The President Rages Against the Banking Machine

Three cheers for Obama.
We need to get rid of all the corrupt Congressmen in DC. And we need to raise the tax rate of the richest people in this country to provide jobs for the non-rich

Is this double speak or is he fuming mad for real?
Huh | Dec 14, 2009 1:05:31 PM
Actions speak. For example, check out how the banking regulation crack down fared in the House. If it makes it through the Senate (where banks have bought more than just the entire Republican party), whether Obama signs it or not is a real indication of his attitude towards the ‘fat cats.’

Pres. Obama needs to go back to the Carter administration and up to Barney Frank to address his anger issues regarding the financial regulatory control.
It was the democrats who insisted that banks give out loans to people who absolutely did not meet their strict guidelines. These guidelines proved correct up to this very point. When abandoned, the banks started to fail.
It was Barney Frank who created the Fannie Mae and Freddie Mac fiasco. He failed to do his job in REGULATING these institutions.
Shouldn’t Pres. Obama address his anger first at the very ones who got us into this mess to begin with?
These banks are quickly paying back the TARP money because they don’t want to be tied with the government’s rules.
They are not giving out the loans to regular people because they are desperate to give the money back.
They are not making money; they are just giving it back.
How would they make money? No loans are being given out; investments are down the tubes.
Sometimes the truth hurts, but Pres. Obama needs to address where all of this started.
(p.s. I have no doubt that the bankers are greedy. The big shots should never get more than what they deserve. If the banks are not making money, then you get nothing.)

“It was the democrats who insisted that banks give out loans to people who absolutely did not meet their strict guidelines. ”
And yet in documented reality, 24 of the top 25 originators of sub prime loans were subject to no such government regulations. I guess that one out of 24 caused it all, Right?

jhw539 – It used to be banks regulated loans. They checked credit worthiness and the ability to pay back the loan with whom they were dealing with. Banks should be the regulators, not some new silly corrupt government agency. Since Fannie, Freddie, FHA, and other government created entities have guaranteed loans, taking the risk out of the equation, we have been building a bubble disaster. Quite frankly bad regulations on the free market led to this collapse.

It used to be banks regulated loans. They checked credit worthiness and the ability to pay back the loan with whom they were dealing with. Banks should be the regulators, not some new silly corrupt government agency.
Huh | Dec 14, 2009 1:52:26 PM
Wow, even Alan Greenspan has now abandoned that idea and admitted it has been entirely disproven by reality. Banks are run by people who are more than happy to grant bad loans to grab a $50 million bonus before it hits the fan. What do you propose to restore some balance – more of the same? Gee, sure that’ll work this time.
Have you paid any attention at all to the recent troubles? It is a classic big lie to claim they were caused by government regulation where it is quite clearly documented that the largest offenders were not subject to those regulations.

I still think they ought to publish the names of the fat cats who received those gigantic bonuses. They deserve to be in the news just like Tiger Woods…Almost like winning the lottery, they ought to be famous for getting huge undeserved bonuses.

Wells Fargo is the FIRST Bank that should be looked at! They have done the most unethical things to the public! And they are the ones who haven’t paid back their loans as of this date. They deserve everything that’s coming to them!

All I know is that instead of spreading the wealth and making loans and refinancing mortgages like they were supposed to, banks socked the money away and earned interest for themselves. Now they’re paying it back so they can continue their thieving, corrupt policies like they did before? What don’t they get about what Obama asked them to do?? Maybe the NA could give free semi-automatic handguns and a no penalty clause to some of the millions of people who lost their homes and jobs.

WELL, PEOPLE IN GENERAL, NEED BE CIVIL AT WHAT THEY DO AND FAT CATS OR NOT, WELL..ANY GOOD WILL PERSON’S SHARE[BANKERS, ETC.] NEEDS TO BE PUT TO GOOD USE! I’M SURE THERE IS MORE BUCKS OUT THERE THAN YOU KNOW WHAT TO DO WITH[BANKERS??.....]!

ddg. Once again you’re spreading too much B.S. around. The principal author of the legislation to kill regulation entirely was none other than Phil Gramms, the former Republican senator from Texas, who is now, I believe, employed by a Swiss Bank, where no doubt the fat cats Obama mentions put their money on which they fail to pay taxes so the rest of us can make up the difference.
The same Gramms authored the bill at the end of the session and attached it to a budget bill in 1999 that the parties had, as usual, wrangled about for months. He introduced it when few other people in Congress were present and couched it in such gobbly gook that very few understood it. It was pushed through and, yes, Clinton should not have signed it but he certainly was not the author or instigator for this COMPLETE deregulation that allowed sub-prime mortgages and the entirely clandestine credit default swaps.
Also, please be fair and recall it was Bush and his Treasury Secretary Hank Paulson that begged on knees to pass the 700 billion dollar TARP that would save these banks and keep us out of a depression. For a Republican to try pass the buck on deregulation is a charade at the best because Republicans since Hoover have pressed for less and less regulation, and the saintly Ronald Reagan was obsessed with freeing business from any rules whatsoever. Well, Gramms got it done and we’re all paying for it now.

