“Obama’s outrage is… strangely mute” (UPDATED)

A telling post put up by Phineas at Sister Toldjah:

Fannie-freddieI mean, he was the picture of righteous indignation:

President Obama said Monday he will attempt to block bonuses to executives at ailing insurance giant AIG, payments he described as an “outrage.”

“This is a corporation that finds itself in financial distress due to recklessness and greed,” Obama told politicians and reporters in the Roosevelt Room of the White House, where he and Treasury Secretary Tim Geithner were unveiling a package to aid the nation’s small businesses.

The president expressed dismay and anger over the bonuses to executives at AIG, which has received $173 billion in U.S. government bailouts over the past six months.

“Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?”Obama was referring to the bonuses paid to traders in AIG’s financial products division, the tiny group of people who crafted complicated deals that wound up shaking the world’s economic foundations.

But when it comes to the millions of dollars in compensation, regular and bonus, paid to executives of Fannie Mae and Freddie Mac, the two Government-Sponsored Enterprises (GSEs) that were at the very center of the sub-prime mortgage-bundling that poisoned the financial system and took down companies such as AIG, Obama’s outrage is… strangely mute.

Phineas goes on to explain Obama’s silence and how it benefits his agenda.

Read it, pass it on.

UPDATE: I missed my colleague Rodney’s related post… if you did as well, check it out… it’s worthy.

President Obama's Worst Nightmare
Laughing All The Way To The Bank
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  • Anonymous

    Barry’s liberal “outrage” is finely “nuanced”.

    • http://pulse.yahoo.com/_Q6DL245AVVGQXIOZ3CLCINRIWY Brian

      Is that the spinoff from Johnny Nuance?

  • Anonymous

    ‘Nuance’ is Barry’s middle name. We need no long-form to verify this.

    • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

      Who new Hussein=Nuance?

  • Anonymous

    Sorry… I meant ‘Neuman’.. But I forgot how to edit..

  • jim_m

    The difference is that the dems left the public on the hook for hundreds of billions of dollars in wealth redistribution.  The dems were also beneficiaries of tens of millions of dollars in graft.

    But the dems don’t see anything wrong with taking your money and giving to to friends and paying for votes.  The left sees themselves as entitled to wealth because they care about the little people.  They also see no problem in taking money from people they don’t know (who are by default not worthy of having that money because if they were they would be giving it away like the lefties are*) and using it for bogus social engineering and wealth redistribution projects.

    * The left believes in giving money away.  Your money, not their own. 

    • Anonymous

      And the reason you don’t hear the (P)resident whining about it is because he is complicit.

  • http://pulse.yahoo.com/_OEL6MKIDWFC7LIUHOFEFTKLXQA Stephen

    Barry is mute…

    “at the very center of the sub-prime mortgage-bundling that poisoned the financial system and took down companies such as AIG”

    because that’s a lie, and the outrage is just another conservative fabrication.

    • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

      Feel free to make your counter-case…

      • http://pulse.yahoo.com/_OEL6MKIDWFC7LIUHOFEFTKLXQA Stephen

        I already did.

        • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

          And where precisely would that counter-case you made be?

          • http://pulse.yahoo.com/_OEL6MKIDWFC7LIUHOFEFTKLXQA Stephen

            In my original comment.

            “because that’s a lie, and the outrage is just another conservative fabrication.”

          • Anonymous

            And I say, that your simply saying it means nothing. Just like I could accuse you of sexually molesting transgendered underage wombats — my simply saying so doesn’t make it true.

            In other words, punk, put up or shut up.

            J.

          • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

            Ah, you confuse assertion with making a case, and your opinion with demonstrable fact…

          • http://pulse.yahoo.com/_OEL6MKIDWFC7LIUHOFEFTKLXQA Stephen

            The post asks why Obama is mute.

            He’s mute because the faux outrage is just more conservative BS.

          • Anonymous

            Oh, shut up and go away, you wombat-molester.

            J.

          • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

            You are still arguing by assertion.

  • Anonymous

    He will attempt to block bonuses? WTF? Who the hell does this dumbass think he is? The Boss? Ain’t no boss..

  • Anonymous

    Maybe Barry should drop by Franklin Raines house and ask for that $6 million Fannie Mae bonus back.  The one Maxine Waters says he deserved because of the ‘outstanding job’ he did.

    Just before Fannie Mae tanked.

    • Anonymous

      Barry is good at getting his money out before the closing bell.. And he’s a scholar too.. Or, so the story grows..

      • http://pulse.yahoo.com/_Q6DL245AVVGQXIOZ3CLCINRIWY Brian

        Most of Washington is pretty good at that.  Wish my portfolio was performing as well as they have been.

        • Anonymous

          Yeah there good at milking the taxpayer teat and using the misguided poopstalking riffraff to further their money laundering game. This cannot end well.. For all of us. We all deal with greedy family members. This is the same thing on a National level. 

          lol

  • Anonymous

    “Obama’s outrage is… strangely mute”

    Hmmmm? Just like his jobs creation? 

  • Anonymous

    Some of those AIG people should be in jail, so complaints about bonuses is mild compared to prison.

    I will agree that Obama’s outrage is selective, but not with the retarded “ghetto real estate loans caused the world economy to crash” idea:

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKGZkktzkAlA

    Obama Doesn’t ‘Begrudge’ Bonuses for Blankfein, Dimon

    By Julianna Goldman and Ian Katz – February 10, 2010 10:09 EST

    Feb. 10 (Bloomberg) — President Barack Obama said he
    doesn’t “begrudge” the $17 million bonus awarded to JPMorgan
    Chase & Co. Chief Executive Officer Jamie Dimon or the $9
    million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein,
    noting that some athletes take home more pay.

    The president, speaking in an interview, said in response
    to a question that while $17 million is “an extraordinary
    amount of money” for Main Street, “there are some baseball
    players who are making more than that and don’t get to the World
    Series either, so I’m shocked by that as well.”

    Except that baseball players provide entertainment to millions of Americans, and Blankfein and Dimon were a big part of the mortgage securities fraud fiasco and screwed the world.

    Obama’s running scared from OWS and trying to hijack it at the same time.

    • Anonymous

      Why, oh why do we need playa’s and manipulators to lead the Country? We can do  awesome things with this awesome Country if we just take the time to see through the bull and pick a real selfless President?

       I know selfless and Presidency are diametrically opposed. Because of money maybe? Take the money out of it.  

    • retired.military

      “Some of those AIG people should be in jail,”

      They are too busy being part of Obama’s cabinet members or one of his czars. (the sames as the Fannie and Freddie and Goldman Sachs former head members.

    • http://www.facebook.com/people/Ryan-Murphy/100001624276605 Ryan Murphy

      There has never BEEN a president more in the pockets of several big companies than this current one. . not even REMOTELY close.

  • Anonymous

    “I will agree that Obama’s outrage is selective, but not with the retarded “ghetto real estate loans caused the world economy to crash idea”:

    No.. He din’t do it like Boosh did! He just helps it along..

  • Anonymous

    I’d do it for free..

  • http://profiles.yahoo.com/u/EU5DQWQTTHTPO4A4ZYSL3AAV2U Adjoran

    AIG’s problems were NOT caused by “recklessness and greed” on their part, but on the part of the federal government in forcing lenders into the subprime market in a major way but WITHOUT requiring disclosure of the component assets of the mortgage securities they used to resell them.  Add the idiotic “mark to market” rule and as soon as the federal deception was discovered, their trillions in assets became worth ZERO.

    The current furor over Fannie/Freddie bonuses is different in every respect.  These are not the droids you are looking for.

    Now, there were many millions paid to incompetent idiots like Raines and Gorelick who helped run these agencies into the ditch, under the watchful supporting eyes of the likes of Frank and Dodd.  That was not only wasted, but paid to people who deserved a boot out the door instead.

