Posted on 12/15/2009 5:28:55 AM PST by shortstop
I trust my banker more than I trust my president.
And after Imam Obama’s photo op with the Wall Street types yesterday, it’s not even close.
I side with the capitalists.
Obama the Arrogant is no friend of mine.
And for a guy with the lowest first-year popularity rating in the history of the presidency, he’s pretty generous with that self-assigned “solid B-plus” grade he claimed in the Oprah interview.
Now that’s hard-hitting journalism -- Oprah Winfrey asking Barack Obama how much he loves himself.
Turns out, he loves himself quite a bit.
And it turns out we have to pay the price.
Especially if we do business with any of the banks he pilloried yesterday. Because basically he put them on notice that he doesn’t like them or what they stand for and that they better roll over and play dead as he turns their industry into his personal punching bag.
Thus his Marxist denunciation of bankers as “Wall Street fat cats.” Apparently he needs to bolster his image with his leftist base because he’s decided to be Barry the Bolshevik for the admiring folks on the evening news.But I repeat: I trust my banker more than I trust my president.Because my banker knows that the books have to balance, that red ink is bad and that black ink is good.
My bankers paid off their debt to the nation in less than a year. My president won’t pay off the nation’s debt in a lifetime.
My banker knows that it was government-mandated loans to lower-income folks that set the stage for the economic collapse. My president has notified the bankers that he expects them to make bad loans starting now.Literally.
Bankers are eager to make loans. That’s how they make their money. Loan money, collect interest, smoke big cigars. It’s not such a bad lifestyle.
Unless the loans go bad.
Then it sucks out loud.
And bankers who’ve just been crippled by bad loans to politically correct groups have decided that it’s time to stop loaning to people who won’t pay back what they’ve borrowed. Loaning in the name of social conscience is politically correct but financially incorrect.It’s a lot like giving money away because, well, basically it requires you to give money away.
We got in trouble by loaning to people we shouldn’t have.
Now Barry the Bolshevik wants us to do it some more.
Yesterday he told the bankers that they owed the country. They have to loosen up credit. They have to make loans.
Of course, if those loans made sense -- if they were wise and sound -- the profit motive would have already gotten them made. And the fact they haven’t been made ought to make people very nervous about them.
The whole bank bailout was called the Toxic-Asset Rescue Plan. Toxic assets were risky loans that had a lower probability of being paid back. The banking crisis came to a head because people were eager to make loans they shouldn’t have made.
That is a lesson the banks have learned.
It is, however, not a lesson the president seems to have learned. Because he wants a big snootful of the poison that sickened us in the first place.
Hopefully the banks will stand up to him.
Hopefully the totalitarian tilt of the current administration will be diverted by the next megalomaniacal diversion, the next corner of our lives in which it must dictate, and the folly of running the banks will fade from the president’s interest.
Because he’s not up to it.
Mr. Strong B-Plus is grading himself generously, but his lowest-in-history first-year rating tells a different story. And the theme of that story is arrogant over reaching. And nowhere in our constitutional Republic does the president have the authority to sit down with private-enterprise bankers and dictate to them what they should do.
That’s part of what got us in trouble in the first place.
Besides, he’s betting on the wrong side.
Because I trust my banker more than I trust my president.
And I’m not the only one.
I don’t know, man, I sure do hate the Bank of America right now. They jack your interest rates around and lower your credit without warning, based on arbitrary or non-existant failures on your part... I wish the guys from FIGHT CLUB would blow up their headquarters one dark night.
OBAMA ADMINISTRATION ANNOUNCES HE’S SHUNNING TEXAS ‘
I guess you have heard....
Obama will be making no public speeches in Texas.... He claims every time
he gets up on stage, behind the podium, to make a speech, some damn West
Texas cotton farmer starts bidding on him.
We are personally debt free - house, cars, credit cards - all free and clear. I doubt we’d have any trouble at all getting a loan. We just don’t want one. Who wants to take on debt in this climate of economic uncertainty. Small businesses have no idea what’s coming with Obamacare and Cap and Tax. Nobody wants loans right now, except maybe those who don’t qualify for them in the first place.
