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Reformed Chicks Blabbing


Kroft asks Obama: Are you punch drunk?

posted by Susan Johnson

Whoa! Who would have thought that anyone at CBS would have the guts to ask Obama something like this?

“You’re sitting here. And you’re– you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he’s sitting there just making jokes about money–‘ How do you deal with– I mean: explain. . .” Kroft asks at one point.
“Are you punch-drunk?” Kroft says.
“No, no. There’s gotta be a little gallows humor to get you through the day,” Obama says, with a laugh.

Not bad for a blathering head!
Hey, lefties! Remember how much it bothered you when Bush smirked? What do you think of your laughing president?
BTW, I thought this was pretty arrogant of Obama that he thinks he has anything to say to Wall Street. Yeah, like Obama understands the complexity of how things work in the financial services:

He also said he doesn’t think Wall Street has gotten his message yet, and that he must do a better job conveying it to them:
“One of the things that I have to do is to communicate to Wall Street that, given the current crisis that we’re in, they can’t expect help from taxpayers but they enjoy all the benefits that they enjoyed before the crisis happened,” Obama said. “You get a sense that, in some institutions that has not sunk in. That you can’t go back to the old way of doing business, certainly not on the taxpayers’ dime.”

What he doesn’t get is that even though it may be hard to get a job in this market, those who are really good at their jobs and deserve the compensation they were promised, can find jobs in foreign banks where the government has no say in what they pay their employees. If we want the companies that we’ve just sunk billions of dollars in to succeed, maybe the government should get out of the way and let them do their job. Politicians have demonstrated this week that they haven’t a clue how to run a business and it’s time they get out of the way before they start tanking the economy further.
(via)



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anonymous reincarnate

posted March 22, 2009 at 9:38 pm


“I thought this was pretty arrogant of Obama that he thinks he has anything to say to Wall Street. Yeah, like Obama understands the complexity of how things work in the financial services”
and you do? HAHAHA!
ODS.



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CH

posted March 22, 2009 at 9:53 pm


Um, except Obama’s trying to run the country, whereas this blogger is not. So his not understanding Wall Street does, in fact, mean something. Sorry. Durrrrrrrrr.



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The Blog of Michelle is the Word of God

posted March 22, 2009 at 10:05 pm


Yes, Michelle, as one of God’s elect, is omniscient of all things. Any word of Michelle is the Word of God, and her opinions are to be followed by all and questioned by none. Amen.



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Julie

posted March 22, 2009 at 10:35 pm


anonymous reincarnate,
Good to see you back!
Michele said, “can find jobs in foreign banks where the government has no say in what they pay their employees”
She apparently does not understand that the foreign banks are in worse shape than in the US.
Does she know that AIG gave money to the following foreign banks: Société Générale, Deutsche Bank, Barclays, and UBS – a combined $37 billion.
She apparently does not understand that AIG is not a bank. The are a company with a long history of fraud. See details in my comments under the AIG Bus Tour.
News alert Michele: taxpayers paid their salaries.
In Europe, business are required to give all employees 4 weeks of vacation and pay for health insurance.
I worked for an International company in Europe. I could have brought someone from the US to work in my home. I would have had to pay 4 weeks of vacation and pay for their health insurance.
“If we want the companies that we’ve just sunk billions of dollars in to succeed, maybe the government should get out of the way and let them do their job. Politicians have demonstrated this week that they haven’t a clue how to run a business and it’s time they get out of the way before they start tanking the economy further. ”
The businesses would not have needed billions of our hard earned tax dollars if they knew how to run a business. Sorry, but I think they should pay back the billions – not get bonuses for destroying the economy.
Michele posted a comment under Rod’s blog that she is not experiencing anything negative from the financial crisis. She definitely has not shown any empathy for anyone except the Wall Street jerks that got us into this mess. Maybe if her source of income stopped, she might gain a new perspective.



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jestrfyl

posted March 22, 2009 at 11:57 pm


The man is trying to pick up what few pieces were left by Cheney and the stone hearted, thick headed, profiteers who just left the White House only 2 months ago. This was not his mess, it was not his greed and thoughtless war-mongering that set the disaster in motion. When the hefelumps came to power there was money and a spirit of pride. By the time they left our country looks like a rampage had flattened everything – just as elephants do. I think picking on every little thing like this is petty, insincere, and foolish. Obama will first have to conquer the Ouroboros of greed and opportunism unleashed by Cheney (Bush had little if anything to actually do with this). Then he can go about setting things in good order.
As a side note, as I have watched “Kings” the past two weeks, I cannot help but think of Bush as Silas Benjamin and Cheney as the banker who threatens to undo him. The parallels are not close, but close enough.
Lefties(a very retro term – I suppose pinko is next) – HA! we are liberal loud and proud.



