Claims Government has not gone after banksters because “a lot of practices going on weren’t against the law.”
Steve Watson & Paul Joseph Watson
October 6, 2011
During a press conference this morning, the president said he sympathized with Occupy Wall Street protesters – words that are already ringing entirely hollow for those engaged with the movement, given that Obama’s top campaign contributors include four of Wall Street’s biggest investment banks.
“The American people understand that not everybody is following the rules. Wall Street is an example of that,” Obama told journalists gathered at the White House.
“These days a lot of folks doing the right thing aren’t rewarded, and a lot of folks not doing the right thing are rewarded,” the president added.
“I think people are frustrated and the protesters are giving voice to a more broad frustration about how our financial system works,” Obama went on to say.
When asked why he had not done more to prosecute Wall Street crooks, the president suggested that, although highly immoral practices had occurred, no illegal activity had taken place.
“Part of people’s frustration, part of my frustration, is that a lot of practices going on weren’t against the law,” he said.
Realists, however, may be more inclined to believe the inaction stems from the fact that the Obama administration is chock full of former Wall Street executives.
“Obama has even added new Wall Streeters who did not work for him in 2008, including former Goldman Sachs CEO Jon Corzine, Evercore Partners executive Charles Myers, Greenstreet Real Estate Partners CEO Steven Green, and Azita Raji, a former investment banker for JP Morgan,” according to a study by the Center for Responsive Politics.
Indeed, Obama’s 2012 campaign is reliant on Wall Street to an even greater extent than his 2008 campaign which was almost exclusively bankrolled by Wall Street firms. including Goldman Sachs, Morgan Stanley, Citi Group and JP Morgan Chase.
- A d v e r t i s e m e n t
During today’s press conference, Obama also defended bailouts of the big banks, claiming that the economy would have been even worse if no action had been taken.
In comments sure to cause more concern for free market advocates, Obama added that the government would fight “every step of the way” to ensure there is a consumer watchdog to ensure that the financial sector is regulated.
In separate comments, Vice President Joe Biden stated today that he understood the “frustration” of protesters.
The Occupy Wall Street response on the official forum has been that Obama’s words represent “more of the same”, with many contributors seeing through the rhetoric.
However, the presence of the Obama front group MoveOn.org has amplified on the OWS forum, where last week it was nowhere to be seen. This indicates a coordinated attempt to co-opt the legitimate protest movement and inject White House talking points.
One poster notes: “Now that Moveon.org, Obama and Biden have all come out in support of OWS, we now know that it was never anything more than just an Obama reelection rally. Somehow, OWS keeps thinking it is “outside” the system when it is in the very center of the system.”
Obama is clearly attempting to shift the American people’s frustration onto banks, hoping that people won’t come to the realization that his entire campaign is funded by these very same financial institutions.
He has ludicrously adopted the gimmick of appearing as the populist who sides with the American people, when in reality he is in completely in bed with Wall Street.
Steve Watson is the London based writer and editor for Alex Jones’ Infowars.net, and Prisonplanet.com. He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England.
Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.