It is being reported that President Obama and the CEO of JPMorgan Chase, Jamie Dimon, worked the phones to help John Boehner find enough votes to pass the CRomnibus bill. The only thing shocking about that is that Fed Vice-Chairman, Stanley Fischer, claims to be shocked that Wall Street Banks still have that kind of influence and Congresswoman, Maxine Waters, claims to be shocked that Obama would team up with a Wall Street Banker.
First up, the Fed Vice-Chairman:
Mr. Fischer suggested rules set directly by legislatures can be imperfect, lamenting the role of Wall Street banks in shaping the 2010 Dodd-Frank financial overhaul law.
“I thought that when Dodd-Frank started, that the banks would not succeed in influencing it, having lost all the prestige they lost,” he told a crowd of several dozen at the Washington, D.C., think tank. “Boy, was I wrong.”
Mr. Fischer also recalled how during his time leading the Bank of Israel, he felt keenly aware of political considerations. When his central bank colleagues asserted that the institution acted independently of the elected government, his reply was, “Yes. And we are two bad decisions away from not being an independent central bank.”
Seriously, Mr. Fischer? Since when has the Fed ever been independent of the banks that own them?
Next up, Maxine Waters:
“What does it say? It just seems very odd,” Waters said. “It is just very strange that the two of them would be working for the support of this bill.”
Waters and progressives opposed the budget due to changes to the 2010 Dodd-Frank Wall Street Reform Law that were supported by Dimon and other big banks.
When asked if she thought that Obama had sold out to Wall Street, Waters replied: “That’s not for me to determine. I know that the president was whipping. I know that Jamie Dimon was whipping and calling directly into members’ offices. And that’s odd. That’s an odd combination
Even a mental midget like Maxine Waters has been around Washington long enough to know who pulls the strings.
That the Wall Street banks treat the Fed and Congress and the President like employees is hardly shocking. “Employees” _ That is what they are.
Well, that’s what I’m thinking. What are your thoughts?