Obama quote from tonite show

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Valhalla's picture
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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. "
 

MinimumVariance's picture
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...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.

Sailor25's picture
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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.

troll's picture
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But if that happened... what would happen to this forum???

B24's picture
B24
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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!

LuvIndy's picture
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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.
 
 

Fud Box's picture
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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)

buyandhold's picture
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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.

B24's picture
B24
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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.

josephjones107's picture
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Valhalla wrote:

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.

Fud Box's picture
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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!

josephjones107's picture
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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.

Fud Box's picture
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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.

buyandhold's picture
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josephjones107 wrote: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.

sisu's picture
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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!

josephjones107's picture
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sisu wrote: 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."

Moraen's picture
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Hey whatever happened to Saul4Paul?

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

sisu's picture
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josephjones107's picture
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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

jkl1v1n6's picture
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josephjones107 wrote: sisu wrote: 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!
 

josephjones107's picture
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Government created the housing bubble by artificially low interest rates. (which inflated house prices to unsustainable levels)   The shratnel from the bursting of the housing bubble hurt financial institutions badly.

Fud Box's picture
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sisu wrote:
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.
Thank you for posting that. Warned?!? They had a crystal freakin' ball!!!
 
"In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."
 
There is absolutely no question who created this mess...not investment bankers, not the Ivy League rich kids, not the analysts who created all these AAA rated CDO's etc. NOPE...it was Washington D.C.
 
100% created by the Clinton administration then pushed and promoted by Bush the Younger. These sumbitches have every resource at their disposal, so one has to wonder...if this NY Times reporter had the foresight to see this possibility, then what about all the economists and analysts working for the prez??? 'FESS UP WHITE HOUSE!!!! We the people all deserve an apology for your f*ck ups. We the people do not deserve the blame.
 
Just when I thought I killed that little cynical, negative attitude of mine I hear some sh*t like this. Makes me sick.
 
 

Fud Box's picture
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I cannot fathom for the life of me what would compel so-called educated men to want to offer loans of hundreds of thousands of dollars to people with "subprime" credit ratings.
WAKE UP DUMB@SS!!! They have BAD CREDIT!!! That means they don't pay their bills!!! Would you loan them YOUR money?!? Idiots...complete and utter morons...every last one of them.

Whoo saaaaaaaaaaah whoo saaaaaaaaaaah

josephjones107's picture
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if there were no artificial interest rates by fed and fannie & freddie didn't quadruple their risk there would have been no housing bubble = no bursting of bubble = no disasters for financial system

theironhorse's picture
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ah, i do not pretend to have the answers, but i believe one of the big problems is that they were not lending them THEIR OWN money, no?  they were creating liabilities they knew had little to no chance of being on their books even 1 month later.

BukiRob's picture
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jkl1v1n6 wrote:josephjones107 wrote: sisu wrote:
 
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!
 
 
Boy do I disagree with you.  There are SOME people in the industry that lack integrity.  That is in every industry, every walk of life.  By in large, the VAST majority of people in this industry are hard working, honest people.  IF YOU cant see that then you are blind and/or are working with bad people.
 
The governement absolutely created this mess.  Fannie and Freddie were pushed by congress to adopt absurd underwritting criteria.  Polosi and her ikl SHRILLED at anyone who would listen crying out about how "unfair and unamerican" requiring as little as 3% down was a form of discrimination and denying people a shot at the american dream.  You are dilluding yourself and buying into the liberal revisionistic crap about how we got to where we are.  Same horse dung going on about AIG.  They were KNEE DEEP in this bonus situation.  Geitner and this adminstration were well aware what the deal was, signed off on it and now they want to pretend they never knew.  Geitner should be FIRED and Obama should be held accountable for this.

jkl1v1n6's picture
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BukiRob wrote:jkl1v1n6 wrote:josephjones107 wrote: sisu wrote:
 
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!
 
 
Boy do I disagree with you.  There are SOME people in the industry that lack integrity.  That is in every industry, every walk of life.  By in large, the VAST majority of people in this industry are hard working, honest people.  IF YOU cant see that then you are blind and/or are working with bad people.
 
The governement absolutely created this mess.  Fannie and Freddie were pushed by congress to adopt absurd underwritting criteria.  Polosi and her ikl SHRILLED at anyone who would listen crying out about how "unfair and unamerican" requiring as little as 3% down was a form of discrimination and denying people a shot at the american dream.  You are dilluding yourself and buying into the liberal revisionistic crap about how we got to where we are.  Same horse dung going on about AIG.  They were KNEE DEEP in this bonus situation.  Geitner and this adminstration were well aware what the deal was, signed off on it and now they want to pretend they never knew.  Geitner should be FIRED and Obama should be held accountable for this.
 
I've seen it in the investments advisors have sold to investors.  I've seen it in the way advisors sell to investors.  I've seen it when people needed to make their months.  I've seen it when rules changed and it was advantageous to the broker and disadvantageous with the investor. I've seen it when advisors take over books.  I've seen in accounts I've taken over how they've been set up.  I've seen it too many times.  I can't recall how many times I've been told about what or how to do something a certain way and told it's good for the client AND you make 100 bps more.  It always ends with how more money can be made.  I'm glad your experience is different. 
 
