President Barack Obama and his economic team lashed out at Wall Street, with the president calling bankers "fat cats" who "don't get it," in a move that could escalate tensions with the nation's biggest bankers ahead of a meeting with industry representatives.

Mr. Obama, speaking on the eve of Monday's meeting with the heads of top banks at the White House, said he would try to persuade bankers to free up more credit to businesses, with the aim of helping boost job growth. But the president also expressed frustration with banks that the government has assisted.

"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," Mr. Obama said in an interview to be broadcast on CBS's "60 Minutes" program Sunday evening, according to excerpts made available ahead of the program.

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Filed under: * Economics, Politics • Economy • Stock Market • The Banking System/Sector • Politics in General • Office of the President • President Barack Obama

1. tgs wrote: “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.” - Oh yes he did and he is continuing to help them. December 13, 4:20 pm | [comment link]

2. Dave B wrote: The government failed to “regulate” Fannie and Freddie, forced banks to give loans to unqualified barrowers, now they want more power to regulate? Why don’t these foks just enforce the laws that are there? December 13, 7:08 pm | [comment link]

3. dwstroudmd wrote: Well, that comes as a surprise, Mr. President.  And I don’t recall you being elected to run automobile companies by fiat, either, while we are at it.  But, any crisis will do in a pinch.  Sorta like Nobel Prizes, too. December 13, 8:42 pm | [comment link]

4. azusa wrote: #3:Slow down - he doesn’t the Nobel prize for Economics ‘til NEXT year. & Physics the following year for defying gravity. December 14, 1:43 am | [comment link]

5. Clueless wrote: And in 2012 he can win the Nobel in Geology for holding back the Tide like King Canute. December 14, 1:51 pm | [comment link]

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