Paul Krugman: Rewarding Bad Actors

http://www.nytimes.com/2009/08/03/opinion/03krugman.html

Americans are angry at Wall Street, and rightly so. First the financial industry plunged us into economic crisis, then it was bailed out at taxpayer expense. And now, with the economy still deeply depressed, the industry is paying itself gigantic bonuses. If you aren’t outraged, you haven’t been paying attention.

But crashing the economy and fleecing the taxpayer aren’t Wall Street’s only sins. Even before the crisis and the bailouts, many financial-industry high-fliers made fortunes through activities that were worthless if not destructive from a social point of view.

And they’re still at it. Consider two recent news stories.

One involves the rise of high-speed trading: some institutions, including Goldman Sachs, have been using superfast computers to get the jump on other investors, buying or selling stocks a tiny fraction of a second before anyone else can react. Profits from high-frequency trading are one reason Goldman is earning record profits and likely to pay record bonuses.

On a seemingly different front, Sunday’s Times reported on the case of Andrew J. Hall, who leads an arm of Citigroup that speculates on oil and other commodities. His operation has made a lot of money recently, and according to his contract Mr. Hall is owed $100 million.

And we got the change.

and we got the Shaft, to quote an old CW hit.

Campaign donations can buy political attention to special interest group, donations can also buy ignorance of other groups actions.

It really pains me to see this fantasy perpetuated on DU.

Sure the President can set policy and use his bully pulpit to embarrass them into acting, but he can never, ever act alone... as long as Congress is fulfilling it's role as written in the Constitution. Remember all those things we wanted, they should have done and didn't while #43* was in the house? That's their job.

It's the Congress, silly.

Don't lecture me. I am fully aware of Constitutionally-mandated powers of the POTUS. I am also aware that this particular POTUS enjoys a level of public awareness and popularity unseen in modern times. President Obama COULD be doing more. But as we both know DCKit, it's far easier to talk about change in DC than to actually facilitate change in DC.

One of my sister's has gone over to the dark side, and all I ever hear about is how bad, evil and conniving Obama is. Did you know they're going to take over the country in September, suspend the Constitution, close the banks, Fema Camps, U.N. peace keepers on U.S. soil, and blah, blah blah? The RW has condensed twenty years of conspiracy theories and it's all supposed to happen in September. Here's the first line of the email I sent back (with cc: to my fundy father):

"And, no doubt, when Obama gives his fireside chat after he's completely taken over the world, he will reveal his true, demonic form to us all. Then the Negroes will rise up and enslave the White Race. Bwahahahahahahahaha!!!!!!!!!!"

Sure, I understand that Obama's got influence over what happens - or even what is discussed - but far too few of us are holding our Congresscritter's feet to the fire and the wackjobs are blaming EVERYTHING on the President.

Why is everything Obama's fault? I haven't seen a good Nancy Disaster or Harry the Innefective thread in weeks.

My apologies on your reich-wing, religious, freakazoid sister. My condolences. Every family's got their cross to bear.<insert yellow crucifixion smiley> The reich-wing's hatred of President Obama has reached the point of insanity, pure and simple, but well controlled, orchestrated insanity. Add to the mix a supersized serving of racial fear and a heaping helping of white guilt. No tactic is too low-brow and no hissed accusation is too vile. This is fearhate amplified and echoed endlessly by factions wanting to harness and wield the right-wing, nut job mentality. Consider the Obama birth certificate brou-ha-ha. Talk about a non-issue, or at least IT should be a non-issue. And that's the point: why is anybody is EVEN talking about it? For the love of god, how did that barking mad, insane Taitz woman chew through the restraints at Camp Thorazine and then make it on television?