Thursday, March 19, 2009

Obama criticises excess greed, excess compensation, excess risk-taking

NVDL: I think we're all guilty of excess greed. How can't we be if we call ourselves 'consumers'. We need a new definition for ourselves.
Besides that a LOT of people in this world have become morally corrupt in a basic way. This is clear in the insecere and disingenuous way people behave:

"There are a whole bunch of folks now who are feigning outrage about these bonuses that a year ago or two years ago or three years ago said, well, we should never meddle in these compensation plans," he said. "These are the best and the brightest. They know what they're doing. That's part of the market," he said. "And now, suddenly, they're outraged."
clipped from
Treasury Secretary Timothy Geithner looks on as President Barack Obama makes
"And, you know, he is doing so with intelligence and diligence. Nobody's working harder than this guy," Obama said.

"I don't want to quell anger. I think people are right to be angry. I'm angry," the president said. "What I want us to do, though, is channel our anger in a constructive way."

"Just as outrageous is the culture that these bonuses are a symptom of, that has existed for far too long: excess greed, excess compensation, excess risk-taking," he said. "As we work towards getting ourselves out of recession, I hope that Wall Street and the marketplace don't think that we can return to business as usual. The business models that created a lot of paper wealth but not real wealth in the country and have now resulted in crisis can't be the model for economic growth going forward."

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