Monday, December 14, 2009

60 Minutes: You're Stupid and You're Fat!

President Obama told 60 Minutes last night that it was "fat cat bankers" that caused the US financial systems to almost completely fail.

Watch CBS News Videos Online

No blame for Congressional members who were taking campaign contributions from the financial services industry and then failed to adequately supervise the likes of Fannie Mae, Freddie Mac and Bear Stearns.

No blame for borrowers who gorged on cheap money when the cash flow of their businesses couldn't demonstrate an ability to pay back those business loans.

Nope. Just the stupid bankers.

Now I'm not defending the fat cat bankers. Just trying to add some perspective that there's a lot of parties that should share in the blame of this financial fiasco.

However, that sound bite won't play as well on 60 Minutes. Or maybe something got left on the editing room floor.

I'm sure the President's meeting today with the banking community will go well when he tells them to lend more money while his regulators tell them don't be "stupid".

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Tags : fat cat bankers , stupid bankers , 60 Minutes , President Obama