Sunday, 24 January 2010

The Wall Street Adagio!

Candidates spent $23 million on the election to replace Edward M Kennedy last Tuesday, an election that may mark the turning point in the Barrack Obama tenure of a president?

A flood of money (very important ingredient) was concentrated on securing Scott Brown a historic upset and sifting the balance of power in Washington, Senate Republicans now have enough votes to block Democrat’s and Obama initiatives.

One organisation that tipped in dollars was American Future Fund, an outfit advocating conservative, free market ideals, and they posted the following on their website after the Republican win:

“The central battle in our time is over political primacy. It is a competition between the public sector and the private sector over who defines the work and the institutions that make a nation thrive and grow.”

The Iowa-based American Future Fund spent $400,000 over five days airing a television ad comparing the two major-party candidates on the issue of taxes.

Banks are marshalling and mobilising what the Observer says is a smooth-running lobbying machine in Washington to ­battle Barack Obama's plans to limit the size and scope of Wall Street institutions, as financial services firms gear up to stop a shake-up that could slice away large chunks of their operations.

The hope and change that Barack Obama came to represent in the yes we can election campaign, has begun to evaporate amongst his then supporters who sent him to the messy White House of American Capitalism.

Will New Rules Tame the Wall Street Tiger? Was the Wall Street Journals headline and a quotation: “There is an old saying that good politics makes bad laws.”

So Obama has told the banks and bankers they were behaving badly, their bonuses were obscene, their determination to go on lining their own pockets with reckless bets underwritten by ordinary taxpayers was inexcusable. It had to stop.
The Times described the Presidents words as rhetorically powerful, designed to chime with the feelings and prejudices of a public furious that in their eyes Wall Street has been afforded special privileges at a time when seven million ordinary Americans have lost their jobs. Interesting that same Times article reported; “coming on the day of the Goldman Sachs bonus announcement, the speech had double the resonance. Rolling Stone magazine’s description of the bank as “a giant vampire squid ... relentlessly jamming its blood funnel into anything that smells like money” is a cruel exaggeration, but not entirely inapt.”
One thing can be said about last week, it was the week that the Obama administration locked on to the Wall Street cats, only because of the falling support amongst public and electorate, will it be that defining moment that makes or breaks Obama remains to be seen but worth following the developments as they happen!
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