Comments on: Is Wall Street Compensation Already Headed Back To Pre-Crisis Levels? http://wonkroom.thinkprogress.org/2009/07/02/wall-street-parties/ Thu, 26 Nov 2009 16:42:01 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: anne http://wonkroom.thinkprogress.org/2009/07/02/wall-street-parties/comment-page-1/#comment-155057 anne Fri, 03 Jul 2009 16:21:50 +0000 http://wonkroom.thinkprogress.org/?p=17513#comment-155057 I agree with Cal's point, and I think it speaks to a very big, unaddressed problem: We're trying to fix a financial system no one trusts any more. Rob Johnson, who is one of the UN for its financial reform committee, <a href="http://www.newdeal20.org/?p=2905" rel="nofollow">made a compelling argument</a> yesterday about the loss of faith in financial institutions and in the decision-making processes governments and institutions are going through to "fix" them. Trust is a kind of capital, too, but no one is injecting that these days. I agree with Cal’s point, and I think it speaks to a very big, unaddressed problem: We’re trying to fix a financial system no one trusts any more. Rob Johnson, who is one of the UN for its financial reform committee, made a compelling argument yesterday about the loss of faith in financial institutions and in the decision-making processes governments and institutions are going through to “fix” them. Trust is a kind of capital, too, but no one is injecting that these days.

]]> By: Cal http://wonkroom.thinkprogress.org/2009/07/02/wall-street-parties/comment-page-1/#comment-155036 Cal Thu, 02 Jul 2009 22:57:26 +0000 http://wonkroom.thinkprogress.org/?p=17513#comment-155036 You're being far too generous to the administration. Obama has plenty of leverage with the investment banks that he hasn't used. He didn't have to give them the AIG money without conditions. He could say that they don't qualify as a regular bank and deny them the cheap money from the FED. He could announce a real stress test and give us the real results. He could do all of this and more in exchange for getting them to call off their lobbyists and support the legislation, or at least not block it. The fact is Obama doesn't care, and he could very well pay for it in 2012. You’re being far too generous to the administration.

Obama has plenty of leverage with the investment banks that he hasn’t used. He didn’t have to give them the AIG money without conditions. He could say that they don’t qualify as a regular bank and deny them the cheap money from the FED. He could announce a real stress test and give us the real results. He could do all of this and more in exchange for getting them to call off their lobbyists and support the legislation, or at least not block it.

The fact is Obama doesn’t care, and he could very well pay for it in 2012.

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