Wall St has already made more under Obama than it did under Bush [Reader Post]

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This is a testimony to the unending and blind stupidity of the left:

Wall Street’s resurgent prosperity frustrates its claims, and Obama’s

President Obama has called people who work on Wall Street “fat-cat bankers,” and his reelection campaign has sought to harness public frustration with Wall Street. Financial executives retort that the president’s pursuit of financial regulations is punitive and that new rules may be “holding us back.”

But both sides face an inconvenient fact: During Obama’s tenure, Wall Street has roared back, even as the broader economy has struggled.

The largest banks are larger than they were when Obama took office and are nearing the level of profits they were making before the depths of the financial crisis in 2008, according to government data.

Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 21 / 2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show.

The banks did not use bailout money to help consumers.

Neither the Bush administration nor the Obama administration, for instance, compelled banks to increase lending to consumers, known as “prime borrowers.” Such a step might have spurred spending and growth, although generating demand for loans may have proved difficult in the downturn.

No they used the money for high risk ventures:

A recent study by two professors at the University of Michigan found that banks did not significantly increase lending after being bailed out. Rather, they used taxpayer money, in part, to invest in risky securities that profited from short-term price movements. The study found that bailed-out banks increased their investment returns by nearly 10 percent as a result.

And Eric Holder is still suing banks to force them to make bad loans.

In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.

Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says.

Settlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting “public assistance” as valid income in mortgage applications.

Obama is the best friend Wall St has ever had. While us working stiffs suck dirt, Wall St. is reveling.

But it is highly unlikely the left will be deterred by the truth. They will remain unaffected by facts.

It is called willing suspension of disbelief.

It’s also called stupidity.

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A graphic proof that higher-risk investing is being forced on older (those desirous of safer parking places for their money) savers is here:

CHART OF THE DAY: The Fed Has Done Wonders For Traders — Savers Not So Much

“The past three years have been an exciting time for many professional traders and their seasoned amateur counterparts. And it’s been a dream-come-true for institutional HFT (high frequency trading) with computerized algorithms.”

But your average investor—with investments in CDs, Treasury yields, and FDIC insured money markets—have clearly lost out.

The chart tracks (from 2007 through now) these indicators:
The S&P500,
The 10-Year Treasury Yield,
The Fed Funds Rate

A myopic Wall Street declared the recession over early in Obama’s second year. Politicians in Washington D.C were quick to accept this with a pat on the back of the Obama administration and Democratic controlled Congress. This was based only on how well big business was doing, and ignored the economical situation of most American citizens. Reality soon forced the Dems to forget that they had ever declared the recession over.

The moral of this story: What’s good for business is not necessarily what is good for America.

As Mata often points out a majority of Americans have benefitted from the 35%+ rise in the 3 major stock indexes since BHO’S inauguration. BTW They’ll never tout this on Fox.
Ditto says “What’s good for business isn’t necessarily what’s good for America” You sound like one of them danged Socialists/Marxists.

So, NOW will you support the Occupy Wall Street movement?

@Richard Wheeler:

You sound like one of them danged Socialists/Marxists.

No, I’m a cynical realist. Just as there are good people in all walks of life, there are also dishonest individuals in the same areas of society whom we must take in account. History has shown that if business is allowed to do anything it wishes, unscrupulous businessmen will set aside what is right or moral in their search for profits. Nor will consumers (aka “the market forces”) always be able to correct for predatory capitalists, any more than they can correct for predatory politicians.

This is precisely what keeps me from considering joining the Libertarian party, as most of the anti-regulatory Libertarian leadership naively think that the market will always adjust for unscrupulous business practices, yet, refuse to accept the reality that a dishonest business can take over the share of the market over honest merchants, driving the ethical capitalist out of business.

@liberalmann:

Is this directed towards me? If so my answer is “Hell no!” I fully support our republic’s capitalist system, even if I don’t support the dishonest, manipulative, elitist leadership of many on Wall Street or in our nation’s ivory towers.

The so called OWS movement is a purely “Astro-turf” one motivated by world socialists groups who gain support by joining forces with other radicals and by manipulating the society’s poor into thinking that their lot will improve under socialism. And who always end up resorting to corruption, violence and criminality to gain power.

Let’s see… considering the Occupy Wallstreet movement is being backed and recieving supplies and manpower from the American Nazi party and the Communist Party of America…

No. I will not support the Occupy Wallstreet Movement.

Let’s see, considering the Occupy Oakland movement has commited to blocking the port there leading to resource logistics being hindered for various businesses which now threaten to have forloughs on employed workers with days without pay…

No. I will not support the Occupy Oakland movement for hurting people’s jobs dependent on resources being transported out of Oakland’s port hubs.

Let’s see, the Democrat party is bankrolled by a large group of Wallstreet firms and donors. The Occupy Wallstreet movement has been nudged to aggressively assault various Wallstreet groups that did not back the Democrats with money donations in 2010 or 2008. This is the same Democrat party who claimed that the T.E.A. Party was a racist, homophobic and violent group since its formation in 2009.

So no, I will not support a violent and bloody group that is the Occupy Wallstreet that has a current running track of racism, anti-jewish, violent, drug consumption, aggressive people who violate City ordances for obtaining Rally permits for their sessions and disobey City Law by attacking police and various citizens and residents (aka blood and urine being thrown at food vendors in most recent stance of “protest”)

The Occupiers of “Wall Street” are “against” bank bailouts – but love Obama who bailed out banks. Some of them are total government communists — others are No Gov’t anarchists — let me know which side you are on, and then I can either support one or the other, or support the other or one — but I cannot do both. This is brainless rage against the very things these people support — they are, in fact, Obama’s reelection committee — the Mush Brigades.

IT WAS FOUND THAT ACCORN was paying employee to go there, and mix with the crowd,
and when they where exposed, they fired employees and burned the proof, and denied it,
even to employees, who had the proof.

that black bus must be loaded with money, they have many guards to protect it