    These current bonuses are for the people brought in to salvage the remaining $5 trillion in troubled assets the idiots accumulated in the name of diversity or communism or whatever their idea was supposed to be.  If you want the kind of managers who can stop the bleeding, they must be paid something close to what they would earn for less challenging jobs in the private banking sector.

  • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

    The Fed’s set up the conditions that converted mortgage backed securities from a gold standard investment to junk.

    • Anonymous

      Typical Wodney. You guys keep linking to the same IBD article over and over as “proof” of your “ghetto real estate caused this mess” ideological article of faith. But when Chico, or anyone else, links to articles that proffer a different explanation, you ignore or dismiss them.

      That’s what is called “being a hack.”

    • Anonymous

      These are the best refutations of “The Big Lie” I’ve read:

      http://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story_1.html

      http://www.washingtonpost.com/business/what-caused-the-financial-crisis-the-big-lie-goes-viral/2011/10/31/gIQAXlSOqM_story.html

      I’m sure they’ll be running like rats from these facts and hifalutin’ language.

      Consider the causes cited by those who’ve taken up the big lie.
      Consider New York Mayor Michael Bloomberg’s statement that it was
      Congress that forced banks to make ill-advised loans to people who could
      not afford them and defaulted in large numbers. He and others claim
      that caused the crisis. Others have suggested these were to blame: the
      home mortgage interest deduction, the Community Reinvestment Act of
      1977, the 1994 Housing and Urban Development memo, Fannie Mae and
      Freddie Mac, Rep. Barney Frank (D-Mass.) and homeownership targets set
      by both the Clinton and Bush administrations.

      When an economy booms or busts, money gets misspent, assets rise in prices, fortunes are
      made. Out of all that comes a set of easy to discern facts. Here are key things we know based on data. Together, they present a series of tough hurdles for the big lie proponents.
      The boom and bust was global. Proponents of the false narrative ignore the worldwide nature of the housing boom and bust.

      A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is rather unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized subprime, derivatives) but had a different set of causes in the United States.
      Indeed, this may be the biggest obstacle to pushing the false narrative. How did U.S. regulations against redlining in inner cities also cause a boom in Spain, Ireland and Australia? How can we explain the boom occurring in countries that do not have a tax deduction for mortgage interest or GSEs? And why, after nearly a century of mortgage interest deduction in the United States, did it suddenly cause a crisis?
      These questions show why proximity and statistical validity are so important.

      Let’s get more specific.The Community Reinvestment Act of 1977 is a favorite boogeyman for some, despite the data that so easily disprove it as a cause. It is a statistical invalid argument, as the data show.

      For example, if the CRA was to blame, the housing boom would have been in CRA regions; it would have made places such as Harlem and South Philly and Compton and inner Washington the primary locales of the run up and collapse. Further, the default rates in these areas should have been worse than other regions.

      What occurred was the exact opposite: The suburbs boomed and busted and went into foreclosure in much greater numbers than inner cities. The tiny suburbs and exurbs of South Florida and California and Las Vegas and Arizona were the biggest boomtowns, not the low-income regions. The redlined areas the CRA address missed much of the boom; the
      places that busted had nothing to do with the CRA.

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  • Anonymous

    So Bruce/Chico are you saying that Obama shouldn’t have the same level of interest in these bonus that he seems to have in private sector bonuses? Didn’t Fannie and Freddie get bail out money too, don’t they still owe the tax payer’s money from their bail outs? If  bonuses for some is bad shouldn’t they be here too?

     I don’t know enough about how all of this came about, so you all can place blame where ever you want,  but I do know a double standard when I see it and this looks very much like a double standard.

    • http://wizbangblog.com/author/rodney-graves/ Rodney G. Graves

      @Jwb10001:disqus , it’s worse than that!

      Fanny and Freddie are in the taxpayers pocket to the tune of $148,000,000,000 (148 Billion Dollars) at this point.

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