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HomeOff Topics News & Politics › Obama To Wall Street: "I Do Think At A Certain Point You've Made Enough Money"
04-29-2010 06:42 PM  8 years agoPost 1
Dennis (RIP)

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Oregon

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Obama To Wall Street: "I Do Think At A Certain Point You've Made Enough Money"

Here is his words:

PRESIDENT OBAMA: "Now, what we’re doing, I want to be clear, we’re not trying to push financial reform because we begrudge success that's fairly earned. I mean, I do think at a certain point you've made enough money."

Here is the video:

http://www.realclearpolitics.com/vi...ough_money.html

So, Pres Obama does not begrudge success. But, at a certain point (without specifying what point that is) you have made enough. You all know how the federal government works. If there was a "Certain Point" as Obama says he would like to see, just imagine how that point would change over the years, and who would be affected by it. Try and imagine that.

In addition, by Obama's words, "We are not trying to push financial reform"

So, at a point Obama would like to determine, what do you suppose would happen to that extra money that he does not begrudge you earning?

What do you think?

I think that this president is the single most unpresidential president I have seen in my 64 years. For our sake, I hope he keeps talking. Most everytime he does, he exposes himself and what he intends to do.

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04-29-2010 07:23 PM  8 years agoPost 2
csc

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Cave Creek, AZ

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I want to be clear, he is a Socialist a$$.

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04-29-2010 07:37 PM  8 years agoPost 3
alvinrc

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Mobile, AL, USA

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I think that this president is the single most unpresidential president I have seen in my 64 years.
+1 - In my 62 years

More like a third world dictator.

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04-29-2010 08:06 PM  8 years agoPost 4
drdot

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So. California, Orange County.

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fwiw..

Doin' 'Xactly what I believed he would do..That's why I voted for him...
Joe Arpaio for replacement President!!!

BC

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04-29-2010 11:44 PM  8 years agoPost 5
TwistedRotor

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Yup

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Nothing like taking a 30 second clip and blowing it out of proportion. I believe he was talking about greed, you know that crap that Goldman Sachs is accused of. It's one thing to be profitable but it's another to be profitable then do things that are unethical to get even more. That's what he's talking about.

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04-30-2010 01:49 AM  8 years agoPost 6
Dennis (RIP)

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Oregon

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Nothing like taking a 30 second clip and blowing it out of proportion. I believe he was talking about greed, you know that crap that Goldman Sachs is accused of. It's one thing to be profitable but it's another to be profitable then do things that are unethical to get even more. That's what he's talking about.
I saw the whole speech. You are partially correct. But, if you think the message was presidential to make a statement like that in ANY context is PRESIDENTIAL for a US president to make, then you are in a dream world. Possibly a loony lefty, delusional dream world.

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04-30-2010 02:07 AM  8 years agoPost 7
Spitfire1

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Perth Australia

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I Do Think At A Certain Point You've Made Enough Money
I completely agree, once you get over a certain point you simply could never spend what you have in an entire lifetime, it just becomes nothing but an ego driven competition between billionaires about who has more digits on paper than the other.

If you had a few billion dollars, theres only so many private jets, luxury mansions, sports cars and cool toys you can get to each 24 hr day, and it becomes a point where even the Toys start paying for themselves anyway and makeing even more money still, the same way houses make you money by owning them.

I think its ridiculous to have one person hoarding billions of dollars for nothing more than personal ego.

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04-30-2010 02:24 AM  8 years agoPost 8
spaceman spiff

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Tucson

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"I do think at a certain point you've spent enough money"

- spiff

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04-30-2010 02:33 AM  8 years agoPost 9
csc

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Cave Creek, AZ

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I completely agree, once you get over a certain point you simply could never spend what you have in an entire lifetime, it just becomes nothing but an ego driven competition between billionaires about who has more digits on paper than the other.

If you had a few billion dollars, theres only so many private jets, luxury mansions, sports cars and cool toys you can get to each 24 hr day, and it becomes a point where even the Toys start paying for themselves anyway and makeing even more money still, the same way houses make you money by owning them.

