Krugman: Wall Street’s Bad Investment Decision

[ProSense]

Wall Street’s Bad Investment Decision

There are many lists now circulating of the biggest winners and losers from the election; oddly, however, none of the lists I’ve seen mentions just how bad this result is for Wall Street’s Masters of the Universe.

The story, as you may recall, is that the financial industry — having brought both itself and the rest of the world to the edge of disaster — was bailed out by taxpayers. Yet far from being grateful, top financial types were furious at Obama for occasionally hinting that some of them might have misbehaved a bit. And investment bankers — who normally lean Democratic — went overwhelmingly to the other side, pouring cash into Mitt Romney’s coffers in the no doubt correct expectation that a Romney administration would dismantle financial reform and treat their wealth with the adulation they believe to be their birthright.

But Romney lost and Obama won. The limits of their power have been cruelly exposed, and the reelected president now owes them nothing. Did I mention that Elizabeth Warren is going to the Senate — a Senate that will be substantially more progressive and less Wall Street friendly than before?

Bad move, guys.

http://krugman.blogs.nytimes.com/2012/11/07/wall-streets-bad-investment-decision/

[byeya]

1. Clinton tapped into the Wall St $$$ machine thru Rubin. Obama did the same the first time and

got stabbed in the back the second.

Let's hope the President learned something and will unlock the door to the antitrust division of the DOJ and get an AG that will prosecute the Wall St crimes...finally.

[Sekhmets Daughter]

2. I've been thinking about this for weeks now...

Just how sorry would the bankers be and how scared? Normally they hedge their presidential bets, quietly to be sure, but hedged all the same. Not so this time. I hope they have countless sleepless nights waiting for the axe to fall.

[flamingdem]

3. They're having a hissy fit on Wall St. today

A sell off, but they'll forget about it in a day or two.

[Squinch]

5. Quick said that the selloff had a lot more to do with Europe than the election.

SHe's probably right. They bitch and moan, but they know they have done well under this president. S&P up 18% per year under him.

[ProSense]

6. Yup, and

talking about how Obama's win is bad for Wall Street...never mind the facts.

[TRJuan]

4. And how is this legal?

Obama has gone too easy on these clowns. Bring on the auditors!

[Egalitarian Thug]

7. K&R. n/t

[FSogol]

8. K&R and Welcome back. n/t

[bemildred]

9. Seemed rather an ungrateful attitude too.

It's not like O got rough with them his first term.