Summers: Obama Will Persuade Bankers Because 'We Were There For Them'

[SHRED]

Are you fucking kidding me?
The time to negotiate with Wall St. was BEFORE you hand them our money, not after.

The wealthy elite are laughing their collective asses off.

Summers defended Obama's attempts to persuade banks to increase lending. "The country did incredible things for the banking industry. Those things had to be done to save the economy, but no major bank would be intact, in a position to pay bonuses, if that extraordinary support had not been provided. The bankers need to recognize that. They need to recognize that they've got obligations to the country after all that's been done for them, and there is a lot more they can do, and President Obama is going to be talking with them about what they can do to support enhanced lending to customers across the country. We were there for them. And the banks need to do everything they can to be sure they're there for customers across this country."

http://www.huffingtonpost.com/2009/12/13/summers-employment-number_n_390224.html

[asdjrocky]

1. Boy they sure were!

[SHRED]

3. They used us ($$) in order to be there for their cronies

Now we are in a beggar's position.

Now we can "hope" for some spare "change".


---

[n2doc]

2. I'm not going to hold my breath

We all know who the "masters" are in this relationship. I would not be surprised at all if in the next election year the banks donate heavily to the Repubs as they know they have already gotten as much as they can from the Democrats.

[SHRED]

4. It appears that Summers and Obama...

...have reduced this down to pleading on an emotional level with Wall St.

This is the leverage they use?

Amazing.

[laughingliberal]

5. Incredible! As if sociopaths have any sense of reciprocity nt

[SHRED]

6. As if they have a conscience

[DJ13]

7. Please Mr. Robber, let me keep my wedding ring

I gave you all the money in my wallet already.

Yeah, that will work.

[chill_wind]

8. Bwahhh! n/t

[Tierra_y_Libertad]

9. And, he still is. Unfortunately for us who have to cough up the subsidies.

[QC]

10. This reminds me of the campaign publicly promising to renegotiate NAFTA while privately

rushing to Canada to reassure their government that it was all just campaign talk they could safely ignore.

[PufPuf23]

12. Obama’s 2006 Hamilton Project Speech

Shows ties to Goldman Sachs and and anti-New Deal/entitlement cuts

http://seminal.firedoglake.com/diary/17984

[spiritual_gunfighter]

13. PufPuf 23 you should make this an OP

this nails it.

[QC]

16. Yes, that really should be an OP. n/t

[PufPuf23]

17. Go for it!

I have never made an OP and have been keeping my "powder" dry because I truly want to remain hopeful and not be flamebait at DU.

Obama clearly stated he was/is a free trader globalist as opposed to fair trade.

[AllentownJake]

11. Fucking idiot

Fire him now, hire a progressive and wage war on the assholes.

[spiritual_gunfighter]

14. I think Summers and Geithner unfortunately

are exactly what Obama wants out of an economic team.

[AllentownJake]

15. Than he gets the economy and the record to run on with them nt.

[Nikki Stone1]

18. Summers has always been a giant clod.

He has less credibility than Courtney Love at a drug bust.

[girl gone mad]

19. The bankers already deny that they were even in need of help.

"Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein said in an online Vanity Fair article recently that the company didn’t need a government bailout, and would have survived without it. President of Goldman Sachs, Gary Cohn, said it stronger, stating the company had cash and “would not have failed.”

Goldman spokesman Lucas van Praag confirmed that Goldman indeed did have a lot of cash on hand they had raised, which would have allowed them to weather a long-term financial storm. “We had cash and funding that would have allowed us to survive for quite a long time,” he said."

[Raineyb]

20. Summers must think we're a bunch of idiots.

Anyone who believes that bit shouldn't be in charge of feeding brine shrimp much less the economy of the country.