Now, I'm not going to say the government doesn't have some culpability in all of this but Fannie and Freddie didn't make all the loans to buyers.  How about the homeowners that wanted newer, bigger houses.  How about the mortgage loan officer that wanted bigger commissions.  How about the greed from the banks that recommended to those home owners that had zero to put down to go into a 5 year ARM when interest rates were at 40 year lows to be able to afford that 700m house.  How about them knowing they were going to sell it into the secondary market and have zero responsibility.  How about the institutions that created an entirely new security that just couldn't go bad and would be able to sell them off.  How about the rating agencies that didn't do their job.  How about the banks and hedge funds and all the others that bought up this crap because it was low risk paying a good rate.  Like I said before, government took down the barriers, everyone else did the rest.  The gov't didn't force the banks to make those loans, they didn't force people to take outrageous mortgages, they didn't force financial institutions to take on the risk they took.  GREED is what made everyone do what they did. 
 
This isn't Liberal revisionistic crap this is common sense!  Start thinking for yourself a little and turn off talk radio.

Valhalla's picture
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jkl1v1n6 wrote:BukiRob wrote:jkl1v1n6 wrote:josephjones107 wrote: sisu wrote:
 
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!
 
 
Boy do I disagree with you.  There are SOME people in the industry that lack integrity.  That is in every industry, every walk of life.  By in large, the VAST majority of people in this industry are hard working, honest people.  IF YOU cant see that then you are blind and/or are working with bad people.
 
The governement absolutely created this mess.  Fannie and Freddie were pushed by congress to adopt absurd underwritting criteria.  Polosi and her ikl SHRILLED at anyone who would listen crying out about how "unfair and unamerican" requiring as little as 3% down was a form of discrimination and denying people a shot at the american dream.  You are dilluding yourself and buying into the liberal revisionistic crap about how we got to where we are.  Same horse dung going on about AIG.  They were KNEE DEEP in this bonus situation.  Geitner and this adminstration were well aware what the deal was, signed off on it and now they want to pretend they never knew.  Geitner should be FIRED and Obama should be held accountable for this.
 
I've seen it in the investments advisors have sold to investors.  I've seen it in the way advisors sell to investors.  I've seen it when people needed to make their months.  I've seen it when rules changed and it was advantageous to the broker and disadvantageous with the investor. I've seen it when advisors take over books.  I've seen in accounts I've taken over how they've been set up.  I've seen it too many times.  I can't recall how many times I've been told about what or how to do something a certain way and told it's good for the client AND you make 100 bps more.  It always ends with how more money can be made.  I'm glad your experience is different. 
 
Now, I'm not going to say the government doesn't have some culpability in all of this but Fannie and Freddie didn't make all the loans to buyers.  How about the homeowners that wanted newer, bigger houses.  How about the mortgage loan officer that wanted bigger commissions.  How about the greed from the banks that recommended to those home owners that had zero to put down to go into a 5 year ARM when interest rates were at 40 year lows to be able to afford that 700m house.  How about them knowing they were going to sell it into the secondary market and have zero responsibility.  How about the institutions that created an entirely new security that just couldn't go bad and would be able to sell them off.  How about the rating agencies that didn't do their job.  How about the banks and hedge funds and all the others that bought up this crap because it was low risk paying a good rate.  Like I said before, government took down the barriers, everyone else did the rest.  The gov't didn't force the banks to make those loans, they didn't force people to take outrageous mortgages, they didn't force financial institutions to take on the risk they took.  GREED is what made everyone do what they did. 
 
This isn't Liberal revisionistic crap this is common sense!  Start thinking for yourself a little and turn off talk radio.
 
It is a combination of all these things posted by JJones and yourself. I will also throw in the mix Real Estate agents (whose culpability has mysteriously been absent from all this hoopla) that also took advantage of the door being cracked open.
 
You want to put some NEW banking regulations in place? How about "breakpoints" on home prices as it applies to real estate agents, and the same concept on Mortgage Brokers based on loan amounts, rather than the current regs which basically pay these guys from the spread on points/rates they are locking clients at on their loan amounts.
 
I'm not suggesting that this would stop the excess, but holy crap, if you are a real estate agent and your are charging 6% regardless of whether the home is selling for $100k OR $600K, and you know that former clients are calling you wanting to move up 2,3,4 times in a couple years time - you talk about a cash cow that got milked!!!?!?!?
 
While they are at it, they should start scrutinizing the appraisers and closing attorneys who  (just like our MFD/INS/Annuity wholesalers) provide some pretty nice perks to those banks and loan officers that send them business. Perks like - trips to Vegas, not for business mind you - strictly pleasure, appraising homes at higher values just to get deals to closing whether it be home equity lines or primary residences which inevitably leads to more future business from those banks/loan officers. I don't mind "tit for tat" business dealings, but it would be nice to at least start calling a spade a spade in EVERY industry - not just the investment community or when it is politically expedient.

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