Shock Exchange was highly-critical of Obama’s draconian approach to the auto industry, while doing public relations for banks like Goldman Sachs and Morgan Stanley. Per Shock Exchange:
Obama’s tone with the auto industry was in stark contrast to the tone he took with Wall Street. The head of the UAW took umbrage with the “kicking the can” comment, and questioned why the president did not take the same hard line with AIG, Morgan Stanley and Goldman. For while Obama was requiring salary concessions from the Big Three, TARP recipients were paying record bonuses and brazenly thumbing their noses at the rest of the country …
the public was miffed as to why Obama was so draconian with the auto industry, which we needed for national defense purposes, yet pleaded with wall street to ‘show restraint.’ … I knew there was a method to the madness. President obama didn’t want to work for the auto industry after leaving office – he wanted to work on wall street.
Bill Clinton, George H. Bush, Al Gore, et. al had also used the White House as a two launching pad for careers on Wall Street, with hedge funds or private equity firms. Obama’s protection of Goldman Sachs, Morgan Stanley, and JP Morgan was obvious.
Obama begins his speech with a silly quip. Around the two minute mark of the C-SPAN video Obama claps back at ‘Shock Exchange’:
My eighth and final appearance at this unique event. An I am excited. If this material works well I’m gonna use it at Goldman Sachs next year.
The crowd thought the comment was a joke. However, Obama was not addressing the audience. It was a dog whistle to Mr. Baker. Was it really a joke, though? After all, there is truth in humor.