Obama's 'clueless' Wall Street remarks

As liberals and Tea Partiers alike rail against Wall Street greed, Obama says he doesn't "begrudge" bankers' giant bonuses. Has he lost his mind?

With populist fervor running high and the unemployment rate still hovering near 10 percent, bashing massive Wall Street pay packages might be consider a political no-brainer for Obama. But this week the president told Bloomberg he doesn't "begrudge" the "very savvy" CEOs of bailed-out banks J.P. Morgan and Goldman Sachs their seven- and eight-figure bonuses. He even offered a benign comparison to baseball players' salaries. Is Obama "carpet bombing" his presidency with a tone-deaf defense of Wall Street, or is everybody getting riled up over cherry-picked quotes? (Watch a report about Obama's rhetoric on Wall Street)

What was he thinking? "Oh. My. God," says Paul Krugman at The New York Times. If Obama's really "clueless" enough to equate market-driven baseball salaries with the "lemon socialism" that rewards bailed-out bankers for nearly killing the world economy (and sticking taxpayers with the tab), "we're doomed." He's not just being idiotic; praising Wall Street bonuses now is political suicide.

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