Dear Mister President…

…

My day began early. I tuned in to CNBC to get a quick read on the financial markets before moving on to the mundane chores that make up my life in retirement. As I sipped tea, the TV told me one of my core holdings, Goldman Sachs, had soundly beaten Wall Street’s earnings estimates by $3.00 per share. “Woo Hoo!” I thought. It was a happy way to begin the day. I felt confident my shares would increase on the good news. Now that I rely upon Social Security for income, I need decent returns from my various investments for survival. My prospects seemed bright as I finished breakfast and stepped into the shower.

Imagine my surprise when CNBC broadcast your speech into my bedroom as I dressed. Always respectful of my President, I stopped mid donning socks to listen. As you spoke, a sense of dread began to creep into my mind. Worse, CNBC displayed the various stock index prices, including quotations for Goldman (GS) as you spoke. By now, you may have heard what happened. If not, I will share it with you now. Goldman Sachs, the premier American investment banking, er, bank holding company dropped like a stone. The rest of the market followed them down. I think my feelings were similar to those experienced by someone watching a high-speed train wreck at a distance. It was horrible to see, but I could do nothing to change it.

Overcome with emotion, I shouted “For Chrissake, stop talking!” However, you did not hear me. You just kept talking about how you wanted to crucify some of the most profitable businesses in the country. Because of your comments, I am somewhat poorer this afternoon. I fear there are millions like me, who will eat a little lower on the dog because of your remarks.

I want to go on record as saying, “Thank you very [bleeping] much” and “What the Hell were you thinking?”

I respectfully ask you to revisit the issue of banking and financial regulation. If you wanted to get to the heart of the matter, you might investigate the role of the Federal government in creating the current nightmare. There is a substantial body of banking law on the books. If enforced, these laws might have averted the depression we currently enjoy. The U.S. Congress is certainly among the prime culprits. How about imposing some restrictions on that august body?

Well, thank you for listening. I feel somewhat better now that we had this little chat. I simply do not trust I will feel better for very long.

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