Obama To Wall Streeters: You're Too Greedy - calls for a "reappraisal of values"

[jefferson_dem]

Today Barack Obama went before an audience of Wall Street investors and basically told them bluntly that they need to scale back their, well, acquisitiveness for the good of the rest of us:

"If we are honest, I think we must admit that those who have benefited from the new global marketplace — and that includes almost everyone in this room — have not always concerned themselves with the losers in this new economy," Obama told the crowd at the Nasdaq MarketSite.

Declaring that a "what's good for me is good enough" mentality had infected the business community, Obama called for a "reappraisal of values" and asked the assembled to "join me in ushering in a new era of mutual responsibility in America." Obama's speech today is almost certain to be completely overshadowed by Hillary's health care speech, but it's still noteworthy. Obama's full speech here.

http://tpmelectioncentral.com/2007/09/obama_calls_wall_street_greedy_to_their_face.php

[redqueen]

1. Still noteworthy? I'd say it's far more newsworthy than a circus over the

non-revolutionary healthcare plan.

[Colobo]

31. Obama shows leadership once again.

[sandnsea]

2. those who "lobby their way to loopholes"

This is good!

"..The quick kill is prized without regard to long-term consequences for the financial system and the economy. And while this may benefit the few who push the envelope as far as it will go, it's doesn't benefit America and it doesn't benefit the market. Just because it makes money doesn't mean it's good for business.

It's bad for business when boards allow their executives to set the price of their stock options to guarantee that they'll get rich regardless of how they perform. It's bad for the bottom line when CEOs receive massive severance packages after letting down shareholders, firing workers and dumping their pensions; or when they throw lavish birthday parties with company funds.

It's bad for competition when you have an Administration that's willing to approve merger after merger with barely any scrutiny. Such an approach stifles innovation, it robs consumers of choice, it means higher prices, and we have to guard against it.

And it's bad for the market when there are over $1 trillion worth of loopholes in the corporate tax code, or when some companies get to set up a mailbox in a foreign country to avoid paying any taxes at all. This means a greater share of taxes for Americans and small businesses that are trying to compete but can't afford to lobby their way to more loopholes.

It also means that investment goes to the companies that are best connected instead of the ones that are most productive. Economics 101 tells us special interest politics distorts the free market. After all, why would an oil company invest in research for alternative fuels that could save our environment when they can get billions of dollars in subsidies to keep drilling for oil and gas?

These anti-market, anti-business practices are wasteful, unproductive, and antithetical to the very spirit of capitalism. They benefit the undeserving few at the expense of hardworking Americans and entrepreneurs who play by the rules..."

[jefferson_dem]

5. Good indeed! And how refreshing...

I love the way he goes into there and speaks "truth to power", and with conviction. So unlike all the cheap pandering politicos...

[Clintonista2]

3. Yet he has no problem with taking those Wall Street donations

He has raised more Wall Street money than any other Dem candidate.

[BeyondGeography]

6. Makes this even more ballsy, doesn't it?

You don't like what I'm saying, keep your money.

It's called the power of the small donor base, which is something Hillary has missed on. When you're overly dependent on the $4,600 check, you're less likely to push back.

[goclark]

22. So right you are ~

[jefferson_dem]

7. It's nice to have a broad base of support, including *even* investers...

who know a winner when they see one.

[TwilightZone]

8. Can't win without cash.

That is a reality in our current political world.

[Tellurian]

9. Biting the hand that fed him... Whens the funeral?

What a moron! Another faux pax on his part. Why would anyone want this DUMBASS for president?

[DaveJ]

11. I can't believe so few understand him.

See my post below.

[Name removed]

12. Deleted message

Message removed by moderator. Click here to review the message board rules.

[BeyondGeography]

13. Tell Hilly this is the kind of freedom you get when little people

give you money in droves.

Here is her problem:

"We had 104,000 donors in the first quarter; Clinton had 60,000. And while 75 percent of Hillary's contributors had maxed out, only 50 percent of ours had. So we had had a lot more potential to grow -- and we did." The fundraising period for this quarter ends on June 30, and campaigns have until July 15 to disclose their numbers. "Even though there are over three weeks left," a Clinton source told HuffPost, "it will be next to impossible for us to make up the difference. The machine we have at the $2,300 level is a superior machine, but the Obama campaign continues to beat us with small donors and on the Internet."

http://www.huffingtonpost.com/2007/06/06/obama-to-beat-clinton-in-_n_51038.html

Which also means Obama doesn't have to tippy-toe around rich people like Hillary does.

See you in second place again when the third quarter fundraising numbers come out.

[NYCGirl]

14. "Faux pax"? That means "fake peace"!

:rofl:

I believe you made a faux pas with your "faux pax."

[Name removed]

19. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Clintonista2]

21. He's not a "dumbass", he's just extremely hypocritical & naive

As are his supporters.

[jefferson_dem]

27. Really? What exactly makes his supporters hypocritical and naive?

Be specific. Thanks in advance.

[BeyondGeography]

28. He reads the papers, you know...watches TV, too

:P

[Clintonista2]

30. "HILLARY IS WALL STREET'S WHORE!"

Sound familiar? Obama, like his supporters, love to denounce Wall Street, as Obama cashes those wall street checks.

[DaveJ]

10. Who says that's not compatible?

I believe that most people, even Wal-Streeter's would like to do the right thing. But current legislation and the powers that be make the rules. Any corporation or investor will act in their best interest to the extent these rules allow.

It's up to the government to change the way things operate so that these people can do the right thing without getting wiped out in the process.

[Dawgs]

18. Why should a candidate have a problem with taking donations?

It's when they don't criticize wrong doing that we should be screaming.

[Clintonista2]

20. I'll see you defending Hillary in the next

"OMGOSH HILLARY WON'T STOP TAKING LOBBYIST MONEY!" thread, I assume?

[ItNerd4life]

4. Wow! He is soo good. I wish all candidates shared similar views.

[msongs]

15. thank god he is not sucking up to the extremely wealth like oprah nt

[NYCGirl]

16. No, Oprah's sucking up to Obama. Smart woman. NT

[tridim]

17. Great! Now, does anyone think Wall Street will take this lying down?

Please hire more security Senator.

[AtomicKitten]

23. Obama has struck a cord on corporate greed.

I hope he expands on it and connects the dots between this war and the war profiteers.

[sarcasmo]

24. Nice, calling it like it is, GREED.

[maximusveritas]

25. I like that Obama is not afraid to tell people the truth to their face

He never panders to his audience, whether they are on his side or not. That's rare among politicians.

[Colobo]

32. He's a leader. A true one, unlike Bush.

[Nimrod2005]

26. K

[Adelante]

29. Well done, Senator

Excellently done. :)