Wall Street Traders Have Profited More Under Obama than in Eight Years Under Bush

[TacticalPeek]

Wall Street Traders Have Profited More Under Obama than in Eight Years Under Bush

. . . Wall Street banks ex­pe­ri­enced years of un­prece­dented growth under Pres­i­dent Bush, at least until the cri­sis of 2008. But in the two-and-a-half years since Pres­i­dent Obama took of­fice, the largest Wall Street banks have grown even larger, and prof­its at banks and trad­ing firms have risen even faster than they did under Bush, the Wash­ing­ton Post’s Zachary Gold­farb re­ports:

Wall Street firms — in­de­pen­dent com­pa­nies and the se­cu­ri­ties-trad­ing arms of banks — are doing even bet­ter. They earned more in the first 2 1/2 years of the Obama ad­min­is­tra­tion than they did dur­ing the eight years of the George W. Bush ad­min­is­tra­tion, in­dus­try data show. <...>

The largest banks, in­clud­ing Bank of Amer­ica, Cit­i­group and Wells Fargo, earned $34 bil­lion in profit in the first half of the year, nearly match­ing what they earned in the same pe­riod in 2007 and more than in the same pe­riod of any other year.

Se­cu­ri­ties firms — the trad­ing arms of big banks and hun­dreds of other in­de­pen­dent firms — have fared even bet­ter. They’ve gen­er­ated at least $83 bil­lion in profit dur­ing the past 2 1/2 years, com­pared with $77 bil­lion dur­ing the en­tire Bush ad­min­is­tra­tion, ac­cord­ing to data from the Se­cu­ri­ties In­dus­try and Fi­nan­cial Mar­kets As­so­ci­a­tion.

http://www.nationofchange.org/wall-street-traders-have-profited-more-under-obama-eight-years-under-bush-1320684558


Something is wrong with this picture.

[rfranklin]

1. Now that's progess! Twice as rich in half the time...

what's the problem?

[ananda]

2. Ouch! Keep growing OWS!

nt

[leftynyc]

3. Due to the volitility of the market

The traders make money when the stock goes up or down (and when it does that yo-yo thing several times a day) so the volitility works very well for them. What does that have to do with President Obama?

[JoePhilly]

5. Sadly ... very few on DU will understand anything you just said.

Very few will know that the DOW was at the bottom of the crash when he took office, and that it has returned to "pre bubble and crash levels" ... which means if you started investing on the day Obama took office, you've made money.

And as you note, the financial firms make lots of their money buying on the dips and selling each time an upper bound is reached.

In fact, if you've been selling any time the DOW breaks 11,500, and then buying anytime it drops to about 10,500 ... you're doing very well.

[liberal N proud]

4. Is it because of Obama policy or change that were made during the bu$h years?

[lunatica]

6. How convenient to forget the Bush bailout

Yeah, lets just blame it on Obama who actually got a stimulus package passed to help us. The banks just took the money both times and paid themselves big bonuses and refused to lend money or re-finance because they were 'nervous about the economy'.

The loss of memory in this country is amazing.

[ProSense]

7. Actually,

"Something is wrong with this picture"

...nothing is wrong with the picture. Wall Street always prospers under Democratic Presidents. It's just proof that the Republicans bullshit talking points are, well, bullshit!

[opihimoimoi]

8. + 1

[Tarheel_Dem]

10. +1

[uponit7771]

9. Economy and indexes have ALWAYS been better under dem presidents, BS ass'd Obama bashing

[Tarheel_Dem]

11. And your conclusion? Other than "something is wrong with this picture"?

What should Obama do about it? Call out the National Guard? :shrug:

[GSLevel9]

12. thus the record 2008 donations from Sachs... DUH! nt