Wall Street Execs Feeling Burned by Obama (And You Should Too) :: Political News and commentaries

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October 1, 2009

Wall Street Execs Feeling Burned by Obama (And You Should Too)

Wall St. execs are feeling betrayed, and there's good reason that they - and the rest of us, should be very concerned about Barack Obama "wild-eyed redistribution of wealth and massive programs":

In the depths of the financial crisis last year, people like Morgan Stanley's John Mack, BlackRock's Larry Fink, Greg Fleming (then of Merrill Lynch), JP Morgan's Jamie Dimon and Goldman Sachs' Lloyd Blankfein were telling everyone that candidate Barack Obama was a "moderate," and moderation was what this country needed.

What a difference a year makes. They won't admit it in public -- but in private conversations, the top guys on Wall Street are feeling burned.

The guy who seemed like such a steady voice -- vowing to curb runaway spending and restoring order to the banking system and the economy as a whole -- is instead so driven to achieve his big-government policy goals that he and his policy people are ignoring their own economic advisers on the severe economic costs that his agenda will cause.

I'm told that Treasury Secretary Tim Geithner and chief economic adviser Lawrence Summers have both complained to senior Wall Street execs that they have almost no say in major policy decisions. Obama economic counselor Paul Volcker, the former Fed chairman, is barely consulted at all on just about anything -- not even issues involving the banking system, of which he is among the world's leading authorities.

At most, the economic people and their staffs get asked to do cost analyses of Obama's initiatives for the White House political people -- who then ignore their advice.

Now for the real kicker that ought to scare the hell out of every American:

The funniest story I've heard lately came from a former Wall Street executive and longtime Democrat who anxiously recounted a recent conversation with Obama.

The executive said he told the president that he's at a disadvantage because he's relatively inexperienced in economic matters during a time of economic crisis. "That's why I have Valerie," came Obama's reply.

"Valerie" is senior adviser Valerie Jarrett -- a Chicago real-estate attorney and one of Obama's closest friends, who has deep ties to the Windy City's Democratic political machine.

Now you know why Wall Street is so nervous. Read it (all ...)

I'm feeling beyond burned, more like flamingly infuriated. The president is getting his economic advise from Valerie Jarrett, a Chicago political hack who has served as a conduit of far-leftists into the administration, and who has no expertise whatsoever in economics.

Posted by Richard at October 1, 2009 6:44 AM

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