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Why Wall St. Is Deserting Obama
Yahoo News/NYT ^ | Aug. 31, 2010 | NYT Editorial

Posted on 08/31/2010 3:30:47 PM PDT by Innovative

A registered Democrat, Mr. Loeb has given and raised hundreds of thousands of dollars for Democrats.

So it came as quite a surprise on Friday, when Mr. Loeb sent a letter to his investors that sounded as if he were preparing to join Glenn Beck in Washington over the weekend.

...some of the president's biggest supporters have so publicly derided his policies, even at the risk of hurting their ability to influence the party in the future

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Editorial; Government; Politics/Elections
KEYWORDS: business; connedin2008; danielloeb; democrats; economy; elections; government; hedgefunds; loeb; obama; regulations; socialism; stockmarket; wallstreet
They are finally waking up and smelling socialism -- Obama is working hard to dismantle free enterprise and impose socialism.
1 posted on 08/31/2010 3:30:50 PM PDT by Innovative
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To: Innovative

They’re original support for him proves that they are simply rich idiots. I guess we should be happy that he hasn’t “fooled them twice.”


2 posted on 08/31/2010 3:32:04 PM PDT by Scott from the Left Coast
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To: Innovative

Cause they’re racists? Oh, yeah. They supported him in 2008. Guess that accusation won’t stick.


3 posted on 08/31/2010 3:33:03 PM PDT by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: Innovative

“A registered Democrat, Mr. Loeb has given and raised hundreds of thousands of dollars for Democrats.”

There’s your problem right there, Jack. At least I realized the difference and made the switch early in life. It’s even 100x worse now, so why the rest of you “don’t get it” is beyond me.


4 posted on 08/31/2010 3:36:38 PM PDT by A_Former_Democrat (NO MOS-que AP: It's the "GROUND ZERO MOSQUE")
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To: Innovative

You mean people that make their living off free trade and a vibrant economy are deciding that the Marxist in the WH is not their friend?? Who’d a thunk it??

I guess they initially figured that they could handle the drop in income because they have a lot of money in the bank and under socialism, the rich do tend to get richer; but now his War on America is beginning to threaten their reserves too. They thought that he was only going to bankrupt the middle class.


5 posted on 08/31/2010 3:36:59 PM PDT by Bryanw92 (Obama is like a rocket scientist....who's trying to do brain surgery with a hammer.)
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To: Innovative

its bigger than that!

Two hot new vids for you, dont know if you have seen them

On sharia global finance
http://www.youtube.com/watch?v=L7iHxl90CD0&feature=related

On sharia global Economy
http://www.youtube.com/watch?v=Qbb5s8hALVE&feature=related

Pass them on...now its easy to understand the quickened bailout of AIG... we bin had!!! by obama, -so-sad


6 posted on 08/31/2010 3:38:10 PM PDT by himno hero
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To: Innovative

King obuma’s ediface of fascism is crumbling. Even the Fat Welfare Momma’s Division is complaining and refusing to roll off the couch for obuma.


7 posted on 08/31/2010 3:38:38 PM PDT by sergeantdave
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To: Innovative

they deserve to lose all their money. A vote for democrats is a vote for taking money away from others. Of course, they probably assume they will be immune from it


8 posted on 08/31/2010 3:38:40 PM PDT by 4rcane
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To: Scott from the Left Coast

I know enough rich people to know that you don’t have to be smart to be rich. In fact, sometimes it takes a certain ignorance to have the faith to do the things that smart people know will not work.

However, the rich people I know do have very smart people working for them.

BTW, it’s “Their”. ;)


9 posted on 08/31/2010 3:42:27 PM PDT by RobRoy (The US Today: Revelation 18:4)
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To: Innovative

I like Mr. Loeb for his ascerbic writing alone.

Too damn funny


10 posted on 08/31/2010 3:48:36 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: Scott from the Left Coast

No doubt. How many times does Barry have to call them “Wall Street Fat Cats” before they realize that he isn’t on their side?


