Wall Street investment firms have shown large gains during President Obama’s tenure in office, despite wide economic downturn, according to a recent Washington Post report.
The securities industry earned more in the first 21 / 2 years of the Obama administration than they did during the eight years of the George W. Bush administration, according to a Post report. Net income for security industries increased $74.28 billion in one year from 2008 to 2009.
Security industry net income for 2010 was $24.81 billion, a $24.72 billion decrease from the year before, but still greater than any net income since 2006 when net income was $27.26 billion when George W. Bush was still in office.
The Post cites that the success of Wall Street investment firms is a result of heavy involvement by the Obama administration, like federal bailouts to banks to prevent collapses.
“Since most people are unaware of Wall Street’s success in the past years, Obama needs to refocus on a tangible source that the majority of the population will see,” said junior economics major Jordan Hagel. “This will not only make people more confident in the economy, but the president as well,” he said.
Sophomore finance major Kyle Convissar thinks Obama’s decision on putting federal aid into investment firms was a strong solution to the economic situation.
“What we are really waiting for is for people to have confidence. Interest rates are low, so investments are gong to keep staying low. That’s why Obama put money into these firms so people could start investing to get interest rates up,” Convissar said.
“I think he’s done a pretty good job given the situation he was in when he came in,” he said.