A year after the birth of an economic tragedy — the downfall of Lehman Brothers — President Barack Obama marched to Wall Street to warn, teach and preach about responsibility.
He was clear; bankers and their careless behavior would not longer be supported or tolerated by the government and its taxpayers. Obama’s speech expounded the idea that Washington, D.C. has become a watchdog for Wall Street banks.
He informed his audience two weeks ago of stern regulations that will, hopefully, prevent future economic heartbreak for Americans.
These regulations come in the form of a four-point plan. Be warned: this plan has been proven to give crazy conservatives major headaches and, of course, one more reason to label Obama a socialist.
Then again, their labels do not change the fact that Obama’s four-point-plan has reasoning and heart.
According to Business Week, Obama promises, “A new consumer protection agency to end the mis-selling of loans and mortgages to American homeowners; an expanded role for the Federal Reserve in monitoring the country’s biggest banks and insurance companies; new rules requiring stronger capital ratios for all lenders; and the establishment of a ‘resolution authority’ to protect customers … when big companies go to the wall.”
With all this, Obama did not forget to remind bankers of their past lavish behaviors. Although the economy is slowly improving, he told them, there is no reason to go back to exorbitant bonuses and $300,000 retreats.
“We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses,” Obama said.
Thank you Mr. President. I thought you would never address that.
Now that the president has spoken, it’s our turn: Dear bankers, we the people are pretty positive that most of your CEOs are greedy imbeciles. We are hoping their stupidity will never again result in us having to empty our pockets in order to pad their $70 million paychecks. Thanks for understanding.
It is upsetting that some banks are repaying their debts to the government solely to be freed of the limitations and regulations previously imposed on them by the Obama administration.
Some banks have already returned to their bonus-giving habits, forgetting that this type of unnecessary spending contributed to millions losing their health care, jobs and homes.
Listen, corporate America, if you are dumb enough to begin partying like it is 1969 with our 2009 money, not only should you be fired, but I suggest you are forced to work as cashiers at McDonalds, or become greeters at Wal-Mart.
Hopefully then you might understand the struggles of real people — those who make less than 1 percent of your $70 million salary. Because, obviously, if you have the consciences to keep spending during times like these, then you know nothing about the people you share this country with.
Uzo Umeh is a sophomore nursing major and an assistant opinions editor for the Daily 49er.