11 posted on 08/31/2010 3:57:28 PM PDT by Carling (Remember November)
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To: Vendome

I just found the full text of the letter, in pdf it’s WOW!

http://cache.dealbreaker.com/uploads/2010/08/Third-Point-Q2-2010-Investor-Letter.pdf

“All of the above leads us to conclude that America faces not only a crisis of confidence among consumers unwilling to spend and businesspeople unwilling to invest, but also a crisis of leadership. So long as our leaders tell us that we must trust them to regulate and redistribute our way back to prosperity, we will not break out of this economic quagmire. One can hope only that this Administration, composed of brilliant academics that have had experience in creating the very regulation and overseeing the very institutions that have failed, has learned from its mistakes and will set us down the right path. Perhaps our leaders will awaken to the fact that free market capitalism is the best system to allocate resources and create innovation, growth and jobs. Perhaps they will see the folly of generating greater deficits by “investing” in programs that lead to corruption and distortions of the system. Perhaps too, a cloven-hoofed, bristly haired mammal will become airborne and the rosette-like marking of a certain breed of ferocious feline will become altered. In other words, we are not holding our breath and are focused instead on navigating these murky waters for the benefit of our funds.”


12 posted on 08/31/2010 3:57:37 PM PDT by Innovative (Weakness is provocative.)
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To: Innovative

To think that the inhabitants of Wall Street consider themselves—I’m guessing here—to be so smart and yet they never seemed to have understood the economic philosophy of Obama and the current batch of Democrats, which calls for redistribution of wealth, extension and growth of the welfare state, and reining in of capitalism.

They ain’t so bright, after all, now are they?


13 posted on 08/31/2010 4:00:30 PM PDT by OldPossum
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To: Innovative

Mort Zuckerman, a prominent supporter of Obama’s campaign and the editor-in-chief of U.S. News & World Report, told Crowley that he believes Obama’s rhetoric when it comes to the business community runs counter to the kind of confidence the economy needs right now to turn itself around.

“I’m not saying that Washington hasn’t tried to do some good things,” Zuckerman told Crowley. “They’ve also done some things that I think are really, really very, very counter to trying to get this economy growing.

“One of them is not only regulation, but expensive regulation. The other is - and they’ve done something here that affects everybody’s confidence in the attitudes of this administration to the business community and to the economy - they’ve demonized the business world; they’ve blamed everything on the business world. Frankly, I don’t think that’s accurate, but more than that, it’s counterproductive to what this administration wants, which is a much more optimistic and confident business community.”

http://www.wavenewspapers.com/news/national_world/Obama-anti-business-Forbes-Zuckerman-99218684.html

welecome to the real world...


14 posted on 08/31/2010 4:03:06 PM PDT by WOBBLY BOB (drain the swamp! ( then napalm it and pave it over ))
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To: Innovative; stephenjohnbanker; M. Espinola
From Drudge Headline today:

FDIC MESS: 829 BANKS AT RISK !

Of course, this is Bovine Squat excreted for the brain dead public. The problem bank list is m much higher than 829. I heard last month that about 2,000 banks are on the FDIC endangered list.

15 posted on 08/31/2010 4:04:13 PM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: RobRoy

What is it about writing on the computer that causes dumb writing errors so frequently? (Speed, probably)


16 posted on 08/31/2010 4:04:41 PM PDT by Scott from the Left Coast
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To: Innovative

“....we must trust them to regulate and redistribute our way back to prosperity...”

Until the idiots STATE that they DISAGREE with the Cloward/Piven strategy that the “Won” is implementing, they don’t understand ANYTHING.

obama WANTS to destroy capitalism!!!!!!!!!


17 posted on 08/31/2010 4:05:27 PM PDT by Mortrey (Impeach President Soros)
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To: Innovative

ROTFLMAO!!!!

Too damned funny.


18 posted on 08/31/2010 4:11:37 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: Innovative

I watch a lot of business shows. I can tell you a year ago, the MSM was full of derision and insult for the Tea Party movement.

This year, CEOs, analysts, traders and other talking heads come on TV one after the other and openly say, in essence, the fate of western civilization hangs on those formerly despised Tea Party members getting out the vote in November to stop Obama.

