Posted on 12/14/2009 9:55:38 AM PST by SeekAndFind
President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.
President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.
The president set the tone for the meeting in an interview broadcast the night before in which he called Wall Street bankers "fat cats" whom he has little obligation to help. In response, the bankers plan to tell the president to stop oversimplifying their concerns.
But the president is expected to argue that because Wall Street has already received significant aid from the federal government via the $700 billion bailout package passed last year, it in turn has an obligation to help jump-start the rest of the economy -- by boosting lending to small businesses and getting on board with a sweeping financial regulatory reform package.
"What the president's going to say to the bankers is, you guys were part of the problem, you helped create an economic crisis here that cost 7 million Americans their jobs and now you have to be part of the solution," White House senior adviser David Axelrod said on ABC's "Good Morning America."
Axelrod said the industry has to "accelerate lending to credible small businesses" and suggested Congress would take harsh action against the sector if it does not.
"People are not going to tolerate a situation where the bankers have a party, they pick up the tab and then the bankers pay themselves huge bonuses and they're not lending," Axelrod said,
(Excerpt) Read more at foxnews.com ...
It is definitely a plus in that regard people are furious. When they figure out hopefully this is all just a hoax his fat cat banker talk coupled with socialist health care, cap and TAX I think it will also sway the independents and any libertarians who might have voted dirty too.
Americans Are Furious at Wall Street
A new Bloomberg National Poll shows them angry at banks and brokersand furious about bonuses
http://www.businessweek.com/magazine/content/09_51/b4160000035262.htm
He knows this hence the spin.
I used to work in software development. The management decided that they wanted to "improve our processes" via ISO-9000X standards. We tried to explain to them that you can't fix bad employees by writing new processes that try to change how bad employees do things.
Similarly, I don't think new regulations will help much while we have bad government people in charge.
LOL!!
It looks like the recovery is scaring the socialists, where they haven't taken over all the things they want to control, and the private sector is rallying against it.
Corporate version of the Community Reinvestment Act. The USG is now a criminal enterprise.
Almost two decades later and real requirements and software processes have been developed.
Agree we had regulations except for Glass-Steagull they just were not enforced. I am not one for regulations anyway but I must say had they left Glass-Steagull intact this crisis could never have reached this level of severity.
But more importantly all regulations aside was the fact we bailed them out. That is not true capitalism they privatized the profits and socialized the losses. Because of that I feel no sympathy for the banks and besides I have all the data showing how much they donated to obama and the democrats and to groups like Acorn and they are supporting cap and trade.
The truth is the TBTF (too big to fail) are just gobbling up the littler banks and decreasing competition on top of it all and you know who will pay for that later us. Obamas favorite banker said so.
http://www.freerepublic.com/focus/f-news/2405651/posts
Worth repeating. One policy decision pushed by the last administration to create a short term housing boom, long term disaster was : ‘No down payment requirement’.
“Idiots. The regulators bang the banks for making high risk loans...then the “administration” bangs the banks for not making enough loans, which, in the economic environment created by the “administration” are inherently high risk.”
Something like that. Microsoft adopted ISO9000X so they could sell their stuff in Europe, so everybody else who wanted to sell stuff in Europe got ISO9000X certification. One guy in our area wrote a play in which he had a 6-foot stack of paper. He measured it with a tape measure to see if it would conform to ISO9000X "Let's see if your documentation measures up." Surprisingly, the big bosses let him perform the play at company meetings.
Behold America’s Hope and Change Dictator and his Gestapo with Pelosi and Reid as lead henchmen.
More sub prime, ARMs will now be given away so that the “poh” can have their mansions for a few months to a year.
Derivative paper anyone?
These bastards in fannie and Freddie and HUd are doing the same thing now that caused the recession.
They should be lined up and summarily executed.
LEAVE THE BANKS ALONE!!!!!!!!!
“Similarly, I don’t think new regulations will help much while we have bad government people in charge. “
Obama and his gay men could screw up a free winning lottery ticket.
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