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 ...
FUH-Q-OBAMA
Let me guess. These banks are too healthy and we need a crisis.
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?
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.
Ding, ding, ding, we have a winner.
ROFLOL, is your tin foil hat on two tight!!
Obama: "Exactly why we need you gone."
He might as well. He’s eliminated industry, so they are kind of pointless at this juncture.
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.
No one could plan or invest. Nothing was safe.
Anyone note similarities in Obama’s planning to date?
Neither do I...this is the 1st time I have ever heard of the phrase.
Not only that, but remember that Utah is a heavy GOP state....could that have anything to do w/ it?
Which is why Obama needs them gone. He can't take over banks that don't fail.
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.
Clean up the tagline.
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