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BI: Dennis Gartman Goes Ape On Obama's Banker War, Accuses President Of Being Anti-Capitalist

Vince Veneziani | Jan. 22, 2010, 10:35 AM | 1,213 | 31

This morning's Gartman Letter was not the usual rhetoric about commodity prices and the U.S. dollar.

Today, Dennis Gartman went off on President Obama and his war on bankers.

The Gartman Letter: THE US$ HAS TURNED RATHER SHARPLY FOR THE WORSE, and we shall mince no words here this morning for few words were minced yesterday by our young, and we fear misguided, President when he stood before the cameras of the world and threw down the gauntlet to the banking system, challenging it directly. In a show of anti-capitalist audacity we cannot recall having heard from an American president in our lifetime, and which we hope never to hear from an American President ever again, President Obama said that it was his intent to reform the nation’s banks, to outlaw the notion of proprietary trading within any of the nation’s banks, to fundamentally shift the notion of what a bank is and what it can do… and he finished by say that if the banks wished to “fight him on this, [he] will fight.”

Upon listening to his comments we were completely taken aback. We were stunned by the vehemence of the comments he made. We were astonished at the virulence of the anti-capitalist “line” he was taking. We were shocked by the vitriol. We were amazed at the fact that he seemed not only not to have been chastised by the election loss suffered by the Democrats in Massachusetts earlier this week, but he instead seems to have chosen an aggressive counter- attack. To say we were shocked is an understatement of the first order, but shocked we were and dismayed the market shall be.

http://www.businessinsider.com/dennis-gartman-goes-ape-on-obamas-banker-war-2010-1

COMMENTS:

wally on Jan 22, 10:56 AM said: 3 9

"We were stunned by the vehemence of the comments he made. "

It's going to be a fight, so pick a side: are you a banker or a people? Personally, I think a lot of people are going to pick the wrong side and are going to the guillotine, so to speak.

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BadBob on Jan 22, 10:58 AM said: 5 12

Screw Gartman and screw any of you that buy into his crap. He is a bank shill. I didn't see him pounding his fist on the table saying the banks should fend for themselves, survival of the fittest, etc. He is your typical "I'm a capitalist until I lose...Then I'm a socialist... please bail me out." When are all of you that are praising Gartman going to stop drinking the Koolaid and wake up? Ya'll are just hypocrites. You rant on this page about being capitalists and then defend the corporate welfare as part of the caitalist system. F U all!!!!

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Dude on Jan 22, 1:15 PM said: 2 2 @BadBob:

Great comment! I can not agree more. Give Gartman the DEATH PENALTY.
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rawr on Jan 22, 10:58 AM said: 3 7

Gartman wants to keep flipping electrons for money. The intrinsic value of flipping electrons is nil. Obama is threatening Gartman's livelihood and he's throwing a fit. "They took our jobs!!!"

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Reply Angry Mob on Jan 22, 11:07 AM said: 3 6

Gartman, I've got a nice sharp pitchfork with your name on it!

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Pat on Jan 22, 12:35 PM said: 1 4

Mr. Gartman calls President obama a Bank basher. What would you call a financial institution(s) that charges 30% interest on a credit card, restricts access to credit at a pace the country has not seen since the great depression, borrow money from the Fed at 0.25% and instead of lending money to business and individuals they plow it into intermediate term treasuries at 3.60% decreasing available credit even further. Wake up and open your eyes Mr. Gartman This is called consumer bashing, and the american people are sick and tired of it. May the market crash and take the banks down with it.

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anonymous on Jan 22, 5:42 PM said: 0 0 In hindsight, Obama's reaction was obvious.

Health care was his signature issue. With that dead, he needs a new one, fast. And because the public is tired of mere rhetoric, he needs his new signature issue to be something that can actually result in legislation passed and signed quickly, in the next few months (in time to make a difference for the November midterm election campaigns). An issue that will put him at the forefront of the wave of populist anger out there rather than its target. An issue that Republicans will not be able to oppose (actually, they will probably vie with the Dems to see who can talk toughest).

What else other than a hard turn on financial reform did you think he was going to pick?