Wall Street Bonus Shameful in Obama's Eyes

United States President Barack Obama had called on Wall Street bankers and told them they were shameful for indulging in twenty billion dollars' worth of bonuses just at a time when the economy of the country is in the throes of deterioration. This was reported last Thursday in Washington DC. Obama mentioned that the government has been spending billions of dollars to bail out some of the most prominent financial institutions in the country.

Now is Not the Time to Swim in Bonuses

Obama goes on to say that there will come a time when they will make profits and get bonuses. This was during an appearance he had made in the Oval Office alongside Treasury Secretary Timothy F. Geithner. According to Obama, now is not the time for that kind of indulging. Obama mentions that is a direct message he is sending to them care of Secretary Geithner. It was also a very prominent flash of anger that came from the president as he had frequently rallied against excesses when it comes to executive compensation during the entire course of his campaign trail. He had also stuck on his populist tone by saying that he is able to confront the actual possibility of needing to ask the entire Congress to come up with larger sums of money – amounts that go beyond the seven hundred billion dollars that were already authorized in order to put the financial system back on its feet. He is pushing Congress to move fast and get into the matter of an economic stimulus package that might cost people to fork over around nine hundred billion dollars.

Depression over Job Cut Rate

In this entire week alone, many companies across the United States have been reporting around sixty five thousand job cuts and that there is public anger on the reports of profligate spending done by banks and investment firms which are going to receive the assistance coming from the seven hundred billion dollar fund for bailout. While half of that money is still available, the new administration will still be announcing how it shall be utilized and that more analysts think that it will need more than that amount in order to put the banking system well on its way to stability. If President Barack H. Obama go to Congress in order to ask more money to add to the bailout fund and then avert the falling down of more banks, then he will probably encounter a lot of the opposition that is within the parties and thereby demand for much tighter restrictions on the executive pays in institutions that shall receive government assistance. These are only some of the control measures Obama hopes to initiate in order to get the entire country back on its feet and end the recession.