As you're aware, back in the day, President Obama and Wall Street got along just fine. Better than fine, in some cases, with Jamie Dimon being one of his boys and hedge fund managers like Dan Loeb, Steven Cohen and so and so forth donating considerable month to his campaign. But, things happened. People changed. Stuff was said that couldn't be taken back. SC burned the two-man donkey costume he bought for election night '08 and made a couplea traders get into to celebrate the night and now reportedly holds weekly Tuesday night GOP strategizing sessions. Loeb gets his feelings out on paper. Jamie doesn't even think to call BO to chill and in fact couldn't even if he wanted to, which he doesn't, as that guy was deleted from his phone/life. And, just generally, the businessmen of America feel abused. Obama knows, he's sorry, and he wants to make it up to you.
Just sit tight for a bit.
Austan Goolsbee, the President's top economist, will try patching up relations in an Oct. 13 meeting in New York with business leaders. A rapprochement, however, will not occur until after the midterm elections, when the Administration will know the strength of the Republican opposition in Congress. That timing also will help Obama avoid looking like he's giving Wall Street a pass just when he's trying to turn the Democratic base out to vote. At an Oct. 4 meeting of Obama's economic advisory board, Laura D. Tyson, a former Clinton Administration economist, suggested not renewing the Bush tax cuts for top earners and using the savings to pay for a temporary cut in Social Security taxes. At the same meeting, Obama said he'd be "very interested" in lowering the top corporate tax rate, now 35 percent, so U.S. companies aren't at a disadvantage against overseas rivals.