Replies to post #298875 on $Stock*Shop*Charts*News*Option$

[Stock Lobster]

BI: CHART OF THE DAY: The Week Washington Turned On Wall Street
Joe Weisenthal and Kamelia Angelova | Jan. 22, 2010, 4:36 PM | 403

When Obama came into office, his chief mission was to end the financial crisis, which he did by bringing in a very Wall Street-friendly team lead by Tim Geithner.

But saving Wall Street has never been politically popular, and everything came to a head last week. It started with the bank tax on Jan 12. And then came the lightening bolt from Massachusetts, which told Obama that the time to pivot away from Wall Street was NOW.

So Obama immediately followed up with the announcement of a huge, sweeping Volcker-inspired proposal to separate banks from risky activities, and that's when Wall Street really started freaking out.

[Stock Lobster]

BI: Privately, Wall Street Lashes Out At Barack Obama

John Carney | Jan. 22, 2010, 8:50 AM |

Last night we canvassed a few of the saloons popular with Wall Street's foot soldiers to guage the reaction to Barack Obama's new policies.

In a word: outrage.

At the Monkey Bar we chatted with an equity trader to Citigroup.

"This is bullshit. They fuck up health care so now they want to fuck with Wall Street," he said.

Downtown at the Spotted Pig there were two Goldman Sachsers who wouldn't say what they did exactly. We told them we would say they were engaged in "inflating bubbles and then shorting them" if they didn't confess to their actual occupations. One of the pair said that was not too far from the truth.

"We should have seen this coming, I guess. There may not be a rationale relationship between the financial crisis and these regulations, but they had to do something," the more sober of the two Goldman employees said.

"They are making us scapegoats after Massachusetts. It's shameful," the less sober one said.

At Whiskey Park we encountered a table full of angry bankers from JP Morgan. Every one of them said they were Obama voters but had turned against the president.

In a bar just north of Houston Street, in which we were allowed to drink on the condition of anonymity, we met a young lady from Deutsche Bank. She said that everyone one her trading floor was talking about Obama all day long.

"Let's just say their weren't many kind words," she said.

http://www.businessinsider.com/wall-street-lashes-out-at-barack-obama-2010-1

[hang ten]

that is an excellent article stuffit, full of notable quotes... imo here are a couple.

"It boggles the mind," says LA's mayor, Antonio Villaraigosa. "Not since the Depression have we had numbers this bad."

Why does California have the country's lowest bond rating? "Because of our political and fiscal system," Goldberg believes. "We're so tied in knots, the market doesn't believe we can get a solution to our problems. It's the market saying, Your political system is really fucked up."
Lenny Goldberg, an economist at the left-leaning California Tax Reform Association

[Stock Lobster]

California is toated. Been telling clients who could to move out for over 2 years...but again, like NYC, few will do it

That former pilot I mentioned to ya, the one we met when we first moved to Dallas, sold 2 houses in Marin county 3 years ago, and is here in Texas with us, for the same reasons. Sure Texas is not immune...but the damage in those states is bound to be worse.

But many will not believe

It is a crying shame

[Stock Lobster]

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?

[Stock Lobster]

...Read the comments at the end of the Gartmann post. Is the same on the others over on BI

I don't think the angry idiots realize what they asking for...

What is most amazing, are populist angry idiots living in NYC or the general region who are repeating this rehashed class war crap

This might be like people living in Saudi Arabia, demanding the government shut down the oil industry because they are too profitable, and oil prices sometimes go down and rock the economy

Of course, I liked it better when the US had a diversified manufacturing economy, when New York City was home to many industries...but those days are long gone. It sure stinks when a place has become a one-industry town, but doesn't anyone realize they aren't going to improve their lot or anyone else's, by taking moves that effectively risk shutting down that one industry? What then, sparky?

Will the bread lines be any shorter after a stock market crash? Will your income go up if the big banks go out of business, or take their proitable divisions out of the US to so you don't have to look at them anymore?

The business of Wall Street is profit. Anyone reading these words on Investment Hub, and who trades the market, must have the same goal of profit, or they're in the wrong place. If you like your own profit, but don't like other people's proit, then you've got to sort out the cognitive dissonance inside yourself.

Meredith Whitney says this gargoyle will pass, and it will be ugly for banks. Judging from Mayor Bloomberg's reaction, he agrees with me it will be ugliest for New York City

Shut down the bank's profit centers they say? This reminds me of Daffy Duck, when he keeps repeating: "I DEMAND YOU SHOOT ME NOW!"

Can I say it again? I am so glad Ash is no longer at Bloomberg or in New York City. And, if we are where we are right now, it was NOT an accident.