There is something very important that people need to understand when thinking about the current financial situation. Wall Street, and the big banks behind the scenes, are NOT your friend. They are NOT out there to help the American people. They simply want to increase the amount of money they have. Don’t believe me? Where has all that bailout money gone? President Obama said in his Leno interview that the Banks’ balance sheets were still not well off, and so the money has yet to be injected to the people. Umm. Most of the banks aren’t viable anymore. Of course they aren’t going to release cash and credit. They need to hold on as long as possible, and stockpile as much dough as they can. This is standard practice for any business in troubling times. In an article by the Wall Street Journal, the financial sector bitches about the fact that they were not involved in much of President Obama’s planning for the financial revitalization of our nation (rhymes!). They whine over it. Do they not realize that it was their zealous money-grubbing that helped our economy crash in the first place?

Geithner has been reported to have made calls all weekend long to key financial players. This was probably an attempt to soften them up to get their assistance. There is something tragically wrong with this scenario. Why should the banks need to be softened up? They have had billions poured into them already, and likely will have much more coming their way. Now that they are willing to play ball, our stock market jumps up significantly. These modern day Gordon Gecko’s have taken the entire country, if not the world, hostage. Until they get what they want, they are content to let the entire system crumble and shatter. But the minute that the Obama administration softens their stance on the financial fat cats, things are A-OK. “Hey people, the recession’s over! Wall Street is willing to play the game again!” Fuck being willing. These ass-hats owe it to us. Perhaps the most illuminating example of how clueless these Wall Street execs are relates to their response to the taxing of the AIG bonuses. From the WJS:

“Bankers were shell-shocked, especially when Congress moved to heavily tax bonuses. When administration officials began calling them to talk about the next phase of the bailout, the bankers turned the tables. They used the calls to lobby against the antibonus legislation, Wall Street executives say. Several big firms called Treasury and White House officials to urge a more reasonable approach, both sides say. The banks’ message: If you want our help to get credit flowing again to consumers and businesses, stop the rush to penalize our bonuses.”

Sounds like a threat to me. Unless the Government backs off on the bonus issue and its criticism of the financial sector, we shouldn’t expect them to work towards fixing things? This is absolutely insane! This is a time when I would fully expect Obama to raise his hand and smack these poor-little rich boys upside the head a few times and ask “What the hell’s wrong with you?” But instead, the President and his staff are toning it down a notch. I can see why Obama might think he needs to back off the financials, but with AIG, the President seems to have forgotten that we own their asses. 80% last time I checked. Fuck their contracts. I don’ t want to hear any of this “non-abrogation” talk. Situations changed ladies and gentlemen. AIG collapsed and now survives only because of the good graces of our dollars. So their contracts should be null and void. Bye Bye Bonus. Would they be entitled to these bonuses had they gone bankrupt? Certainly not $165 million in bonuses, thats for damn sure. Obama needs to show some spine, especially when it comes to a nationalized AIG. He has seriously let me down on this one. And as for Geithner, I am seriously close to making you the next Diatribe victim. Thank you America, you’ve been far too kind.

-TLL