Obama is Smarter Than This

Today, the New York State Comptroller announced that Wall Street doled out over $18 billion in bonuses last year, which was the sixth highest amount in history.

While this is a result of greed and a lack of judgement by the Wall Street companies, I can not believe that President Obama had come out and called their actions “shameful.”

You know what think is shameful?  Obama and the Senate passing the TARP plan without any debate or hard questions.  They just let it breeze through, accusing the House of not looking at the bigger picture when they voted against it.

Now they are all up in arms about it?  What did they expect to happen?  They just assumed that there would be some provision that prevented Wall Street from using taxpayer money for bonuses.  While there might have been a clause in there, did they investigate how it would be enforced?

Did anyone really think that the government would be able to control how Wall Street used the money?  I find it hard to take Obama’s criticism seriously when he posed such little resistance to the TARP to begin with.  You made the bed, now sleep in it.

This is yet another example of why government intervention is such a horrible idea.  Their actions are not well thought out and then they complain when their haphazard ideas blow up in their face.  Issues like this make government look inept and incapable of holding Wall Street accountable.

Rather than going for this TARP money back, the government should be investigating all these big banks, hedge funds, and ratings agencies for fraud.  Only if there are real consequences for their actions, will the Wall Street firms actually respect the demands of regulators and the government.

Source:  Businessweek

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