fhwang.net

Cognitive regulatory capture--all the way to the top?

I’m generally a fan, if not a full-throated one, of the Obama administration. I admire and respect his dedication to the issues and his attempts to stay substantive at the center of the chattering pundit maelstrom that is contemporary Washington. I’m willing to give him lots of leeway because he 1) inherited a horribly broken country from his predecessor and 2) has to govern a country where a substantial minority of its citizens are insane, and loudly so. And I don’t agree with every policy direction coming from his White House, but I generally trust that it’s coming from a team of smart, passionate people who are doing their best at the hardest jobs in the world.

But I’m sorry, this interview is fucking horrifying:

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

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.”

“I know both those guys; they are very savvy businessmen,” Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek, which will appear on newsstands Friday. “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free-market system.”

If Obama actually believes those words, then we are really seriously fucked.

(Via naked capitalism)

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Tagged: finance, obama

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