Ever since being elected United States President, Obama has been focusing a lot on the economy. The economy was the number one subject for the 2008 United States Presidential Elections. Consistent poll results show that most Americans felt the economy was the number one issue.
Around late November, Obama said some things about the bank executives and their fat bonuses. He said that the bank executives should sacrifice their bonuses. Obama told the executives that they do not need their big bonuses.
Today, Obama criticized and attacked Wall Street for handing out hefty bonuses. These bonuses are worth a hefty $18 billion. Obama implied that the people on Wall Street should be ashamed of themselves. He said that it was irresponsible of Wall Street.
Obama said that when the people of Wall Street are asking for help, they should show restraint and discipline.
He said: “The American people understand that we’ve got a big hole that we’ve got to dig ourselves out of, but they don’t like the idea that people are digging a bigger hole even as they’re being asked to fill it up.”
Obama said that there will be a time for Wall Street to make profits and get bonuses. However, he said that right now is not the time.
It would seem that Obama picked a very good time to blast the hefty bonuses. Right now, U.S. financial stocks plunged deep down south. It is revealed that shares of Allstate plunged down by twenty percent. Shares of other businesses plunged down as well.
Obama also saw an article in regards to the bonuses. He said that Wall Street should know better.