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Your Name

posted March 23, 2009 at 12:45 am


Please! If President Obama gives it to us with a straight face, he is “alarming the Masses” If he points out the contradicting expectations on all sides of the mess while smiling, he is laughing while the country in in a dire situation. Somebody is crazy, and it’s not President Obama. AIG screwed up big time, and people of “reasonable” intelligence do not expect a bonus while their company is being bailed out by the Government. The Government stepped in only to avoid further destruction to our economy by those incompetent selfish over paid elitist turn welfare recipients. Let them go to foreign countries for employment. God in Heaven know that they have done enough damage here.



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Julie

posted March 23, 2009 at 1:08 am


AIG Financial Statement for 2008
Net Income -99.29 Billion
Michele who was it that paid the bonuses? Not a company with negative -99 billion income for the year
“What he doesn’t get is that even though it may be hard to get a job in this market, those who are really good at their jobs and deserve the compensation they were promised”
Why would anyone think the people making millions at AIG or any of the other companies were “really good at their jobs?”
I bet there are many people that would help them pack their bags for the trip to a foreign country. Not sure what country that would be because very few allow Americans to work in their country – just like we have restrictions about non-citizens working in the US.



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MzEllen

posted March 23, 2009 at 7:07 am


Why would anyone think the people making millions at AIG or any of the other companies were “really good at their jobs?”
I think that the people at the mortgage division probably were not doing the best job.
I don’t have the news stories to judge whether or not the people who were running the health insurance, the life insurance, property insurance and aircraft financing were performing poorly.



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Moonshadow

posted March 23, 2009 at 10:23 am


Remember how much it bothered you when Bush smirked? What do you think of your laughing president?
There is a difference of perspective and self-confidence: the rose-bespectacled Bush expected his mustered, cavalier optimism to be contagious. It wasn’t.
Obama is giving the Devil, i.e., this financial mess, its due.



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shell

posted March 23, 2009 at 1:07 pm


Yup you are liberal loud. If you prefer pink, you can wear it.
Your comment about war mongering is what is so old school-give it up. The defense of freedom did not cause our financial problems, dim witted Barney Frank ideas about how to force lenders to make bad loans did. Look up his, and Pelosi’s comments about FNMA & FHLMC and the Community Reunvestment Act. These are the guys our great leader has delegated the crafting of policy to. On top of all of Obama’s fine appointments, we are in for one h3ll of a mess.



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Fred

posted March 23, 2009 at 3:33 pm


Guys!!
Look at Obama’s history and tell me one thing he has accomplished besides talk, talk, talk! I wouldn’t trust him to watch my dog! I was no lover of Bush either, but the liberals in the Democrat party left no viable options for me. We are in deep, deep doo doo right now because of Barney Frank, Chris Dodd and the rest of their croonies who made the mistake of thinking they new how to manage the finances of a country. Almost everyone in Congress, Dem and Rep, are nothing but successful campaign runners. Most of them know absolutely nothing about running a successful business. If they did, they would be doing it. They did figure out that running for Congress successfully one time would give them a nice retirement for the rest of their lives. They also understood there were a lot of perks available to them that no one else in the country has access to. Like lying through your teeth and getting away with it, spending tons of our money on their tiniest whims, and acting like royalty whenever they want. We need to fumigate the entire building and trash the contents on both sides of the isle. Otherwise, you, me and our kids have no future at all. Quit quibbling over Obama. He isn’t worth the breath it takes. Just watch out for your own investments and don’t make more than $250,000. Obama thinks the rest of that money belongs to him!



