Wall Street Posts Record Profits, Where is the Financial Reform ?

By | February 2, 2011

     For those of us caught hoping and praying for an economic recovery, some very alarming news from Wall Street was reported today.  While many folks are unemployed, losing their homes and trying to feed their families, the  Obama Administration is content to let the Fatcats of wall street continue to rake in massive amounts of profits.  So much for President Obama’s promises that this pillaging of wealth will be stopped by his vaunted ” Financial Reform.” If we take a closer look, it is proven that Wall Street and connected cronies are reaping record profits in 2009, and even more in 2010. How can this be? 

 The Wall Street Journal lays it all out here in an article* dated 02/02/2011:

” In 2010, total compensation and benefits at publicly traded Wall Street banks and securities firms hit a record of $135 billion, according to an analysis by The Wall Street Journal. The total is up 5.7% from $128 billion in combined compensation and benefits by the same companies in 2009.”

This must be exactly what the leftists are talking about when they scream that the rich get richer while the poor get poorer, yet I see noone protesting Wall Street or the Obama administration today.  We saw G W Bush and today’s Republicans chastised for this exact same kind of  FatCattery when he was in office, and they still do it today. This will lead to some interesting debates when we see  Wall Street  forced to support Obama in 2012, while also currying favor from Republicans who control the purse strings in the House of Representatives. With a record profit of $135 billion dollars, I suppose there will be plenty of cash lying around for the increased lobbying of Congress on behalf of these Wall Street FatCats.

  President Obama also signed an Executive Order against Lobbyists in his administration during his first days in office. Much like the Financial Reform law he signed that has allowed record Wall Street profits to continue, President Obama’s Lobbyist ban was nothing more than empty words and broken promises to the people.  We see the proof in that statement here from politifact.com: **

“Grassley demands waivers and recusals on former lobbyists in the Obama administration:

” It’s been about three months since we gave a Promise Broken to Barack Obama’s pledge to restrict former lobbyists from serving in his administration. We found that the administration has granted waivers to several former lobbyists, allowing them to serve. The administration also allows recusals, where former lobbyists simply recuse themselves from discussions concerning whatever interest it is for which they used to lobby. The recusals have not been made public, and we don’t know how many have been issued.”

    So there we have it. Wall Street raking in record profits, which will be used to hire a record number of lobbyists, many of which are now working in the Obama  Administration. Obama campaigned on ” Hope and Change.”  Looking at these facts, anyone still hoping for any serious change from this administration has to be living in complete denial of reality. Throw in the fact that one poll was giving Obama a 53%  approval rating for his job performance, and we see just how misinformed and dysfuncionally ignorant a large part of our society truly is today. Wake up people.

 

 

*   http://online.wsj.com/article/SB10001424052748704124504576118421859347048.html?mod=WSJ_business_whatsNews

** http://www.politifact.com/truth-o-meter/promises/obameter/promise/240/tougher-rules-against-revolving-door-for-lobbyists/

Conservative Daily News allows a great deal of latitude in the topics contributors choose and their approaches to the content. We believe that citizens have a voice - one that should be heard above the mass media. Readers will likely not agree with every contributor or every post, but find reasons to think about the topic and respond with comments. We value differing opinions as well as those that agree. Opinions of contributors are their own and do not necessarily reflect those of CDN, Anomalous Media or staff. Click here if you'd like to write for CDN.
Put This Story in your Circles and Share with your Friends