One of the guests raised his hand; he knew how to solve the problem. The president had won plaudits for his speech on race during the last campaign, the guest noted. It was a soaring address that acknowledged white resentment and urged national unity. What if Obama gave a similarly healing speech about class and inequality? What if he urged an end to attacks on the rich? Around the table, some people shook their heads in disbelief.
Because the distrust of wealthy financial wheeler-dealers is just like the legacy of racial tension in America. Read the Times article here.
Here’s a snippet from the NYT:
I guess being that rich means that you can surround yourself with people who never tell you how ridiculous you sound.
Obama far outraised his Republican rival, John McCain, on Wall Street — around $16 million to $9 million — and Goldman Sachs executives sent Obama more money than employees of any other company in the world. But four years, one recession and a host of battles — over financial regulation and the nomination of Elizabeth Warren, over Dodd-Frank and the Buffett Rule — have taken their toll. Some on Wall Street are apoplectic. One former supporter, Dan Loeb, compared Obama to Nero; the president’s enemies insinuated worse. In 2010, Stephen A. Schwarzman, a founder of Blackstone, said that an Obama proposal to raise taxes on “carried interest” — the main source of income for most private-equity managers — reminded him of “when Hitler invaded Poland in 1939.”