Obama quote from tonite show

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Mar 23, 2009 1:06 pm

This administration is on an all out assault on this industry. I for one do not appreciate that we run a very clean, legal, business yet our reputations/life's work gets slammed on a regular basis by this administration and its merry band of theives. I actually thought about adding these quotes to the "tax on retention" thread as there have been a few comments inside that reference said assault, but nonetheless:


Our fearless, incompetent Prez...
 
"We need young people instead of the, you know, a smart kid coming out of school, instead of wanting to be an investment banker, we need them to decide they want to be an engineer, want to be a scientist, they want to be a doctor or a teacher, and if we're rewarding those kinds of things that actually contribute to making things and -- and making people's lives better, that's going to put our economy on solid footing, we won't have this bubble and bust economy that we've gotten so caught up in for the last several years."

and our fashionable first lady on the campaign trail last fall...


"Don't be a lawyer, don't be an investment banker, stay as a nurse or what have you. "


Mar 23, 2009 1:35 pm

...and they expect the investment bankers and hedgies and PE guys to help them bailout the stupid commercial banks -- makes me !

 
Let them use the Treasury's $$$. Who in their right mind would getin bed with the likes of Barney or Maxine? I frankly was surprised that the market is up this am (DJI + 303 as of 1:30 edt) on the news of this new scheme.
Mar 23, 2009 1:48 pm

Let's face it. There are too many people in this business. Too many smart minds shuffling paper around.

Our economy and our nation would be stronger if there were more attention paid to creating something other than the latest ETF or credit default swap.
Mar 23, 2009 1:56 pm

But if that happened... what would happen to this forum???

Mar 23, 2009 2:06 pm

I for one was THRILLED to hear that speech.  Maybe it will mean fewer people getting into the biz, or the bar being set higher somehow (additional testing/schooling, etc.).  The last thing we want is more advisors and I-bankers.  We need more people earning money that we can advise!

Mar 23, 2009 2:23 pm

Yeah, walk around in NYC and 1 in about 5 people is in finance. It's too many. The clients are paying all of these salaries (and bonuses) too...the money has to come from somewhere.

 
 
Mar 23, 2009 3:03 pm

Regardless of whether or not one feels that the financial industry is saturated, that comment stinks of communism. Not even socialism anymore...straight commie bullsh*t.

 
The USSR had plenty of scientists, engineers, doctors and teachers...never quite got their economy on "solid footing".
 
"We need [the] smart kid coming out of school, instead of wanting to be an investment banker, we need them to decide they want to be an engineer, want to be a scientist..."
 
So, in other words, Mr. President, you want the best and the brightest to NOT capitalize on their skills and talents by going into a business that rewards hard work and proactivity with virtually limitless potential, but rather do what YOU want by tinkering in front of a computer for a fixed salary or getting stuck in an underpaid gubment job? Oh yeah...doctors...well we all know how you feel about health care! That'll be an underpaid gubment job before long, too. Can't wait to see THOSE doctors!
 
One Big Ass Mistake America
 
4 years of this crap....(sigh)
Mar 23, 2009 5:04 pm

Well, I agree with him on this. ... Michael Lewis has written frequently about the insanity of hiring smart kids out of Ivy League schools and paying them outrageous sums of money to .... well, blow up the financial system.

Mar 23, 2009 5:07 pm

The reality is, the big firms hired tons of smart, but un-trained and not-yet-successful Ivy grads to sit around valuing and trading assets.  None of them had a clue how deep in they were.

Mar 23, 2009 5:31 pm
Valhalla:


This administration is on an all out assault on this industry. I for one do not appreciate that we run a very clean, legal, business yet our reputations/life's work gets slammed on a regular basis by this administration and its merry band of theives. I actually thought about adding these quotes to the "tax on retention" thread as there have been a few comments inside that reference said assault, but nonetheless:



Our fearless, incompetent Prez...



"We need young people instead of the, you know, a smart kid coming out of school, instead of wanting to be an investment banker, we need them to decide they want to be an engineer, want to be a scientist, they want to be a doctor or a teacher, and if we're rewarding those kinds of things that actually contribute to making things and -- and making people's lives better, that's going to put our economy on solid footing, we won't have this bubble and bust economy that we've gotten so caught up in for the last several years."

and our fashionable first lady on the campaign trail last fall...



"Don't be a lawyer, don't be an investment banker, stay as a nurse or what have you. "













The end goal of Obama is to tax groups differently depending on how they contribute to society.



New Obama Flat tax:



Tax financial services firms income at 40-90%

professional athletes 40-90%





doctors 10%

teachers 10%

anyone who works in hospital or school 10%

government (including congressman) 10%





These are the things that are just getting started in congress right now. Get ready.