I even saw one host of business show, who demonstrably is an Obamabot, say this when her co-host teased the next story as “Will the Tea Party be strong enough to influence public policy through the November elections?” — her remark was, “I HOPE SO!”


19 posted on 08/31/2010 4:14:52 PM PDT by fightinJAG (Step away from the toilet. Let the housing market flush.)
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To: Innovative

I have been saying the same things for a while: this is not so much a crisis of CONSUMER confidence, but a crisis of CITIZEN confidence.

The people have totally lost confidence in their government. We no longer feel that we are in any way, shape or form being governed with our consent.


20 posted on 08/31/2010 4:21:26 PM PDT by fightinJAG (Step away from the toilet. Let the housing market flush.)
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To: WOBBLY BOB
“One of them is not only regulation, but expensive regulation. The other is - and they’ve done something here that affects everybody’s confidence in the attitudes of this administration to the business community and to the economy - they’ve demonized the business world; they’ve blamed everything on the business world. Frankly, I don’t think that’s accurate, but more than that, it’s counterproductive to what this administration wants, which is a much more optimistic and confident business community.”

All Americans (who are not a permanent part of the Welfare State) need a "much more optimistic and confidence business community." Class envy is counterproductive to our entire society, and it runs counter to our core values that we want to live in a nation where people can exercise and enjoy their God-given rights to life, liberty and the pursuit of happiness.

This is not to say we all have to persuade ourselves that Wall Street is perfect when it is not. But villifying -- to the point of no return, practically -- the very system of wealth creation that has made this country great, powerful and, most of all, free is just plain stupid.

This arrogant and anti-intellectual villification of Wall Street is another form -- perhaps an even more pernicious form -- of Obambi's overall Continual Apology Tour ('Cuz Everything About America Stinks).

P.S. When are people going to learn that you can't trust Rats with the economy any more than you can trust them with national security? Is it obvious now that the Rats are simply damn-the-torpedoes Socialists?

21 posted on 08/31/2010 4:28:57 PM PDT by fightinJAG (Step away from the toilet. Let the housing market flush.)
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To: fightinJAG

“This year, CEOs, analysts, traders and other talking heads come on TV one after the other and openly say, in essence, the fate of western civilization hangs on those formerly despised Tea Party members getting out the vote in November to stop Obama.”

Well, If all else fails in November, there is still 2012. Rebuilding this country from nothing is the price that has to be paid if people elect socialists.


22 posted on 08/31/2010 4:31:18 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Bryanw92
I guess they initially figured that they could handle the drop in income because they have a lot of money in the bank and under socialism, the rich do tend to get richer; but now his War on America is beginning to threaten their reserves too. They thought that he was only going to bankrupt the middle class.

Bob Chapman has been singing this for for yrs. The elites pushed the buttons too far & now can't be reversed.

23 posted on 08/31/2010 4:31:55 PM PDT by Digger (If RINO is your selection, then failure is your election)
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To: Innovative
I did a bio on Mr. Daniel S. Loeb. It's enough to make you sick to your stomach. This is the very type of an individual who you love to hate. He's a parasite on the productive part of the economy. He's very smart and very destructive. He's the type of clown who destroys countries and gets rich in the process of doing it.

This guys supports every liberal cause in the world. He supports the ACLU. He lives in the financial world so he's hard to get at a la George Soros. He's managed to get himself on the Board of Directors of a number of companies. He's the guy with the Turtle Frame Glasses and the tassel loafers.

These guys have their own little clique, those who move money around all day long and take a little % of the transaction. They don't have a clue to the consequences of what they are doing. He's the very type of a guy who created the financial instruments (packaged mortgages) that brought down so many banks. And then they turn around and bite the very hand that feeds them, capitalism. Maybe Mr. Loeb of Pacific Palisades, CA (and those of you who know about that place know what I'm talking about here) can fool most of the people out there but he can't fool me.

The fact that someone in the financial sector can support a socialist (that's the best I can say about him) like Obama is sickening. Mr Loeb, I don't know you personally and don't even know what you look like, but I know who you are and the damage guys like you are doing. Don't think you can fool all of us.
24 posted on 08/31/2010 4:43:58 PM PDT by truthguy (Good intentions are not enough.)
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To: Innovative

I do not believe that they are.