0bama is Salvador Allende part 2.
At least Allende had the balls to admit what his beliefs actually were while 0bolshevik just deceives America about his what he is really all about.
Doesn't he know about all the Goldman Sachs contributions to Barry's campaign?
And why would Meg Whitman who sits on the board of directors of Goldman Sachs want them to contribute to the competitor of the candidates - McCain/Palin whom she was supposedly an advisor to, whom she was supposedly supporting???
LOL!
However, I think he's more a fascist than a Bolshevik. He'll take over the banks while technically leaving them private. And he'll take them over for his own purposes. Somebody on another thread described him as the spiritual heir of Mussolini (only partly true, since Mussolini wasn't a Muslim and actually was an Italian nationalist).
He’ll take over the banks while technically leaving them private.
Six months ago I would have agreed with you summation, today, not so much. Bammy is wounded, bleeding and leaving a blood trail all can see. This Mau-Mau photo-op was designed to play to his left. All of Wall Street can read the signs, bammy talks tough, but the monied interests run the show from here on out. Just remember the Golden rule; he who has the gold makes the rules. With all TARP monies paid back, bammy has no leverage. He knows it, they know it. Ask yourself this question, who needs whom the most? It is clearly bammy needs banks to prevent a double dip. The banks have to consider whether destroying bammy is their preferred path rather than playing him for their own interests. Lets see which way it goes.
This anti-capitalist fool uses “fat cat” rhetoric to attack free markets, all the while never mentioning the 70 million dollars Franklin Raines took from Fannie Mae while cooking the books...and the 50 million and Jamie Gorelick took...amoung others.
What really gets me steamed about all of this is the fact that a GOVERNMENT SPONSORED ENITY (Fannie Mae) was the FIRST dominoe in all of this...they (the democrats) caused it.
” I doubt we’d have any trouble at all getting a loan.”
Just try getting a construction loan right now!
We’re in similar financial situation, no debts; 800+ credit rating; more than adequate income for the loan amount; the banks don’t care...
As one loan officer told in confidence: The banks are sucking off the government teat, and the executives’ salaries are secure—they don’t need to grant loans to make money anymore!
I’m overwhelmed.
Yep, I don,t think i have ever been a slave to capitalism,if i have its because i have made myself one.
But if i am going to be a slave i would much rather be a capitalist slave than a slave to a socialist goverment.
You should read the fine print, no one said every capitalist was honest, its root hog or die, but you do have a choice, its up to you as it should be.
http://www.freerepublic.com/focus/f-news/2404745/posts?page=5
>>>> "Barack Obama has a major Wall Street and Washington problem that the media so far is refusing to acknowledge or explore. He is in the pocket of the Wall Street firms and mortgage security companies that are at the center of the collapse of the real estate bubble. He is closely tied to at least two of the Fannie Mae principals. As Ricky Ricardo would say, "Barack, you got some splaining to do."
Let's start with the numbers. Why is a first term Senator pulling down almost $300,000 a year from Goldman Sachs, Lehman Brothers, ©Bear Stearns, Fannie Mae, Freddie Mac, AIG, Countrywide Financial, and Washington Mutual? He has not even completed his fourth year in the Senate and received a total of $1,093,329.00 from these eight companies and their employees. (all data from OpenSecrets.org). John McCain's numbers, according to OpenSecrets.org for the period 1990-2008 (i.e., 18 years worth of data) only collected $549,584.00.
Want another shocker?
Barack Obama has received more from one source – Goldman Sachs $542,252.00–than McCain has from all of the companies combined.
Who the hell is more beholden to lobbyists?
And why does a junior Senator from Illinois rate this kind of dough?
[..snip..]
"...Why are these firms and their employees showering Barack with their cash?" <<<
EXCERPTED FROM A POST BY FROMLORI ON A THREAD ENTITLED: Obama's Big Wall Street Sellout
Obama was grading himselve on a curve. He got Dr. Mann at Penn State to do the scaling.
The MSM, imnsho, is NOTHING compared to the GS people who are multi-billionaires.
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