After Tripling the Deficit & Nearly Doubling Unemployment – Obama Scolds Wall Street
After tripling the national deficit in one year and nearly doubling unemployment President Obama had the gall to lecture Wall Street on economics yesterday.
Obama promised 2,500,000 million jobs…
But so far his record “stimulus” package has only created 30,083.
Lashing out at the “reckless speculation” and “shortsightedness” he said were behind the 2008-2009 financial crisis, Obama expressed frustration at criticism he has taken over the unpopular $700 billion bailout of the financial industry.
Obama told a Democratic party fund-raiser that his administration backed the bailout program, begun in the Bush administration, because it was necessary to prevent a financial collapse that could have devastated the economy.
“We also know we should never again have to face potential calamity because of reckless speculation … and shortsightedness and self-interestedness from a few,” Obama said. “So if there are members of the financial industry in the audience today, I would ask that you join us in passing what are necessary reforms.”
The remarks were the latest in a series from Obama and his aides urging the financial industry to get behind a package of proposals under consideration in Congress that would tighten rules for derivatives trading and other activities while establishing a new consumer watchdog for financial products.