25 posted on 08/31/2010 4:50:40 PM PDT by sport
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To: Niuhuru

Don’t count on 2012 yet. These guys that are bailing on the POS known as FUBO, will back Hillary if she challenges FUBO in the primaries.


26 posted on 08/31/2010 4:52:42 PM PDT by bfree (The revolution is coming - FUBO)
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To: Digger; Innovative; OldPossum; WOBBLY BOB; fightinJAG; Bryanw92
We need to know all our enemies. We know Obama. Obama didn't fool me for a millisecond. But we also need know the guys like Daniel S.(Seth)Loeb. He's was a big supporter of Obama and the very type of guy who raised huge sums of money for Obama. Guys like Seth are the ones who I fear most because they are much, much, smarter than Obama. See my comments @24 about the rodent Daniel Loeb. He's the guy we love to hate. He's the guy (type of) who has done so much damage on so many levels.
27 posted on 08/31/2010 5:12:54 PM PDT by truthguy (Good intentions are not enough.)
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To: Niuhuru

Rebuilding this country from nothing is the price that has to be paid if people elect socialists.

*************

This country will not be rebuilt should it reach that condition. Several successor states will emerge within the geographical boundaries of the former United States.

Should our economy collapse, or civil disobedience become widespread, we will go through something similar to the dissolution and demise of the former Soviet Union.

Not the best outcome, but not the worst either.


28 posted on 08/31/2010 5:15:58 PM PDT by Psalm 144
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To: A_Former_Democrat

“A registered Democrat, Mr. Loeb has given and raised hundreds of thousands of dollars for Democrats.”

And he will do so again at some point.Democrats no matter the amount of education have No Core, Period. Mr.Loeb proves the point quite well.Repubs would do well to set this kind of a fool adrift.


29 posted on 08/31/2010 5:22:28 PM PDT by dbrew2u
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To: dbrew2u

“Mr. Obama was viewed as a member of the elite, an Ivy League graduate (Columbia, class of ’83, the same as Mr. Loeb), president of The Harvard Law Review — he was supposed to be just like them. President Obama was the “intelligent” choice, the same way they felt about themselves. They say that they knew he would seek higher taxes and tighter regulation; that was O.K. What they say they did not realize was that they were going to be painted as villains.”

Totally delusional


30 posted on 08/31/2010 5:26:46 PM PDT by A_Former_Democrat (NO MOS-que AP: It's the "GROUND ZERO MOSQUE")
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To: Innovative

“Why Wall Street Is Deserting Obama”

Could it be because he’s already done their bidding?

Just asking.


31 posted on 08/31/2010 5:38:53 PM PDT by ripley
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To: truthguy

Good one! The sentiment of a great many of us here.


32 posted on 08/31/2010 6:30:22 PM PDT by AmericanInTokyo (The period from Election Day 2010--to the new Congress sworn in--will be one of extreme tyranny)
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To: truthguy

Maybe this is a lesson the Loeb and others like him will remember for a while...


33 posted on 08/31/2010 7:24:41 PM PDT by Innovative (Weakness is provocative.)
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To: Innovative

They haven’t yet, right now they are feinting for crumbs and stimulus... but when nut crunching time arrives self interest will prevail.


34 posted on 08/31/2010 7:31:31 PM PDT by TexasTransplant (I don't mind liberals... I hate liars...there just tends to be a high degree of overlap)
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To: Innovative
Maybe this is a lesson the Loeb and others like him will remember for a while...

Maybe, but I doubt it. I know the type of guy Loeb is. Trust me on this one.
35 posted on 08/31/2010 11:58:54 PM PDT by truthguy (Good intentions are not enough.)
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To: Scott from the Left Coast

Tell me about it! I used to laugh at people that didn’t know the difference between “too” and “to”. Then I caught myself doing it. I then realized that they were not stupid, they were just typing phonically, which I catch myself doing more than I am comfortable with.


36 posted on 09/01/2010 8:27:14 AM PDT by RobRoy (The US Today: Revelation 18:4)
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