Huh. Making banks regulate themselves is a simple-minded way of saying let’s allow the fox to guard the hen house. There WERE regulators in the banks and they did NOTHING about crooked loan practices such as credit default swaps. Your argument is very much like saying we should let the criminals in the prison out every day on their honor to be good and come back at night. LOL Unmitigated GREED is what motivates these FAT CATS. Isn’t that obvious enough for you yet?

We are since last year with a continually information about foreclosure. The people speak about millions people losing their homes. Million people and self the government is pledging the banks to be more sensitive with these people. But nothing changes. Banks receiving billion of dollars from the government to save their investment or better says business. Nothing changes to the home owner. And following like a horror movie home-owner losing their home. A bank can have help in milliard but a family no.
From the beginning, our new president shows a lot of banks and insurance dirty business. How they gifting their member with millions of dollars. Gifts of milliard of dollars. However, the American folk lost their homes because their bank increasing their interest or APR. So terrible that they cannot pay any more, or they must die of hunger. We are living in a new famine.
What I do not understand is that these banks are declaring self in foreclosure and the government creating a fund to help them with milliard of dollars. Like we see we are reprinting the problem searching a help or try to be clear about why the bank receiving milliard for help and families have not these help? However, these banks are buying other banks with this help money! Why?
Here it is not to understand like a bank works. All is winning. However, we have to do with not few people but with millions of them and with the same problem. Their investment is losing because the bank increasing their APR so high that they cannot pay their monthly obligations. Well, someone is doing a wrong movement. For the home owner, I believe they are honest people. Nobody will be interested to steal bank money. They are honest as they sign their contract with a bank. They have a monthly quantity to pay. Increase can be waiting but we are talking about increasing that is around a normal and honest value, but not 100%. Self 50% is burglary. However, nobody has money to sue a bank. They have the best lawyers who are receiving also millions to protect the bank and preparing to destroy who is not with the capacity to pay what they say is legal.
Is legal to destroy a home or is legal to destroy a family?
I am convincing that all this history is really an extreme covered dirty situation created from some blood sucker. I am convincing that the government can do more against this abuse. Who will be prepared to fight against the most dangerous group of American business? 90% of the senator belongs to these people or are advisers. Then how can we help a home owner?
A Home is more that any object this world. It is all, means all, indicate all, and represent all. Home and a coffin have the same value. It is not a car or a pizza pie. It is the life, honor, civilization, church, moral.
Mister President please stops the foreclosure. You can do it. We are losing our job. We are losing our salary. We are losing our healthcare insurance. And we are losing the faith in the human feeling. Stop this situation and give us the faith that we are human being and we are among million people with feeling. God helps our president to find the power to stop this human aberration. “The home foreclosure”

BS can be pitched from both sides of the fence, apparently.
I did say Bush was to blame as well, didn’t I? Read it again, IGOR.
Start with Carter’s administration. The downfall began there and continued up to the present.
Don’t forget the little side shows that added to the mix: i.e. Barney Frank’s mess, to ACORN, to people flipping houses and making the market sky-rocket, to forcing banks to give out loans to people who could not afford it, to the greedy bankers, to the American people themselves who lived like there was no tomorrow.
I also particularly enjoy when people say that ALL bankers are Republicans.
If that were the case, why did many contribute heavily to Obama’s campaign?
Come on, Igor (or whoever), pitch the BS there, why don’t you?
You can ignore this if you wish; it really doesn’t matter.
My point is this: There’s plenty of blame to go around on all sides.
I stated this before. So, where’s the BS when I say this once AGAIN?

This is Pres Obama’s point and my point exactly. The banks had too much control and they weren’t helping ANYONE BUT THEMSELVES. I experienced it personally with Wells Fargo and it wasn’t pretty. They really treated me unfairly and did some extremely unethical things to my account when I tried to refinance through them. Wells Fargo needs to go through some layoffs and some foreclosures on THEIR HOMES and see how it feels and the layoffs should start from the TOP RIGHT ON DOWN. On the news it stated that they had to sell some stock to pay back the loans…so sad…right? I don’t feel sorry for them one bit, not after the unethical things they have done to me, my friends and neighbors’ accounts. I guess they didn’t get enough “Late Fees” from people on their accounts, right? Why don’t they lay off some of their workers who have done unethical things to our accounts? Have they thought about doing that?