WASHINGTON — US President Barack Obama has hit out at Wall Street “fat cats”, expressing anger that banks bailed out by the government plan huge bonuses while millions of Americans battle poverty and unemployment. With a recession triggered in part by the excesses of financial institutions, Obama voiced frustration that “some people on Wall Street still don’t get it.”
“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” Obama said Friday in excerpts of an interview with CBS television to be aired on Sunday.
You tell ’em Obama! Talk is cheap.
The huge bonuses are outrageous fraud that is well understood, but is being condoned. Why? Why does the Obama Administration allow this fraud to continue? Unless, as one blogger asks, “When Obama criticizes bailed-out banks like BoA for their huge bonuses, but fails to take action to stop them, isn’t he just admitting who really runs the country?”
Lavish pay and bonuses on Wall Street have been blamed for encouraging the excessive risk-taking that with the subprime mortgage housing crisis fueled the global maelstrom and brought the US financial sector to the brink of collapse a year ago.
But who’s counting . . . ?
Priorities: 1 in 4 mortgages is now under water, 1 in 3 Americans have either lost their job or live with someone who has, 1 in 4 children is on food stamps and one in 8 families are. We spent over a trillion dollars bailing out Wall Street and friends. It will cost about a million dollars a year to keep each soldier in Karzai’s opium patch and after the ‘surge’ there will be over 70,000 of them. (Source)