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Your Name

posted March 23, 2009 at 8:46 pm


Whut? So Kroft taking a pot-shot at Obama about a matter of pure style is the kind of “journalism” you prefer? Who cares about substance, right? At least when Colbert dissed Bush in ’06 his barbs all alluded to specific policy issues. Kroft dissed Obama for a matter of pure style.
Michele: “Yeah, like Obama understands the complexity of how things work in the financial services”
[Ugh, smells of implicit racism: half-black man not smart enough to understanding “complexity” of finance]
“Those who are really good at their jobs and deserve the compensation they were promised, can find jobs in foreign banks where the government has no say in what they pay their employees.”
[I don’t know where that “where” is. I live in Japan now, and it’s definitely not here; also lived in Europe, and it wasn’t there; maybe parts of developing world where true free market reigns (aka law of the jungle)? Oh, yes, memo to Michele: international banks aren’t hiring.]
Michele: “maybe the government should get out of the way and let them do their job”
[You mean, that job they were doing when they lit a match to everyone’s 401K?]
Michele: “Politicians have demonstrated this week that they haven’t a clue how to run a business”
[You mean the Post Office didn’t deliver your mail? The cops didn’t answer your call? The firemen let your house burn down? Mom didn’t get her social security check? Only took a week to demonstrate it to you?] Well, a lot of CEO’s have demonstrated that they don’t have a clue how to run a business, either, and they’ve proven it over a much longer period of time. But the still deserves to make 500x the salary of the average employee in his or her own company? So guys and gals who punch a close must not work very hard and apparently aren’t very good at their jobs.]



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MzEllen

posted March 23, 2009 at 8:49 pm


[Ugh, smells of implicit racism: half-black man not smart enough to understanding “complexity” of finance]



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Robert

posted March 23, 2009 at 9:08 pm


“I don’t have the news stories to judge whether or not the people who were running the health insurance, the life insurance, property insurance and aircraft financing were performing poorly.”
According to Ali Velshi, the insurance arms of the company were doing fine (how could they not?), the problem was investing funds in hedges based on home mortgages.



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MzEllen

posted March 23, 2009 at 9:19 pm


Okay…so were executives of AIG that headed departments that ere doing well (and maybe getting retention bonuses for staying there) “stops on the tour” also?



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Julie

posted March 24, 2009 at 3:57 am


The individuals receiving the bonuses were in the AIG Financial Products Corp (AIG-FP). They are the ones that lost billions gambling with credit default swaps (CDS).
Barney Frank posted the AIG contracts on his website.
http://tinyurl.com/cphrgp
AIG traders richly rewarded as rivals pay slashed
Mar 23, 2009
NEW YORK (Reuters) – Employees at the center of American International Group Inc’s financial debacle got lavish million-dollar pay packages, including retention bonuses, even as rivals had to tighten their belts.
The rich compensation has ignited fury across America.
With millions out of work, many question why taxpayers should foot the $180 billion tab for AIG’s bailout if the traders who made bad bets can take home $1 million checks.
AIG says the money was needed to keep employees in its financial products unit, to unwind complicated derivatives contracts. But Wall Street recruiters say the market for such talent is soft.
Derivatives traders are typically well rewarded, and AIG financial products traders were among the best paid in the business. But as the firm racked up $11 billion in paper losses in the fourth quarter of 2007, many must have worried that the big bucks would evaporate.
It was a starkly different picture at some other firms, according to hiring firms. The average salary and bonus for derivatives traders at the vice-president level fell as much as 50 percent last year to between $400,000 and $600,000, according to Options Group data.
The company paid $220 million in 2008 retention bonuses to about 400 employees. The awards were not divided evenly, but at least 18 percent of the group got $1 million or more each, in addition to base salary.
AIG, once the world’s largest insurer, said it needed to prevent an exodus of traders after losses in a credit default swaps portfolio were discovered, avoiding a gap in oversight for the firm’s then-$2.7 trillion in trading positions.
The argument is hard for many to swallow.”
The Internal Revenue Service is challenging some of the tax deals structured by AIG Financial Products Corp., the same unit of the New York company that has caused political ire over $165 million in employee bonuses



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MzEllen

posted March 24, 2009 at 7:02 am


I guess it would profit Congress to actually read bills before they voted on them.
Remember a few weeks ago I said that there was too little time with the stimulus bill? From the time it was finalized, there was less than 24 hours for members of Congress to vote on it…who actually read the thing?
Somebody here said that the bill had been around for a while, they should just vote.
Well, they “just voted” on this one also and Dodd slipped this exemption in and now this is happening. The bonuses were legal and contractual.
Congress should also take “the medicine for voting on a bill without understanding what was in it.
Dodd should return the money that he was given by AIG (it certainly wasn’t money spent on operating costs).
President Obama should return the money that he was given by AIG.
uh…is it a coincidence that the recipient of the highest amount of AIG campaign contributions slipped an exemption into the bail out bill?
Is it a coincidence that the exemption was put into the second bill passed (by President Obama) and that it was the Treasury Department (with the head put into place by President Obama) that told him to do it?
Change you can count on.
And no…this is not changing the subject, because the reason that we are having this discussion is the exemptions on the bonuses…put into the bill by Dodd, under instruction of the Treasury Department. Where is the outrage there?
Contractually legally bonuses that would have been capped…had Dodd and the Treasury Dept NOT put the exemption in.



