Obama tries to soothe Wall Street's nerves

[cal04]

President-elect Barack Obama tried to soothe Wall Street's frayed nerves in a televised interview Sunday, saying he would not press for "heavy-handed" regulation of the financial industry.
http://www.marketwatch.com/news/story/Obama-tries-soothe-Wall-Streets/story.aspx?guid=%7B6B2EDFEE%2D8382%2D4011%2DA28E%2DBB2BC6FB3FBE%7D&dist=hplatest

Obama, who has kept largely out of sight since winning the election 10 days ago, made the comments in a lengthy interview on the CBS News program 60 Minutes."

"My job is to restore confidence," Obama told "60 Minutes" correspondent Steve Kroft.

He later said it was a "top priority" to restore "a sense of trust and openness" on Wall Street.

The pendulum is still swinging towards more rules for the financial markets. Obama said he would try to achieve "a balance" between entrepreneurship and regulation.

Obama said he has been meeting with his economic advisors to discuss ways to create jobs and get the economy back on track, adding that one focus of the discussion was how to get things through Congress.

[truedelphi]

1. I would say I am disappointed, but I am actuallly

Outraged!!

Obama basically said "Good job, Brownie" during the Sixty Minutes interview, stressing how hard Paulson is working.

Paulson is doing nothing more than opening his back pocket and accepting monies from the banking industry and other financial institutions in order to help him and KashKari decide which instiutions will continue to get the BailOut Monies. AIG was supposed to get 70 Billion before the BailOUt Bill of Baloney was passed -they have now received over 135 Billion.

The bonuses to AIG executives are a crucial part of this - AIG awards it execs tens of millions of dolalrs and they then siphon off one third of the bonus money to Paulson and Treasury to get more Billions!!

They are simply running a revised game plan of what DeLAy used to do - he would get contributions in the Republiocan Party from those who knew they woud get some legislation passed in theri industry's favor. Then DeLAy would illegally divert one third of that money to individual candidates.

[CastleInSand]

2. not president yet

I'm big JFK guy--everytime someone messes with the fed, they end up dead...maybe this still another thing he can't jump on until he is sworn in and in a better bunker. Just saying...