Like many of you, Rochdale analyst Dick Bové caught the Obama 60 Minutesinterview last night. And she did not like what she saw. What specifically frosted Bové's cookies was the blame Obama laid on Wall Street's asses. She did not appreciate the misguided notion the president seems to have in his head that Wall Street caused the financial crisis and she really had some serious difficulty accepting the hideous suggestion that some banks repaid their TARP money just so they could pay out big bonuses. That is so far from the truth! They did it because they were healthy and sound enough to do so and because they are run by brilliant, beautiful, devastatingly charming men who you will miss sorely missed when they are gone. But whatever, you know? There's nothing she can do about it, the hormonal analyst thought to herself, because Obama is a man and men are stupid. Ken Lewis is the exception, not the rule.
Respectfully, Mr. President: "You are Wrong."
Wall Street Did Not Cause the Current Financial Crisis; The Lack of Knowledge Being Demonstrated is Dangerous-- Richard X. Bove
Last night on the television program 60 Minutes, the President indicated that Wall Street caused the financial crisis. This view is both short sighted and incorrect. However, because the President, Congress, and the American people believe it to be true, actions are being taken by the government which will harm the banking industry.