Tuesday, September 15, 2009

Obama on Wall Street

Word's out, of course, that Wall Street execs weren't any too pleased with the scolding they got from President Obama in his recent speech. I doubt any Wall Streeters ever frequent my low-rent end of the blogosphere, but, just for the record:

Sorry, folks. You'll get no sympathy here. You're lucky Wall Street still exists. It was a scolding well deserved. You made your bed, and now you get to lie down in it.

Your right-wing Republican pals, strangely enough, would have let you drown like rats. Seems they're so committed to limited government, they'd rather see another depression than admit it might be necessary for the government to step in.

As Mr. Obama made clear, you Wall Street folks owe the American people (who are, after all, the government). We bailed you out. We are your creditors. And you put yourselves in that position.

Instead of resenting the sermon on responsibility, you'd be wise to heed it. You're being asked to help craft new rules that would prevent your own financial demise. And ... you're whining? You're complaining that your pay's gonna be a bit short? That "creativity" will be stifled?

In my book, you're getting off awfully easy. Some of the shenanigans pulled on your watch were every bit as deceptive — and as damaging — as Mr. Madoff's ponzi scheme.

Maybe you'd like to join your pal Bernie Madoff in jail? Maybe next time, we should send you Wall Street execs to ... oh, I don't know. Guantanamo? Seize all your assets and redistribute them to the American taxpayers? Give your homes away, in a lottery, to poor families?

Despite the delusional ravings of your right-wing pals, Mr. Obama has suggested nothing of the sort. What he has suggested sounds pretty darn reasonable to me. I'd take that deal and the comparative wrist slap that goes with it and be very, very grateful. You don't get second chances on stuff like this.

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