Barack Obama must have done something right, or the hucksters at Goldman Sachs wouldn’t hate him so
Robert Scheer
The Enemy of My Enemy Is My President
Maybe I have been too harsh in judging Barack Obamas economic performance. Instead of following George W. Bushs lead in bailing out the bankers first, I wanted Obama to do more for beleaguered homeowners and less for the Wall Street swindlers who trafficked in toxic mortgages. But the president must have done something right, or the hucksters at Goldman Sachs wouldnt hate him so.
Ever since Bill Clinton appointed Goldman honcho Robert Rubin to be his Treasury secretary, the firm has been the top corporate supporter of the Democrats, according to the authoritative Center for Responsive Politics. And the investment paid off big time when Clinton followed Rubins lead and teamed up with congressional Republicans to reverse the sensible restraints on Wall Street that had kept the economy sound for six decades. Thanks to that decision, Goldman, a high-rolling investment house, was allowed to suddenly become a commercial bank and avail itself of the cheap money provided by the Federal Reserve to bail out troubled banks.
The financiers thought the fix was in once again when Obama turned to Rubin protégé Lawrence Summers as his key economic adviser in the 2008 campaign. Summers had replaced Rubin as Clintons Treasury secretary and had been even more vigorous in destroying the regulations that had maintained a stable financial system for 60 years. Wall Street turned against the GOP and its candidate John McCain, much preferring Obama. It should burnish the presidents reputation in the eyes of ordinary voters that those merchants of greed now feel so betrayed.
As The Wall Street Journal reported Tuesday: When Barack Obama ran for president in 2008, no major U.S. corporation did more to finance his campaign than Goldman Sachs Group Inc. This election, none has done more to defeat him. more at link
http://www.truthdig.com/report/item/the_enemy_of_my_enemey_is_my_president_20121011/
Sekhmets Daughter
(7,515 posts)Blankfein has spent the better part of the last 4 years fending off litigation from all sides...I think, like Adelson expects Romney to do, he expected the President to fend off that litigation for him.
In my opinion it's more a case of Obama not worshipping at their altar. Dimon (JPM) actually viewed himself as some sort of hero...I guess because the clowns on CNBC gave him a blow job on television at least once a week.... Had the pesident pushed to have the simpler and more effective Glass Steagall reinstated, I would agree with you 100%. As it is, I think it's more a case of what he didn't do than what he did.
PATRICK
(12,228 posts)Opened the door and they wanted to shove him out of the way. It would be politically competent to realize corporate allies prefer the GOP not just something like it, something they consider naive, "regulatory" potentially a party pooper. The fear and blame their dupes and victims.
They in fact with their real concern for society, the nation and all its people put the Dems as a "them" to infiltrate, corrupt and destroy. Alliance is NOT what is in operation here, only in the mind of stunningly misguided "useful competents" when the more reliable "useful idiots" haters and crooks inevitably screw up. Chummy circles of self-deception. If the entire lot would move quietly to Madagascar for a year or two maybe civilization could have another go at sanity. Every last one of them can be easily replaced if it was just a matter of actual law and service. Many should simply be in prison for everyone's good.