Posted on 02/27/2009 2:45:32 PM PST by Rennes Templar
The American Bankers Association has a message for the president: Stop talking trash about banks.
In his unofficial State of the Union address Tuesday night, Barack Obama said that it's "unpopular ... to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions."
In a letter to the White House, ABA CEO Edward Yingling says bankers across the country were "disappointed and concerned" with rhetoric like that.
"Mr. President, of the over 8,000 banks in this country, very few ever made a single subprime loan, and they did not engage in the highly leveraged activities that brought down Wall Street firms," Yingling said.
Yingling referred the president to statements made by Rep. Barney Frank (D-Mass.), the powerful chairman of the House Financial Services Committee, in which he said that the toxic mortgage lending that sparked the current crisis was done by mortgage brokers and others not subject to the strict rules that govern commercial banks.
"Mr. President, the failure to distinguish between Wall Street and the thousands of FDIC-insured banks across the country undermines the confidence in our banking industry, the industry which is the foundation on which our economic recovery must be built," Yingling said.
"We stand ready to work with your administration to promote policies that will clear the way to do what banks do best: finance business and families that are ready to move the economy forward. But these efforts will only be inhibited by misperceptions about our industry."
In his speech, Obama said that too many bad loans from the housing crisis have made their way onto the books of too many banks" — and that, "with so much debt and so little confidence, these banks are now fearful of lending out any more money to households, to businesses or to each other."
But traditional bank lending accounts for a mere third of the entire credit markets, Yingling said in an interview on C-SPAN's "Newsmakers" program, and the banks' share actually grew in 2008.
Give him time.
Another lobbying group that prolly straddled the fence like the NAM, no?
Of course, he hasn’t trashed Congress — the institution that screwed up the banks.
Bankers, quit begging president zero for anything! Walk away from the liars. Don’t support them anymore. Take your cause to the people. Tell the people the truth. Soon you won’t see people like BHO being elected. But you have to starve them for money and expose their lies.
He barks like a dog.
Today the Dow fell another 100 points.
If he doesn't shut up soon and start acting responsibly, the Dow will be at Zippo heading into the negative number line.
He won't have any money at all for his programs and we will be working the land for our own food, and his welfare supporters will starve.
My garden tools are ready.
And no Acorn member will get so much as a single carrot from me.
Anything that makes the USA great.
Medical
Aerospace
Military might
Energy
The list will grow until he has destroyed our way of life completely via political directive.
The bastards ought to stop playing both sides of the fence and support the republocants. At least they are a little more business friendly.
Banks generally have to conform to government regulations. The larger ones with deep political connections are providing cover for an insane and in my opinion destructive assault on all banks. Week five of the obamanation.
We will be speaking Chinese and eating Cantonese.
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On the bright side, the quality of a person can be measured by the nature of his enemies.
I keep wondering about the market - I guess Soros can’t buy enough stock in a day to try to make Zero look good.
I am surprised at all of the corporations letting Obambi kitty whip them.
Funny, because most of these big banking CEOs were Obama supporters. Too bad they couldn’t see the writing on the wall last fall. Idiots!
the bankers can kiss off on this one.
Sounds like some honest talk is quite due.
We had an old account that was in a bank that was bought by BOA. It was a savings account that had a couple of hundred in it. Instead of paying interest they charged me two dollars. We closed the account and put the money in a credit union where the wife keeps her mad money.
Couldn't agree more. I was trying to tell the banks to drop em and fight em.
Obama “Tax Cut” Doesn’t Exist; AP Lies About Small Business Jobs
rushlimbaugh.com | 2/27/09 | Rush Limbaugh
Posted on 02/27/2009 3:50:48 PM PST by Evil Slayer
http://www.freerepublic.com/focus/f-news/2195845/posts
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