Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Obama wants to eliminate industrial banks (Utah)
sltrib.com ^ | 6/19/09 | Steve Overbeck

Posted on 06/19/2009 4:58:35 PM PDT by Nachum

Utah's industrial banking industry has a new and formidable enemy -- President Barack Obama.

As part of the president's plan for regulatory reform of the nation's financial services industry, which was unveiled earlier this week in an 85-page white paper, Obama is calling for the elimination of industrial bank charters and wants them all shut down within five years.

If successful, the president's plan could deal a hammer blow to Utah's economy, which is the home of 25 industrial banks that employ thousands of the state's residents and hold assets valued in excess of $168 billion.

Utah's industrial banking community is upset.

"Industrial banks are the safest and soundest financial institutions in the country," Louise Kelly, chief executive of EnerBank, said in a statement issued by the Utah Association of Financial Services. "We did not contribute to the current financial collapse."

(Excerpt) Read more at sltrib.com ...


TOPICS: Government; News/Current Events; US: Utah
KEYWORDS: banks; eliminate; industrial; obama
Navigation: use the links below to view more comments.
first previous 1-2021-36 last
To: Adams

FUH-Q-OBAMA


21 posted on 06/19/2009 5:38:18 PM PDT by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale Patriot)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Lurker
LOL, why because I think everyone should play by the same rules. If they want federal guarantees play by the same rules as everyone else.
22 posted on 06/19/2009 5:39:55 PM PDT by org.whodat
[ Post Reply | Private Reply | To 20 | View Replies]

To: Nachum

Let me guess. These banks are too healthy and we need a crisis.


23 posted on 06/19/2009 5:42:20 PM PDT by GeronL (http://libertyfic.proboards.com <----go there now,----> tyrannysentinel.blogspot.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum

He is eliminating Utah Morman financial funding for political opposition to him and his party in the coming national elections. Republicans will have a hard time in recession getting middle class support that is out of property, prosperity, credit and financing and cash flow. Mitt Romneys’ political/support base may be being attacked directly by this move. Administration wants to eliminate private enterprise financial institutions from competing with its’ growing federal empire. The entire middle class, now down $14 trillion with no end in sight, is losing the financial base for playing advocacy political roles in its very future. Political patronage is now at an unimaginable scale beyond all precedent. Obama has tried to promote Rep committee chairman to his administration simply to open their powerful Congressional posts to Dem acquisition.
THere is more to this industrial bank elimination than meets the eye....for example, what does their political contribution record for the last 30 years look like?


24 posted on 06/19/2009 5:43:32 PM PDT by givemELL (Does Taiwan Meet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
[ Post Reply | Private Reply | To 1 | View Replies]

To: org.whodat

They obey the laws and rules that the government put on Industrial Banks. The reason he wants them gone is that they are too healthy.


25 posted on 06/19/2009 5:44:32 PM PDT by GeronL (http://libertyfic.proboards.com <----go there now,----> tyrannysentinel.blogspot.com)
[ Post Reply | Private Reply | To 22 | View Replies]

To: givemELL

Ding, ding, ding, we have a winner.


26 posted on 06/19/2009 5:46:53 PM PDT by khnyny ("The demagogue is one who preaches doctrines he knows to be untrue to men he knows to be idiots.")
[ Post Reply | Private Reply | To 24 | View Replies]

To: GeronL

ROFLOL, is your tin foil hat on two tight!!


27 posted on 06/19/2009 5:49:41 PM PDT by org.whodat
[ Post Reply | Private Reply | To 25 | View Replies]

To: Nachum
"We did not contribute to the current financial collapse."

Obama: "Exactly why we need you gone."

28 posted on 06/19/2009 5:50:49 PM PDT by 1010RD (First Do No Harm)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum

He might as well. He’s eliminated industry, so they are kind of pointless at this juncture.


29 posted on 06/19/2009 5:52:15 PM PDT by Brilliant
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum

Utah is regarded as a Republican state. Hussein is the personification of Chicago politics. QED. Look at what happened to Republicans with Chrysler dealerships.It is just SOP in Chicago. The whole country is being run that way now.


30 posted on 06/19/2009 5:54:13 PM PDT by arthurus (ACORN + Amnesty = Venezuelan Democracy in the USSSA)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Nachum
The reason the depression became the Great Depression wasn't due to market forces, but do to uncertainty imposed by nearly daily changes in government policy and procedure.

No one could plan or invest. Nothing was safe.

Anyone note similarities in Obama’s planning to date?

31 posted on 06/19/2009 5:56:12 PM PDT by 1010RD (First Do No Harm)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Extremely Extreme Extremist

Neither do I...this is the 1st time I have ever heard of the phrase.


32 posted on 06/19/2009 5:58:46 PM PDT by ChrisInAR (The Tenth Amendment is still the Supreme Law of the Land, folks -- start enforcing it for a CHANGE!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Constitutional Patriot

Not only that, but remember that Utah is a heavy GOP state....could that have anything to do w/ it?


33 posted on 06/19/2009 6:02:06 PM PDT by ChrisInAR (The Tenth Amendment is still the Supreme Law of the Land, folks -- start enforcing it for a CHANGE!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Nachum
"Industrial banks are the safest and soundest financial institutions in the country," Louise Kelly, chief executive of EnerBank, said in a statement issued by the Utah Association of Financial Services. "We did not contribute to the current financial collapse."

Which is why Obama needs them gone. He can't take over banks that don't fail.

34 posted on 06/19/2009 7:45:11 PM PDT by CharlesWayneCT
[ Post Reply | Private Reply | To 1 | View Replies]

To: ChrisInAR
Not only that, but remember that Utah is a heavy GOP state....could that have anything to do w/ it?

Bill Clinton got his revenge against the citizens of Utah by creating Grande Escaldrill National Monument. Locking up one of the two best locations in the world of coal. This "creation" was also a political payoff to James Ridoty who owned the other coal location in Indonesia.

Why did Clinton want revenge? Voters in EVERY county in Utah voted against him in 1992.

Why would 0bama want revenge? Voters in Utah voted against him 2 to 1 in 2008.

Clinton and 0bama from two different parts of the US, but the same type lowlifes.

35 posted on 06/19/2009 9:23:19 PM PDT by TYVets
[ Post Reply | Private Reply | To 33 | View Replies]

To: greyfoxx39

Clean up the tagline.


36 posted on 06/20/2009 3:51:04 PM PDT by greyfoxx39 (Is there a law that circumvents the use of the launch codes in the event of a CIC (coward in chief)
[ Post Reply | Private Reply | To 13 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-36 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson