Obama and Wall Street: an awkward relationship


The New York Times tees up a fascinating look at the delicate, awkward dance between WLl Street and a president they hate, but who they also fear, because the believe he is likely going to be re-elected.

The piece, by Nicholas Confessore, also underlines the sheer cluelessness of many hedge founders, who really don’t seem to get how most of the country feels about them. A clip:

One day in late October, Jim Messina, Obama’s campaign manager, slipped into the Regency Hotel in New York and walked up to a second-floor meeting room reserved by his aides. More than 20 of Obama’s top donors and fund-raisers, many of them from the financial industry, sat in leather chairs around a granite conference table.

Messina told them he had a problem: New York City and its suburbs, Obama’s top source of money in 2008, were behind quota. He needed their help bringing the financial community back on board.

For the next hour, the donors relayed to Messina what their friends had been saying. They felt unfairly demonized for being wealthy. They felt scapegoated for the recession. It was a few weeks into the Occupy Wall Street movement, with mass protests against the 1 percent springing up all around the country, and they blamed the president and his party for the public’s nasty mood. The administration, some suggested, had created a hostile environment for job creators.

Messina politely pushed back. It’s not the president’s fault that Americans are still upset with Wall Street, he told them, and given the public’s mood, the administration’s rhetoric had been notably restrained.

One of the guests raised his hand; he knew how to solve the problem. The president had won plaudits for his speech on race during the last campaign, the guest noted. It was a soaring address that acknowledged white resentment and urged national unity. What if Obama gave a similarly healing speech about class and inequality? What if he urged an end to attacks on the rich? Around the table, some people shook their heads in disbelief.

“Most people in the financial world,” a top Obama donor later told me, “do not understand how most of America feels about them.” But they think they understand how the president’s inner circle feels about them. “This administration has a more contemptuous view of big money and of Wall Street than any administration in 40 years,” the donor said. “And it shows.”

That it does.

Read the whole article here.

This entry was posted in 2012, 99 Percent Movement, Politics, President Barack Obama, Wall Street vs Main Street and tagged , , , . Bookmark the permalink.

16 Responses to Obama and Wall Street: an awkward relationship

  1. Precious says:

    Wall Street hates Obama? You must be kidding! He has bent over backwards to do their bidding. They must surely love him. And they most surely will finance his re-election.

  2. Flo says:

    This is how they love him, Precious: “This administration has a more contemptuous view of big money and of Wall Street than any administration in 40 years,” the donor said. “And it shows.”

    Obama called them “fat cats” and they whined (esp.Jamie Dimon), he signed the Dodd-Frank bill and they whined, had Elizabeth Warren start the consumer protection agency, proposed the Buffett rule, and on and on. Wall Street supports union busting Republicans and deregulators, and Mitt Romney is right up their alley.

  3. Precious says:

    Highly doubtful Flo. He may speak the speak …. but he walks the Wall Street Walk! Anybody who wants to feed my cookie jar can call me a fat cat. Obama is feeding their cookie jar and I am sure that his calling them fat cats is merely another pretend-brotherly-love by Obama during an election year. And just as he feeds their cookie jar, they also feed Obama’s treasure chest. No love lost between the two. Really. Just a comic act. That is all. And Really has he done any meat and potatoes protecting of the unions, the low wage earner, the jobs in the United States….. what has he done, and why are many neighborhoods being purchased by slum lords who purchase homes for less than half the value of those homes now abandoned by the so callled protected Obama middle class because there are no jobs that can keep them in their houses and in good standing with their mortgage companies. And Obama’s save foreclosed or about to be foreclosed homes is a picnic for the bankers, the mortgage companies and the slum lords.

  4. Flo says:

    The fact is that you were wrong to say “They must surely love him. And they most surely will finance his re-election.” And now you’re changing the subject. Don’t know what’s in your cookie jar, Precious, but it’s not facts.

  5. Precious says:

    I wonder what Obama is putting in your cookie jar Flo. I think I am sticking to the facts as I see them on the streets where I tend to walk around. I also speak with lots of people with hurt in their hearts for feeling betrayerd by the Obama promises of the 2008 campaign. Why is he now trying to get the youth vote. Is it because he knows that a lot of people who voted for him in 2008 are not going to vote for him? Does he know that people are changing their party affiliations from Democrats to Independents? Does he think he can pull the wool of the young people bettern than he can over those who voted for him once but have come to see him for what he is? You do know Obama is not what he says he is. And, I have to believe that whatever he is putting in your cookie jar is well worth it to you.

