I would’ve liked to be a “fly on the wall” listening to the meeting with President Obama discussing the debt limit issue with the five top bank CEOs (debt now about $17 trillion). The attendees are: Jamie Dimon, JPMorgan Chase; Lloyd Blankfein, Goldman Sachs; Michael Corbat, Citi Corp; Aushu Jain, Deutsche Bank; and Brian Moynihan, Bank of America.
I can hear now the stifled laughter as these people listen to President Obama’s inexpert comments on a subject he is totally unable to grasp. I liken this meeting to a meeting I would have with neurosurgeon Dr. Ben Carson trying to explain to me the intricacies of brain surgery: completely over my head.
The administration hasn’t produced a single budget for running the $3 trillion federal government for the last four years. The total capitalization of these five banks is about $0.5 trillion. Yet these financial organizations have prepared budgets; their directors require it. Even now, the administration has let another year go by without a budget relying on the political blame game to excuse yet another inability to meet their constitutional responsibility.
The only explanation for not producing a budget is that it hides the administration’s real priorities and plans for the country. The continuing resolutions funds one emergency program after another without a well-argued strategy.