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Robert

posted March 24, 2009 at 7:05 am


I wondered about that, too. Apparently, the bonuses being discussed went to retain the very executives who ran the company into the ground.



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Julie

posted March 24, 2009 at 1:22 pm


There is a major difference in the money Obama received from AIG employees. None was directly from AIG. All the money was for the Presidential campaign.
Obama had about $1,400 from PACs for his entire campaign, while other candidates took millions.
AIG’s total contributes to all individuals was over 60% PAC money.
The amount per person was significantly higher for Dodd.
1989-2008
Dodd, Chris (D-Conn)
$281,038
Bush, George W (R-Texas)
$200,560

Schumer, Charles E (D-NY)
$111,875
Obama, Barack (D-Ill)
$110,332
McCain, John (R-Ariz)
$99,249
Average Per Person; No. Contributions; Total Received
Dodd Presidential (dropped out after Iowa)
$1927.00 37 $71,300
Total Dodd 2008 $103,100 difference $31,800
Obama
$479.36 234 $112,170
Dodd 2003-2008
American International Group
$223,478



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MzEllen

posted March 24, 2009 at 4:44 pm


I can feel the outrage…



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pagansister

posted March 24, 2009 at 8:30 pm


And just what solutions have the Republicans come up with???? That would be NONE! It is easier for them to complain and critize than to try to solve anything. 8 years of “solutions” got us into this mess.



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MzEllen

posted March 24, 2009 at 9:34 pm


pagansister…and Obama joking about the plight of those hurt by policies by both parties over the last 3 decades (deregulation started during the Carter years) helps how?



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Julie

posted March 25, 2009 at 2:47 pm


Obama was not joking about anything. He was laughing about the impossibility of his own situation. A situation he did not create. It was a laugh or cry moment from a fellow human being with the weight of the world on his shoulders.
The Federal Reserve has released recent reports proving that the Community Reinvestment Act signed by Carter had no impact on the current crisis.
In fact, they found the CRA has been a very successful program. Housing loans under the CRA have different requirements.
Although many Reagan lovers are trying to hold on to myths, the deregulation started during his time wth Alan Greenspan leading the charge.
Clinton kept Republican Greenspan that many saw as the God of the financial world.
.It was banking chairman phil gramm’s two bills that resulted in the economy going over the clift.GLBA in 1999 that removed the separation of banking and insurance put into place after the Great Depression.
The results – AIG, ivestment banks, and other banks becoming “too big to fail.”



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Julie

posted March 25, 2009 at 3:25 pm


The unanswered question is where is the plan from the party of “no”?
Blaming the CRA was a favorite lie spread by Republicans during their talk show rounds.Initially many in the media believed.
In June 2008, Keith Olderman did a great news show that explained credit defaults swaps being the reason we were paying over $4 for a gallon of gas, it has only been during the last couple months that some media have tied the credit default swaps (CDSs) to the major reason for our current economic crisis.
Why did Keith cover CDSs and it took the rest of the media months longer? Because all the people that call him names do not know his education background.
60 Minutes has been the only other coverage detailed coverage of CDSs and oil prices and the ecomomic crisis.
Gramm snuck the second bill that has destroyed our ecomomy into a must pass 11,000 page funding bill for the government a couple hours before Congress left for Christmas vacation.
The Democrats in the Senate kept the Commodity Futures Modernizaton Act (CFMA) from passing a few months earlier.
Do a search on Gramm, his wife Wendy, and Enron. You will find the major reason for our current crisis.



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Laura Harrison McBride

posted March 25, 2009 at 9:37 pm


I’m wondering how Ms. McGinty got to post anything on Beliefnet. As a spiritually oriented organization, shouldn’t there be some compassion, common sense, and equanimity shown by the writers who contribute? I don’t believe I’ve seen many blogs as lightweight as this, and as unreasoningly condescending. Before she opines on whether Mr. Obama understands American finance, perhaps she should herself learn how to add two and two and get four. And I’m wondering what foreign banks she might be suggesting would pay kings’ ransoms for money hacks who brought down a nation. France, maybe? Doubtful…like the rest of Europe (not to mention Japan), CEOs don’t command paychecks more than 180 times those of the average worker, which is the case here. There is not one word Ms. McGinty has written that has an ounce of truth, sense, knowledge or compassion in it. A totally execrable exercise for an Internet presence of the sort Beliefnet claims to be. How disappointing!



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