By Tom Borelli
Now that was predictable!
Following a meeting with President Obama at the White House, bank CEOs sided with the president and warned the public about the adverse economic consequences if Congress failed to raise the debt ceiling and fully fund the government.
As my previous post discussed, the CEOs of our country’s largest financial firms are afraid of Obama.
After watching the high profile regulatory beating that JPMorgan Chase is getting the banking CEOs will dance to Obama’s tune in order to avoid similar treatment.
CNBC’s story, “Bank CEOs warn of default; Blankfein implicitly slams Repubs,” reported on the press statements of the CEOs following meeting with the president:
Goldman Sachs chief executive Lloyd Blankfein, while stressing that the business leaders who met with Obama represented diverse political views, implicitly criticized Republicans for using their opposition to the health-care law as a weapon that could lead to a U.S. default.
“You can litigate these policy issues. You can re-litigate these policy issues in a political forum, but they shouldn’t use the threat of causing the U.S. to fail on its … obligations to repay on its debt as a cudgel,” Blankfein said.
According to Blankfein, our Republican members of Congress should just cave to Obama just like the Goldman Sachs CEO has and remain obedient despite the president’s criticism.
In 2009, Obama assailed Wall Street for its, “arrogance and greed.”
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