Obama has been taking some heat as you know for saving banks while they took huge bonuses and abused American taxes and good intentions! After dumping GM's Wagoner as he should have he better get to work in the financial sector. That was infuriating but the firing of GM's CEO Wagoner while deemed necessary ticked the people off citing duplicity, double standards.
We are led to believe Obama and Geithner will come down on Financial CEO's if necessary. transcript of Geithner, I have and will fire more financial CEO's
Obama has said that he will get tough on Wall street. He also warned wall street that the only thing between the executives and the pitchforks was him. You have to believe that Getting rid of a couple Wall Street CEO's will do a world of good for both the markets and public sentiment. From one commenter: For instance guys like Ken Lewis and Vikram Pandit have absolutely zero credibility with the market (and granted Pandit came aboard after the problems happened).
Getting rid of them would boost confidence in those two banks which are arguably the weakest on the street and therefore help boost confidence in all of the banks. It would also boost sentiment with the pubic since right now the impression is that Wall Street dictates its own terms and feels entitled to everything including millions of dollars in personal take-home pay funded by taxpayers after the banks have devastated the economy with their irresponsible but self-enriching bets.
The biggest boost I think would come from taking a hammer to Goldman Sachs which has been one of the biggest recipients of taxpayer bailouts (through AIG) yet seems to avoid any real scrutiny and continues to get what it wants given their connections in the government. If Geithner and Obama really want to prove they are in charge and not just patsies for Goldman Sachs and the rest of Wall Street they need to take the actions any executive would take - get rid of the waste.
We are told by Geithner he will do what he has too to protect our money but many of us believe it to be a lie Now I read the story at the link and it is more than believable! I'm sick of being played for a fool. Economic Professor William Blackan ex Bank regulator and former savings and loan prosecutor says Geithner's bank stress test is a sham. It is designed to fool the public and once again we are playing the fools! I figured that like many of you did anyway. Blackan paints a believable picture though and says Geithner believes that if he lies convincingly we will believe him and all will be well.
it's a sham and rising stocks show bad news
My word: I do not like being lied to or this feeling of helplessness. I guess I just have to place my faith with Obama. In this instance I do not like it! I hope the saving grace once again is we have a President again who wants to do the right thing for average Americans. Unlike Bush who said he would rather listen to his dog Obama is listening to us. He is listening to the world as you know.
Back from his successful first world tour his European vacation, he set the correct example with GM I now want to see him focus on revamping Wall street as it should be if he really wants to help us not capitalism. Obama said he wants to see GM survive but there will be some important changes. Okay, they are needed! However I also want to see big changes at A.I.G. also known as America's Insurance Giant. I want to see changes on Wall street because they are needed too. Myself I feel Capitalism is being protected at our expense and I am sure hoping Obama is looking out for us. Ally my concerns President Obama!
James Joiner
Gardner, Ma
www.anaveragepatriot.com
