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Wall Street Establishment Backs Obama on Gov Shutdown and Debt Ceiling

Now that was predictable!

Following a meeting with President Obama at the White House, bank CEOs sided with the president and warned the public about the adverse economic consequences if Congress failed to raise the debt ceiling and fully fund the government.

As my previous post discussed, the CEOs of our country’s largest financial firms are afraid of Obama.

After watching the high profile regulatory beating that JPMorgan Chase is getting the banking CEOs will dance to Obama’s tune in order to avoid similar treatment.

CNBC’s story, “Bank CEOs warn of default; Blankfein implicitly slams Repubs,” reported on the press statements of the CEOs following meeting with the president:

Goldman Sachs chief executive Lloyd Blankfein, while stressing that the business leaders who met with Obama represented diverse political views, implicitly criticized Republicans for using their opposition to the health-care law as a weapon that could lead to a U.S. default.

“You can litigate these policy issues. You can re-litigate these policy issues in a political forum, but they shouldn’t use the threat of causing the U.S. to fail on its … obligations to repay on its debt as a cudgel,” Blankfein said.

According to Blankfein, our Republican members of Congress should just cave to Obama just like the Goldman Sachs CEO has and remain obedient despite the president’s criticism.

In 2009, Obama assailed Wall Street for its, “arrogance and greed.”

From ABC News:

President Obama, usually cool, was visibly angry in his weekly address, chastising corporate bankers for the second time this week for accepting taxpayer bailout money and then doling out $18 billion in bonuses.

“The American people will not excuse or tolerate such arrogance and greed,” Obama said in the video and radio message released today. “Even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008.”

Republican Congressman should ignore the comments from these weak-kneed CEOs.

These so-called business leaders are puppets of the government and their lack of courage and conviction to stand up to intimidation is repulsive.

Tom Borelli

Dr. Tom Borelli is a Newsmax TV contributor and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for The Washington Times and authored articles for Newsmax Magazine, Newsmax Insider and previously was a co-host with his wife Deneen Borelli on the SiriusXM Patriot channel. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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