Now is Not the Time for Profits!
President Barack Obama lashed out on Thursday at “shameful” Wall Street executives for claiming billions of dollars in bonuses while their stricken institutions asked taxpayers for support.
Mr Obama was responding to a report showing that financial sector employees received $18.4bn (£12.9bn) in bonuses last year, amid dire financial crisis. The figure was down 44 per cent from 2007 but was still the sixth largest payout in history.
Mr Obama described the bonuses as the “height of irresponsibility”, and made clear that additional government support for the industry would be subject to tough conditions on pay and other perks
There were some, during the campaign, that thought that Obama had revealed a socialistic streak when he told Joe the Plumber about his plans to “share the wealth”.
It seems that, sans teleprompter, Mr. Obama has had another “share the wealth” moment:
“There will be time for them to make profits, and there will be time for them to get bonuses. Now is not that time.”
Pardon me, but didn’t he just link “profit” and “bonuses” when he said “Now is not that time”? Now is not the time for profits???
Careless speech or self revelation: You decide!
And since when does the President try to micromanage businesses? Does he know more about making a profit and motivating the cogs of the business engine to do more? How much is an unreasonable bonus? How much is an unreasonable business expenditure? Unreasonable to whom? Politicians? Hairdressers? Street sweepers? CEO’s?
Amateur hour at 1600 Pennsylvania Avenue!
Cross Posted at Proof Positive