Mar 23, 2009 5:49 pm

Just because management directed the activities that, over the better part of a decade, finally culminated into our current economic state doesn't mean that the government should start dissuading bright young minds from pursuing their career of choice. Whether that be finance/investment banking or health care or education or the freakin' NBA.


Karl Marx envisioned a utopia where everyone contributed to society:"From each according to his ability, to each according to his need."
 
Didn't work too well back in Mother Russia....f'n dimwits!
Mar 23, 2009 5:53 pm

liberals drilled into my head that you shouldn't discriminate, use stereotypes or generalize.



Now King Obama is in office, they discriminate, use stereotypes and generalize my entire industry.

Mar 23, 2009 6:01 pm

and our fashionable first lady on the campaign trail last fall...


"Don't be a lawyer, don't be an investment banker, stay as a nurse or what have you. "
 
Lawyers don't have value. They only help the layperson to interpret the law of the land. They only help people and businesses seek justice. Oh yeah...they end up on the Supreme Court, too.
 
Investment bankers don't have value. They only provide American businesses with the means to fund their ongoing operations. They only help investors by providing vehicles by which they may secure their own futures. Who needs them?
 
Nurses are great. Definitely need nurses.
 
I got an idea!!! Why don't we all become politicians...now THAT is valuable to society. After all, they always have OUR best interest at heart. They ALWAYS keep their promises.
Mar 23, 2009 6:10 pm
josephjones107:

liberals drilled into my head that you shouldn't discriminate, use stereotypes or generalize.



Now King Obama is in office, they discriminate, use stereotypes and generalize my entire industry.



I don't think he's talking about you or me or anybody on this board. Honestly you and me should angrier than anybody about what some of the Wall Street firms and their wunderkinds dhave done. They damaged our businesses and our reputations.


Mar 23, 2009 11:03 pm

I found Obama's comments on the Tonight Show insulting to our entire profession.  How dare the man call US greedy, insinuate that our profession lacks integrity, and say the "best and brightest" should avoid our profession.  The fact of the matter is that government legislation created the mess we are in today.   The toxic assets exist because misguided politicians decided to loosen lending standards for low income people and have the mess subsidized by GSE's Fannie and Freddie.  That's the origin of the subprime glut!  The banks are in trouble because politicians repealed Glass Steagall thus allowing banks to purchase the crap.  Derivatives and credit default swaps traded in unregulated markets because of the Commodities & Futures Modernization Act, thanks to Congress.  After all this toxic mess was brewing to a boil, the SEC kept quiet in 11/2007 as FASB brought back mark to market accounting rules.  The SEC also failed to bring back the uptick rule when all hell had broken loose.  THE GOVERNMENT FAILED EVERY INVESTOR ON THE FACE OF THE EARTH AND NOW THEY HAVE THE AUDACITY TO BLAME OUR PROFESSION!!  We MUST speak out about this because lawmakers sure as hell won't admit it and most of the media is so wrapped up in their orgasmic charm over the new Prez, that they won't fess up...and few understand it.  Get your talking points down and SPEAK OUT.  Tell your clients, tell your friends in the local media, write to CNBC and make them talk about it, and write your congressman.  Don't depend on management.  We're self-sufficient.....We must be the ones to speak out!  This pisses me off to no end and I'm sick and tired of being scammned by the government.   The press swarmed Obama over his special olympics gaffe, it's about time our profession gets an apology!

Mar 24, 2009 9:36 am
sisu:

I found Obama's comments on the Tonight Show insulting to our entire profession. How dare the man call US greedy, insinuate that our profession lacks integrity, and say the "best and brightest" should avoid our profession. The fact of the matter is that government legislation created the mess we are in today. The toxic assets exist because misguided politicians decided to loosen lending standards for low income people and have the mess subsidized by GSE's Fannie and Freddie. That's the origin of the subprime glut! The banks are in trouble because politicians repealed Glass Steagall thus allowing banks to purchase the crap. Derivatives and credit default swaps traded in unregulated markets because of the Commodities & Futures Modernization Act, thanks to Congress. After all this toxic mess was brewing to a boil, the SEC kept quiet in 11/2007 as FASB brought back mark to market accounting rules. The SEC also failed to bring back the uptick rule when all hell had broken loose. THE GOVERNMENT FAILED EVERY INVESTOR ON THE FACE OF THE EARTH AND NOW THEY HAVE THE AUDACITY TO BLAME OUR PROFESSION!! We MUST speak out about this because lawmakers sure as hell won't admit it and most of the media is so wrapped up in their orgasmic charm over the new Prez, that they won't fess up...and few understand it. Get your talking points down and SPEAK OUT. Tell your clients, tell your friends in the local media, write to CNBC and make them talk about it, and write your congressman. Don't depend on management. We're self-sufficient.....We must be the ones to speak out! This pisses me off to no end and I'm sick and tired of being scammned by the government. The press swarmed Obama over his special olympics gaffe, it's about time our profession gets an apology!





