Wall Street shocked, shocked that former community organizer demonizes wealthy

posted at 10:55 am on January 28, 2010 by Ed Morrissey

Where were these people in 2007 and 2008?  Oh, right — contributing to Barack Obama’s campaign (via Instapundit):

When Treasury Secretary Timothy F. Geithner and White House adviser Valerie Jarrett hosted a private dinner with the leaders of six banks to discuss financial regulation on Jan. 20, the bankers soon changed the subject. The president needed to stop demonizing Wall Street, they told Jarrett, according to three people familiar with the meeting.

What the executives, including Brian Moynihan, the chief executive officer of Bank of America Corp., and Robert Kelly, the chief executive of Bank of New York Mellon Corp., didn’t know was that President Barack Obama, who had proposed a new tax on the biggest banks six days earlier, was about to strike again.

After leaving the meeting around 9 p.m., the executives learned that Obama would ask Congress the next day to ban commercial banks from running proprietary trading operations, owning hedge funds, and rapidly increasing market share. In his remarks, Obama indicated his willingness to go to the mat with the industry: “So if these folks want a fight, it’s a fight I’m ready to have.”

Industry officials said they were stunned. “We did not know it was coming, that’s for sure,” said Scott Talbott, a lobbyist for the Financial Services Roundtable, which represents large banks and insurance companies and whose chairman, Richard Davis, the CEO of U.S. Bancorp, also attended the dinner.

In his SOTU speech, Barack Obama barely mentioned the war in Afghanistan, explicitly referring to it in only three sentences near the end of the speech.  However, Obama offered plenty of class warfare against the wealthy.  He repeatedly castigated banks and Wall Street for creating the financial collapse, even managing to blame them for the housing bubble that Congress created through Fannie Mae and Freddie Mac between 1998-2007, and which Congress continues through FHA to this day.

If this comes as a surprise to anyone, let alone Wall Street leaders, then they simply haven’t been paying attention.  Obama’s previous career before politics was a community organizer, one of a distinctly leftward tilt.   When he told Joe the Plumber that he wanted to “spread the wealth,” where did they think he would find it?  Instead of thinking like a chessmaster a few moves forward into the future, Wall Street played checkers with their political donations instead — or perhaps Chutes and Ladders — and financed a class-warfare master into the White House.

You know what this moment requires, don’t you?  Too bad we don’t have a Victor Lazlo to slap some sense into these people.


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Comment pages: 1 2

Eat The Rich.

Socratease on January 28, 2010 at 1:52 PM

Industry officials said they were stunned. “We did not know it was coming, that’s for sure,”

This sounds like the catholic bishops when they supported healthcare reform (and said as much in church on Sundays) before they realized that abortion would be covered.

Morons.

madmonkphotog on January 28, 2010 at 2:08 PM

Another “unexpected” moment where the rubes prove smarter than the self appointed elites.

Django on January 28, 2010 at 2:49 PM

Who knows? Maybe Barack will make Capitalists out of Wall Street yet.

blofeld42 on January 28, 2010 at 2:51 PM

If there’s anything I would really like to smack the sh!t out of the Democrats for it’s class warfare. That is the biggest pile of garbage that has ever been foisted on the American people. It is the very root of all the incompetent and unrealistic economic policies the liberals are determined to screw this country over with.

backwoods conservative on January 28, 2010 at 3:20 PM

Guess they don’t watch Fox News.

Dr. ZhivBlago on January 28, 2010 at 4:53 PM

Liberals will always revert to the provocation of class warfare when things look desparate for them. The Labour Party in Britain, which currently doesn’t stand a hope in hell of being reelected, is doing exactly the same thing. Turn the proletariat against the bourgeiose and then take the side of the larger group. A time honored liberal strategy, the only chance they have at this point. A united America? Too. Funny.

Sharke on January 28, 2010 at 5:13 PM

I meant “bourgeois.” Goddam proletariat education.

Sharke on January 28, 2010 at 5:15 PM

If this comes as a surprise to anyone, let alone Wall Street leaders, then they simply haven’t been paying attention. Obama’s previous career before politics was a community organizer, one of a distinctly leftward tilt. When he told Joe the Plumber that he wanted to “spread the wealth,” where did they think he would find it?

They did not believe him. Many a politician has given hollow left leaning rhetoric to win the Democrat nomination only to do an about face in office. They guessed Obama would too they were wrong. What they did not understand is that Obama is of the left, it is who he is. And without any leadership skills the people they should have been trying to bride with campaign cash were members of Congress.

Theworldisnotenough on January 28, 2010 at 5:38 PM

The Puppet is just doing what the Puppet Master, Georgie Soros tells him to do. Soros was in Davos, Switzerland this week, with the rest of the power hungry financial geniuses who want to rule the world advocating the break up of the big banks. Because you see these banks run hedge funds. Georgie Porgie runs a hedge fund.

Follow the freakin money, stupid.

Dr. Utopia’s bashing of the Supremes was also at Georgie Porgies directive. You see Soros now does not have an unfair advantage. It’s more a level field of play Georgie Porgie now isn’t it. Georgie you are also going to have to come up with more dough for Chuck U. Screwmer because he can’t shake down the big banks for money no mo. They can tell Screwmer, “Chuck U.”

Jayrae on January 28, 2010 at 11:09 PM

Comment pages: 1 2