I think its ridiculous to have one person hoarding billions of dollars for nothing more than personal ego.
Spoken like a person who doesn't ever have to worry about that happening to them.

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04-30-2010 02:56 AM  8 years agoPost 10
Kamikaze Pilot

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Marion, Illinois- USA

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BULL! Everyone in America has the opprotunity to make as much money as they want to. Most people here are just too damn lazy to work for it. There is NO such thing as too much money in America. So what if you can't spend it all in a life time, SO WHAT! It will eventually go back to the govt. as inheritance taxes or their grand kids will spend it. DO you realize that most of the hospitals are built by the ultra rich, do you realize that most of the colleges are built by the ultra rich, etc..etc...
If you want to limit what the "ultra rich" can make then I say that YOU! make too much money! You probably have two cars and three TVs. YOU probably have a nice house. Lets just socialize the whole damn country and bring it down to the lowest common denominator (oh, except for the politicians like obama).
I'm just saying, be careful who you point the finger at because the finger might be pointing at you next!

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04-30-2010 02:58 AM  8 years agoPost 11
Dennis (RIP)

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Oregon

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If you had a few billion dollars, theres only so many private jets, luxury mansions, sports cars and cool toys you can get to each 24 hr day, and it becomes a point where even the Toys start paying for themselves anyway and makeing even more money still, the same way houses make you money by owning them.
Obviously, you have no idea the percentage of Americans that are billionaires. That percentage is extremely low. The percentage of millionaires is higher. The percentage of less than millionaires is higher still. So, just what category is Obama saying that they have earned enough? How much is to much? He never specified.

Thats why I mentioned that the statement, in any context, is extremely unpresidential. He was simply pandering to a crowd at a rally getting his supporters pumped up. But, what affect do you suppose a statement like that means to our business leaders and our job creators? Why should they make plans for the future if a president is hinting, in public, that they reach a certain point and HE will determine that they must not make anymore money without specifying how much that is.

When, in the entire history of the USA have you ever heard of a US president hinting that a US citizen earns to much money?

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04-30-2010 03:30 AM  8 years agoPost 12
Spitfire1

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Perth Australia

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I Had to do a search to see how much the top 10 richest men have, and I was surprised that its only about 50 billion, 62 billion the richest.

Its not as much as I actually thought it would be, considering you can easily spend a billion on a house, and another billion on one of them luxury boats.

Im not being sarcastic either, it would be much easier to spend 50 billion than I origonally thought.
I completely agree, once you get over a certain point you simply could never spend what you have in an entire lifetime
I think you could easily spend 50 billion in one lifetime, for some reason I thought they earned more money than that.

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04-30-2010 03:38 AM  8 years agoPost 13
irocu88

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norfolk,va

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You say that like 50 billion isn't enough.

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04-30-2010 03:53 AM  8 years agoPost 14
Juggernaut

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Canada, Great White North

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The greedy just get greedier.
Look back, the bank were in turmoil, but yet, the exec's came out with huge bonuses.

The separation between low, to middle and high class is shifting toward high class and low class, the middle class is loosing the battle, why, the upper class is being to greedy, like kids, the more they have the more they want, it's human nature, well for the rich.
The middle and low class it's trying to keep what they have, without going further into debt.

How do you think bankers got rich, many years ago, the banks made their money on the interest of borrowed money, now that is not enough, now they nickel and dime us sorry it's 5 and 10 bucks us for service charges.

If the banks have 10 billion of your money and make 2% of that it's $200,000,000 why do they need more?
because they have bigger homes, more cars, lavish vacations.

Myself, I haven't taken a vacation in 10 years, hadn't a raise in 5 years and when I did it was 1%. while the exec's stated they did not receive raises which it's true, they did receive 10 to 20% bonuses.
( I know someone in the accounting department )

I'll have to agree with Obama



Finally learned to fly inverted, Helps if you stand on your head

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04-30-2010 04:11 AM  8 years agoPost 15
Dennis (RIP)

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Oregon

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Look back, the bank were in turmoil, but yet, the exec's came out with huge bonuses.
Yeah, and look at the politicians who are directly responsible for creating the laws that allowed them to be as greedy as they are. They are all still there acting like fools in a public forum doing nothing but covering their own butts by attempting to make others responsible. THEY are our leaders that were supposed to be lookin out for us. Look what happened as a result of their policies.
I'll have to agree with Obama
OK then. Maybe someday you need a job from a guy that is threatened by having his income limited. He could easily change his mind about hiring you because Obama says he makes to much money.