Government caused the housing bubble. Lowered fed feds from over 6.5% to 1% (and left it there) along with their massive intervention from Zero Downpayment Act, Fannie Freddit & FHA.



New York Times Thursday, April 22, 2004

Ron Paul, a Republican representative from Texas, sharply challenged Mr. Greenspan by suggesting that easy-money policies had lured people into assuming too much debt.

''We have a housing bubble,'' Mr. Paul told the Fed chairman, adding that the homeowners' rising debt was backed by the collateral of potentially inflated housing values. ''I don't see how we can have true wealth without savings,'' Mr. Paul said. ''I'm afraid we're confusing debt with assets.''



Washington Post Friday, June 10, 2005

Rep. Ron Paul (R-Tex.) asked if Greenspan was being a bit too sanguine. "I just wonder if we might not be fooling ourselves about our prosperity" because of heavy borrowing, he said.

Greenspan, elbows on the witness table, demurred. Debt, he said, "in modest quantities does enhance the rate of growth of the economy and does create higher standards of living, but in excess, creates very serious problems."



Mar 24, 2009 9:58 am

Hey whatever happened to Saul4Paul?



Re: Bubble. Yep, all because somebody screwed up a survey. And now, we're all paying for it.

Mar 24, 2009 10:00 am

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html?sec=&spon=&emc=eta1



Even the NY Times warned in 1999 of the government created danger.

Mar 24, 2009 10:01 am

the remarkable thing is the fed increased the money supply by 60% in the 1920s --causing a bubble then as well.   Then -just like now--the blame goes to the private sector

Mar 24, 2009 10:05 am
josephjones107:
sisu:

I found Obama's comments on the Tonight Show insulting to our entire profession.  How dare the man call US greedy, insinuate that our profession lacks integrity, and say the "best and brightest" should avoid our profession.  The fact of the matter is that government legislation created the mess we are in today.   The toxic assets exist because misguided politicians decided to loosen lending standards for low income people and have the mess subsidized by GSE's Fannie and Freddie.  That's the origin of the subprime glut!  The banks are in trouble because politicians repealed Glass Steagall thus allowing banks to purchase the crap.  Derivatives and credit default swaps traded in unregulated markets because of the Commodities & Futures Modernization Act, thanks to Congress.  After all this toxic mess was brewing to a boil, the SEC kept quiet in 11/2007 as FASB brought back mark to market accounting rules.  The SEC also failed to bring back the uptick rule when all hell had broken loose.  THE GOVERNMENT FAILED EVERY INVESTOR ON THE FACE OF THE EARTH AND NOW THEY HAVE THE AUDACITY TO BLAME OUR PROFESSION!!  We MUST speak out about this because lawmakers sure as hell won't admit it and most of the media is so wrapped up in their orgasmic charm over the new Prez, that they won't fess up...and few understand it.  Get your talking points down and SPEAK OUT.  Tell your clients, tell your friends in the local media, write to CNBC and make them talk about it, and write your congressman.  Don't depend on management.  We're self-sufficient.....We must be the ones to speak out!  This pisses me off to no end and I'm sick and tired of being scammned by the government.   The press swarmed Obama over his special olympics gaffe, it's about time our profession gets an apology!



Government caused the housing bubble. Lowered fed feds from over 6.5% to 1% (and left it there) along with their massive intervention from Zero Downpayment Act, Fannie Freddit & FHA.

New York Times Thursday, April 22, 2004
Ron Paul, a Republican representative from Texas, sharply challenged Mr. Greenspan by suggesting that easy-money policies had lured people into assuming too much debt.
''We have a housing bubble,'' Mr. Paul told the Fed chairman, adding that the homeowners' rising debt was backed by the collateral of potentially inflated housing values. ''I don't see how we can have true wealth without savings,'' Mr. Paul said. ''I'm afraid we're confusing debt with assets.''

Washington Post Friday, June 10, 2005
Rep. Ron Paul (R-Tex.) asked if Greenspan was being a bit too sanguine. "I just wonder if we might not be fooling ourselves about our prosperity" because of heavy borrowing, he said.
Greenspan, elbows on the witness table, demurred. Debt, he said, "in modest quantities does enhance the rate of growth of the economy and does create higher standards of living, but in excess, creates very serious problems."

 
1.  Our profession is greedy and does lack integrity.  Not every individual person but as a general statement isn't wrong.  If you can't see it you have your eyes closed.
 
2.  Government did not create this mess, they did however open the door for us to walk through.  The government did not force our actions, they just took away the barriers and let us do our own thing.  Give an inch, they'll take a mile.  OR Give a man too much rope and he'll hang himself with it.  That is where we are because of GREED!