Praise for Opposing “Don’t Ask, Don’t Tell”
By Matthew Rothschild
Editor
The Progressive
February 6, 2010

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=7653331

[TwilightGardener]

34. Sorry, I have your number. One token post doesn't cut it.

[Better Believe It]

49. No. I have your number. It's become obvious you are only interested in trash talk.

All you can do is engage in personal attacks and trash talk against DU'ers.

You simply refuse to engage in civil debate and discussion.

This is not a trash talk board.

Welcome to my ignore list!

Bye!

[TwilightGardener]

55. Please serve up some examples of personal attacks and trash talk.

[Jim Sagle]

32. Actually he DID defend Wall Street CEOs, and everybody goddamn well knows it.

You're the liar.

[TwilightGardener]

35. I hate to get into a game of "No, YOU are", but...you are.

The entire segment can be distilled thusly: Bonuses should be tied to performance.

[Jim Sagle]

37. We can all read the quotes and the links and the articles and judge for ourselves.

Anyone who does will conclude that Obama did indeed defend Wall Street CEOs. Period.

[TwilightGardener]

38. He did not. Period.

[Jim Sagle]

45. Yes he did. Period.

[TwilightGardener]

46. OK, sport, I'll let you have the last word, obviously you need it more than I do.

[Jim Sagle]

47. Clever. Not.

[freddie mertz]

52. The big lie is trying to lay ANY of the blame for this on "the left."

The president said what he said.

He is a grown-up, we elected him, and we get to speak out when he says something stupid or wrong.

Which he most certainly did.

There is no disputing the quote. The WH has not denied it.

And the "explanation" was just more of the same.

It's a big fail, and it's one we didn't need right now.

Who's minding the store over there, anyway?

[TwilightGardener]

56. The big lie is in taking something out of context, not giving the full relevant quote, and

putting words into someone's mouth that he did not say.

[freddie mertz]

59. We've had the full quote for more than a day.

It changes nothing.

That spin line is not working.

Time to get a new one.

[TwilightGardener]

60. The only spin is from those who want to make Obama's statements

into something other than what they were. You can bash him from here to Kingdom come for not being harsh enough on the CEO's and bankers in that particular interview, but the entirety of the quote reveals a gentle smack-down, not a pat on the head or an "atta boy".

[freddie mertz]

65. They were unfortunate statements. I definitely saw a "pat on the head" here.

And even if there was a "gentle smack-down" as well (which is a very generous characterization of the statements IMHO), it would be far from what is required in this particular case, at this particular moment.

That is, if we really DO want to reform the system, and win the next election cycles.

[Better Today]

11. Dated "November 10, 2010"???

[Better Believe It]

14. Thank you for pointing out the mistake. The typing error has been corrected.

[vegiegals]

12. And last year he spoke LOUDLY against them!!...

:eyes:

[dionysus]

22. roffle...

more fail from you...

[rudy23]

24. I've said for months that the best thing for the WH would be to lose Congress

Then they can run their center-right, corporate administration and claim to their base that their hands are tied. They and the Blue Dogs who keep their seats can keep raking in corporate cash, and keep their cush jobs without any pressure from us hippies to take on the big corporations, and face the threat of blackmail, smears, etc.

[Marr]

28. I don't think the Democratic establishment wanted to win majorities in 2006, either.

At least, not in the Senate. The contortions they went through to manufacture "loses" in those two years were absolutely comedic.

[rudy23]

50. Yeah, they don't want to have to embarrass and exhaust themselves with all this kabuki again.

The Comfort Zone for this crop of Dems is to repeat the Clinton years, '94-'00, which brought us some of our most corporate, conservative policies to date.

[chasmj]

57. Nah. That will not happen. Superman is here:

http://www.cbsnews.com/stories/2010/02/11/opinion/main6197607.shtml

A few weeks ago Representative Marion Berry, a Jacksonian from Arkansas’s First District, recounted an exchange he had with the president. Asked how he was going to prevent a midterm disaster on the scale of 1994, Obama replied, "Well, the big difference here and in ’94 was you’ve got me."

----------

[whatchamacallit]

25. Is he owned or is it chess?

Either way we're fucked. If the system has degraded to the point where you have to ass-suck wall street for even a prayer of enacting some bit of your agenda, don't expect much.

[Marr]

26. These are only words.

It's a clumsy bit of PR, that's all. He's just trying to downplay something that's politically unpopular.

The outrageous part happened months ago, when he handed those people the keys to the Treasury and surrounded himself with their representatives. Neither you nor your Republican neighbor were even a tiny part of *that* equation.

[asdjrocky]

40. It's not about winning or losing.

It's about putting the fix in so the rich can keep getting richer.

[Vidar]

41. He's a corporate puppet with good vocals.

[Kaleva]

42. Another opinion on what was said in the interview which folks ought to read.

http://www.salon.com/news/politics/barack_obama/index.html?story=/tech/htww/2010/02/10/bloomberg_and_obama

[Better Believe It]

44. Read it. Is this what they call "political spin"?

More lipstick over here please!

:)

[freddie mertz]

53. I took a look at it too. It is indeed spin.

And not very effective spin at that.

It all boils down to THIS:

[bobburgster]

58. This makes more sense to me.

He is way to intelligent to do or say something like that....Christ, he just spent the past month gaining in polls by blasting them.

[branders seine]

61. I'm hard pressed to conceive of a benign motive

that explains his actions.

[Better Believe It]

62. He has lots of friends on Wall Street. That's who he's comfortable hanging with.

[earth mom]

63. This comment proves that Obama really doesn't give a damn about the middle class

who are really the ones paying the bills in this country. :grr:

[autorank]

64. It's a self destructive act, not exactly suicide but getting there.

It's really strange. For him to think this way, at this time, in his position ...

[uponit7771]

66. ****OBAMA DID NOT SAY THIS*******

[Romulox]

68. Yes he did. Full quote at link in the OP. nt

[freddie mertz]

70. ****YES HE DID*********

Take off the blinders, my friend.

Go to the link.

It's all there.

[ipaint]

67. Calling criminals and fraudsters who cheat for a living "savvy businessmen" is beyond the pale. nt