Or, maybe someday you do well and Obama told you its to much and you must share, even though its highly likely you worked you tail off to earn what you made.

Think about the other side a bit before you think about yourself. If you think for one minute that the lions share of people that have a excellent income did not have to work hard to make it, you are mistaken. Who is going to say you have made enough? Who is going to say how much that is? The same government that runs the Post Office? The same government that has run Social Security right into the ground? The same government that creates a Health Care system that says if you don't buy into their plan, they will withhold your income tax return? The same government that has run ALL entitlement programs in to the ground? The same government that pays women more in welfare if the husband is NOT living in the household?

Give me a break.

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04-30-2010 04:12 AM  8 years agoPost 16
Spitfire1

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Perth Australia

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I'll have to agree with Obama
Me too.

But when you look at the richest man in the whole world has 60 billion.

It wouldent take much to start dwindleing it all away, if you purchased a few properties around the world in major cities that you do bussiness in at 1 - 2 billion a pop, maybe a boat or two in Monaco for holidays, private jets are not cheap to buy and run.

Just not so sure my origonal statement about not being able to spend what you have in a lifetime is not correct.

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04-30-2010 04:18 AM  8 years agoPost 17
Spitfire1

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Perth Australia

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At least he`s not censoring your internet like our government is , theyve decided that there gonna decide what where allowed to see and what where not by mandatory filtering our internet, the only other place to do it other than here is China.

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04-30-2010 04:26 AM  8 years agoPost 18
jkennamore

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alabama

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@ Spitfire1
the most expensive houses in the world run around $125-$140 million and you could buy 357 of them with $50 billion, and still have enough for any of us to live the rest of our lives on. Good luck spending $60 billion in a lifetime without buying out major corporations. It would be difficult to spend it all on houses/cars/toys. It would almost be like a full time job. I'm not saying you can't do it but you would really have to try. You would never wake up to find out your broke.

Justin Kennamore

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04-30-2010 04:28 AM  8 years agoPost 19
csc

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Cave Creek, AZ

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Me too.

But when you look at the richest man in the whole world has 60 billion.

It wouldent take much to start dwindleing it all away, if you purchased a few properties around the world in major cities that you do bussiness in at 1 - 2 billion a pop, maybe a boat or two in Monaco for holidays, private jets are not cheap to buy and run.

Just not so sure my origonal statement about not being able to spend what you have in a lifetime is not correct.
And look at how many jobs were created in your hypothetical... Real estate agents, handymen to take care of all the houses, insurance people, boat captains & crews, docks fees and maintenance people, pilots & flight crews, mechanics for the boats and jets, accountants, tax people, lawyers, personal staff, travel agents, caterers, chauffeurs, jet fuel people, etc., etc., etc.

Rich people make it possible for you to have a job. Unless of course, you work for the government.

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04-30-2010 04:36 AM  8 years agoPost 20
Dennis (RIP)

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Oregon

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It wouldent take much to start dwindleing it all away, if you purchased a few properties around the world in major cities that you do bussiness in at 1 - 2 billion a pop, maybe a boat or two in Monaco for holidays, private jets are not cheap to buy and run.
Yeah, and what do you do then?

You work harder to make more. You create companies and hire people. You spend and buy things. Those companies that sell them to you have to hire people to make products to sell to you. Someone has to build those fancy houses they live in. Someone has to supply the building materials to build those houses. Maybe they build a shopping center. Shopping centers provide jobs for people. Maybe they give some away to build another wing on a hospital. That wing is staffed with doctors, nurses, ex-ray techs, janitors, secretaries, etc,etc.

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