PursePundit to appear on CNN American Morning with William Cohan, Author of House of Cards: A Tale of Hubris and Wretched Excess on Wall Street - Monday morning around 7 am, to talk about Obama's message to Wall Street. Tune in!
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3 comments:
Work it, Jacki!
Jacki,
Your comment that the President has to stop pointing his finger was totally on point! And his use of the term "fat cats" was provacative and inappropriate.
In order for the banks to start lending they will have to be able to get originated loans off their balance sheets, and that will require a return of the shadow banking system. Spreads in secondary structured credit have collapsed, even in residential mortgage, so hopefully we will be seeing original deals getting packaged soon.
The problem with the banking executives is not that they are so greedy but that they are being asked to make less money at higher risk not only for themselves but also their shareholders.
But the time for finger pointing is really over.
I was already on my way to work but I found the transcript. Yay! http://transcripts.cnn.com/TRANSCRIPTS/0912/14/ltm.02.html. I really like this quote:
"I think we need a message from the White House that this is about collaboration. This is about shared responsibility. Let's change the language about this.
You know, the good thing about blame and the bad thing, if you're looking for someone to point the finger, they'll always find them. Stop pointing fingers and really start thinking about solutions and call on people to bring the best of themselves to job creation in this country. And stop being the defense. Let's work together in partnership."
Autumn Walden
Center for High Impact Philanthropy
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