Monday, May 24, 2010

If Obama is in the bankers' pockets....

then the bankers were obviously not informed. Some choice selections from the John Heilemann New Yorker article that just came out:

....Today, it’s hard to find anyone on Wall Street who doesn’t speak of Obama as if he were an unholy hybrid of Bernie Sanders and Eldridge Cleaver. One night not long ago, over dinner with ten executives in the finance industry, I heard the president described as “hostile to business,” “anti-wealth,” and “anti-capitalism”; as a “redistributionist,” a “vilifier,” and a “thug.”....

....Like most Wall Street honchos, Blankfein and Dimon are Democrats and once-upon-a-time Obama fans. After getting to know the candidate, whom he’d met years earlier when they both were living in Chicago, Dimon was so smitten that he brought his family to Washington for three full days during the inauguration. And while Blankfein’s connection was less personal, no corporation in America crammed more dough into Obama’s campaign coffers than Goldman.

It didn’t take long, though, before both men were having qualms about Obama and his team....

....At Goldman and elsewhere, the belief is strong that the case against Wall Street’s most storied firm was politically motivated; lately, Blankfein has taken to trashing Obama to his friends in unusually brutal personal terms. Dimon—who is fond of declaring, “I’m a patriot!” in meetings with White House officials—recently described himself publicly as “a wavering Democrat.”....

According to Alter’s book, “Obama … told a friend that the angriest he got as president in [2009] was when he heard Blankfein say that Goldman was never in danger of collapse.”

What’s not in dispute is that the feelings of rupture are mutual. “[Obama] thinks the Wall Street guys are just disconnected from reality,” says a White House official. “He still takes the meetings with them, but his attitude now is like, ‘Whatever.’ ”....

....Yet now Obama stands accused by Wall Street of leading the pitchfork brigade, even as the soldiers in that battalion assail him for being in Wall Street’s pocket. Having labored to strike a delicate balance, he has managed to incur the wrath of both hoi polloi and the lords of finance....


And this is how the empire keeps spinning apart. Those who try to find common ground and a middle path are disparaged by both sides. One extreme finally wins and then you have civil war (militarily, or just culturally). Eh, maybe it was too late anyways. Yes, I am having a gloomy Monday.

No comments:

Post a Comment