  6. Flo says:

    Oh Precious, you bring tears to my eyes with your sad tales; and you keep changing the subject since you can’t defend what you said above. And how is Mitt faring with those young people? Spare me.

  7. Rupert says:

    Wall Street had so many years of deregulation and regulators who refused to regulate, that even a small tightening of the reins has them screaming. So out of touch; but then they aren’t running for office so they don’t need to care much about the rest of us. I can understand why they support one of their own, as Romney is, but anyone should be able to see that the President is simply trying to restore some balance; he’s certainly not attempting a far left agenda. The Occupy movement hasn’t changed the spoiled brats one bit.

  8. Precious says:

    They are not my sad tales Flor. They are the tales of the street. If you get off your computer and wak around a bit … you will see that my sad tales are the true tales of the street. If you want to, e-mail me. I invite you to walk around with me and see the truth that I see. I am not sure that I am changing the subject. The way I see I am being a midwife to truth, in much the same way that Socrates (yes, I am comparing myself to Socrates though by no means I am a Socrates) was. However, did you see the Pope’s visit to Santiago de Cuba? Did you see the man who stood on the square yelling that there is no freedom in Cuba. Did you watch be beaten with a stretcher and brute force? Did you watch when they took him away all because it is to the government’s advantage not to let anyone see the truth? Why is it that I feel that with you comments to me you are doing much the same: preventing much truth about Obama and his administration to filter through. I again extend to you my invitation to come walk with me and see what I see and hear what I hear.

  9. Flo says:

    Obviously, Precious, you certainly have changed the subject–from Wall Street and President Obama to the streets of Cuba and the Pope (plus Socrates and whatever streets you’re walking). Are you comparing them? Forgive me, but being neither Cuban nor Catholic, I might just be on a different page with a different filter.

  10. Precious says:

    Okay. No. I did not change the subject from Wall-Street and Obama to Cuba.
    I used the Pope, and the Streets of Cuba to illustrate that YOU are unable to face the truth just like the government in Cuba and Obama and his administration are. Yes. You do not have to be Catholic nor Cuban when it comes to repressive measures or to seeing the truth that repressive measures bring about and around in the world. You just have to be a human being who does not drink the repressive kool aid being served as the wonderful truth or a cult to the repressive one. But you are choosing to be a spokesperson for the Obama regime which chose to extend many of the Bush policies that go against a true and tried democratic government. Mind you I am not defending Mitt Romney nor any Republican But why so much angst in uncovering the truth about Romney and angst in keeping Obama as a semi god when he is not. Anyhow … You are right we are in a different page and see the world with a different filter and my being Catholic and having hailed from Cuba and a Cuban father and an American mother has nothing to do with the filter I see the world through. Repression does. Lies do to. My invitation to come walk the strreets that I walk stands.

  11. Flo says:

    Very dramatic…. comrades Fidel and Barack….. total nonsense.

  12. Precious says:

    Not really Flo. And not dramatic at all. But you can minimize all you want. Why are people here living in a kind of fear that they did not have before the 9/11 and creation of theHomeland Security agency mandated by Bush supported and continued by Obama and Juana Napolitano. Why is everyone kind of looking over their shoulders to see who is listening to what they are saying and why have people lost their sense of humor? Gee that is so similar to the early stages of repression … anywhere in the world, though it is happening here.
    Why is the merger of state and corporate worlds something that equals austerity for the people?.. and, gee, isn’t that what is happening here despite Barack Obama’s lip service to brotherly love while he stands with the corporate lords? State+Corporate Worlds = Fascism. Austerity. Repression.
    Go ahead. Ridicule and minimize all you want. You know. Ridiculing and minimizing is one way to avoid looking at the truth because the truth can be very painful and since you have really believed in Barack Obama, coming to a realization that he might, or may not deserve all the belief you have placed on him can be very painful.
    In the meantime …. Barack Obama and Fidel Castro can never be comrades. One is a Corporate Fascist the other is a Communist.
    However, In the sense that neither one stands for the people and that each stands for his own interest … yes, maybe in that they are comrades.

  13. Flo says:

    I’ll just enjoy my “kool aid” and move on. You’re writing fiction

  14. Precious says:

    Fiction, Flo is something that usually springs out of reality. So for the part that my “fictional writing” springs out of truth, I thank you..

    And remember that Obama recovery and jobs report are equally fictional and not springing out of any truth but only out of his angst to make himself look good.

  15. Flo says:

    Now you’re a cartoon.

  16. Precious says:

    Does it really hurt that much Flo? I mean. Does it really hurt you that much Flor that you have to resort to calling me all sorts of names? I do believe truth does hurt. You are showing it. O:-)

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