That's what president Obama is giving the Wall Street banks. Politico did not use good judgment in running this "Inside Obama's bank CEOs meeting," piece. The basic point is that everyone who took part in this meeting had an interest in making it appear as though President Obama is taking a hard line with the banks. After all, the rich bankers who wrecked the economy are not very popular right now. Most people probably do not consider President Obama's plan to give them another trillion dollar bailout (equal to 300 million SCHIP kid year years) the best use of taxpayer dollars as the unemployment rate rises towards double-digit levels. It serves both the bankers and President Obama to have President Obama seen as being tough on the banks, even as he hands them this money. Maybe he really only did give the bankers one glass of water and maybe he really did speak sharply to them. But, the bank chieftains were probably happier with this reception than they would have been with a gourmet lunch and music that didn't come with the $1 trillion. Politico was likely fed this story to distribute it for public consumption. The White House and the banks have public relations offices that are supposed to do this work.
--Dean Baker
