The real reason wall street hates president obama

It’s no news to anyone that Wall Street and its big banks hate Barack Obama and his administration. A new article in Slate, though, proposes a fairly explicit reason of why that is.

First, though, they go over the reasons why they shouldn’t hate him:

  1. He helped bail them all out
  2. He made sure congress didn’t go after their salaries
  3. He rejected proposals to break up the biggest banks

All of this, of course, was not because he gave a shit about any of them, but because they were critical steps in reviving the economy. So here are the reasons why they do hate him:

  1. He pushed forward bank regulation policies (The Dodd-Frank financial regulatory reform bill)
  2. They think he’s a socialist who encourages the redistribution of wealth
  3. He doesn’t respect them

Despite all this, though, according to Annie Lowrey, the true reason why Wall Street hates the president is because, like many others who blame the president, they just aren’t doing very well.

Data on New York’s financial industry suggests that profits have dropped more than 10% in the first half of 2011, and are scheduled to drop even further. Bank of America is shedding 30,000 jobs, Goldman Sachs another 1,000, and the securities industry could lose another 10,000.

These are pretty timely statistics for the Occupy Wall Street movement, and pretty inconvenient for an already frustrated (regulated) banking industry. In other words, big bank CEOs are pissed off, and the 1% are the only ones on their side. As is necessary, the President is on the other side, and this makes him easier to vilify.

Tagged , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: