Tags: Geithner | Street | Anger | Obama

Geithner: Wall Street’s Anger at Obama Baffles Me

Thursday, 06 Oct 2011 07:16 AM

Wall Street's anger at President Barack Obama and his policies are "inexplicable," says Treasury Secretary Timothy Geithner.

"They react to what is pretty modest, common sense observations about the system as if they are deep affronts to the dignity of their profession. And I don’t understand why they are so sensitive,” Geithner says of banks, the Wall Street Journal reports.

Banking executives have criticized the administration for rolling out new regulations in wake of the financial crisis.
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More recently, Obama told ABC that banks "don’t have some inherent right just to, you know, get a certain amount of profit" in wake of Bank of America’s decision to slap a $5 monthly fee on customers making purchases with debit cards, the Journal adds.

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President Barack Obama
(Getty Images photo)
Or it could be the banks themselves are resentful at having to accept a bailout and are lashing out at the government in frustration.

"People resent when they need help. It's a natural thing. They resent the huge amount of public anger they have been subjected to because they caused the crisis," Geithner says.

A protest movement on Wall Street has spread nationwide, as thousands have taken to the streets to express anger at banks, who demonstrators accuse of paying themselves fat bonuses after being bailed out while the rest of the country scraps through a bleak economy.

Unions have now joined the ranks of the protest movement.

"Our workers are excited about this movement. The country has been turned upside down," says United Federation of Teachers President Michael Mulgrew, according to Reuters.

The outlook for the economy, meanwhile, remains iffy.

Federal Reserve Chairman Ben Bernanke has said economic recovery "is close to faltering," according to the Associated Press.

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Wall Street's anger at President Barack Obama and his policies are inexplicable, says Treasury Secretary Timothy Geithner. They react to what is pretty modest, common sense observations about the system as if they are deep affronts to the dignity of their profession....
Geithner,Street,Anger,Obama
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2011-16-06
Thursday, 06 Oct 2011 07:16 AM
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