Wall Street Fights Back

The corporate elite on Wall Street are trying to fight back against the populist backlash to corporate greed and excessive corporate bonuses.

Wall Street Journal: On Wall Street, Talk of Trust and Civil War

Obama has been carefully trying to respond to the public's anti-corporate outrage while not offending the corporate elites. In fact, the Obama administration seems to be more afraid of a backlash from Wall Street and corporate America than they are of the populist uprising. Even in his second prime-time press conference tonight, Obama tried to express some anger at the AIG bonus scandals, while defending business and the "good" corporate rich. Treasury Sec. Timothy Geithner has been meeting and talking with his friends on Wall Street trying to win their support for his bank bailout plan. In order to win their support, Obama is softening his tone toward them.

Wall Street: Obama Dials Down Wall Street Criticism

Maybe the corporate rich on Wall Street, and the Obama administration, should read Matt Taibbi's excellent article in the Rolling Stone explaning why Americans SHOULD be angry at Wall Street: The Big Takeover

Here's a peek:
"It's over — we're officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far..."

AIG, Corporate Greed, and Right-Wing Hypocrisy

The scandal over AIG bonuses continues to unravel and explode, and it looks like the Obama administration may be one of the culprits. And what hypocrisy from the Republicans! Back when Obama and Democrats tried to limit CEO bonuses for firms that received TARP funds, they opposed "government intervention" in private businesses. They OPPOSED limiting bonuses for the CEOs we bailed out. Now, conservatives are blaming the Obama administration, specifically Sen. Chriss Dodd, for the AIG fiasco. GOP Blasts Obama Adminisration for AIG

Now it turns out that Sen. Chris Dodd was pressured by the Obama Administration (probably Treasury Sec. Timothy Geithner and economic advisor Lawrence Summers) to take out the provision in the TARP plan that would have limited CEO bonuses!

What a mess! It is proof that Democrats, including high level Obama advisors like Geithner and Summers, have been trying to protect and cover their Wall Street pals all along. There will not be CHANGE in Washington until Obama dumps them and gets some real progressives on his economic team to fix this mess and protect American workers from bankers, speculators, and Wall Street greed!

The Republican Reich can't seem to get their story straight! The GOP's leader, Rush Limbaugh, and Sean Hannity are defending AIG and capitalism, and most Republicans in Congress OPPOSED attempts by Democrats to restrict CEO bonuses in the stimulus and TARP bills!

See Media Matters for the Right-Wing Lies and Hypocrisy on AIG

There Are Better Alternatives!

Vote No Bailout!

There are better, more progressive, alternatives to the Bush/Paulson (Pelosi/Reid) $700 billion bailout of Wall Street, that force the corporate rich to pay for the bailout rather that the working class taxpayers of the U.S.:

Thom Hartmann, How Wall Street Can Bail Itself Out

Joseph Stiglitz, A Better Bailout

Sen. Bernie Sanders: Billions for Bailout: Who Pays?

Sign Sen. Bernie Sander’s Letter to Sec. Henry Paulson:
http://www.sanders.senate.gov/issues/crisis.cfm

CLICK to Vote No Bailout!