[Occasionally I invite a Guest to publish at Scribal Thrum – and I’m proud to welcome Peter Morici, Professor of International Business at the University of Maryland and former Director of Economics at the US International Trade Commission. Thanks for Contributing, Peter.]
You got to admit President Obama obfuscates embarrassing facts and pays off his supporters as well as any politician since Huey Long.
Those bonuses were “earned” trading derivatives and other engineered products with the more than $2 trillion in cheap credit provided by the Federal Reserve, TARP and other Washington largess. Meanwhile, bankers denied worthy homeowners opportunities to refinance mortgages and solid small businesses credit.
How much is $140 billion?
The bankers, after causing the greatest economic calamity since the Great Depression, are rewarded with six times the growth accomplished so far in the much heralded “economic recovery.”
White House economist Christina Romer says we are still suffering the fallout of the recession, but with those bonuses, it will be tough to find pain on Wall Street this holiday season
In America, the bankers get a scolding from President Obama.
It is no accident that these same bankers are among the largest contributors to Democratic congressional and presidential campaigns.
Hey, the bankers know how to invest, and the president knows how to take care of his friends.
Original post at Peter Morici’s Instablog