Charlie Gasparino went on record to predict that the President's speech yesterday wasn't going to live up the Gasparino Standard and CG is pleased to report that Charlie Gasparino was right. The whole thing was just a bunch of words that had no meaning behind them, that didn't really tell us anything (where were the deep dark secrets about what's really going on between Tim Geithner and Larry Summers? The shout out to a certain on-air CNBC editor? The mention of his upcoming book, The Sell-Out?). But Gaspo's biggest problem with the whole thing? It lacked balls. Whereas BHO should've said "If you dare to take on the sort of reckless risk that got us into this mess, I know a guy who will break your fuckin' knee-caps if you're lucky," the President practically, in CG's mind, invited all the financiers assembled to go hog wild and promised to be there in a French Maid's costume and a mop to clean up their messes yet again. When Barack is ready to strap on a pair, he should give Chaz a call.
One of the ironies of President Obama's long and dreadfully boring speech about the financial crisis is just how much he under-delivered[...]
If you read between the lines, what the president actually said was that Goldman Sachs, Morgan Stanley and every other major financial institution can take all the risk they want, under the watchful eye of the various monitors he's beginning to devise without consequence for their wrong-way bets.
What that peril is, the president didn't say. But what he did say, loud and clear in my opinion, is that Wall Street's free lunch is bigger and better than ever, particularly when he remarked, "that instead of learning the lessons of Lehman and the crisis from which we are still recovering," some on Wall Street "are choosing to ignore them." He then went on to discuss how the government will regulate the miscreants with "strong rules of the road."
Scary stuff? I'm sure the traders at Goldman who just cranked $3 billion in profits trading bonds as if the financial crisis never happened are quaking in their shoes.