Summers to Bankers: ‘They’ve Got Obligations’

I do not know why you’re even talking to Summers and this is probably exactly why I won’t be watching GMA.

What Obama going to tell them to lend money to all those people thst dont have jobs and no way to pay back the loan if they make it, thats how we go in the problem in the first place loaning money to people who couldnt possibly pay the dept. Beside the fact that Obamas Czar cut their sallaries. Thats how you make friends and influance people.

“no question that there is a still a deprivation of credit in this country for small businesses.” But we were promised that only government can solve that by its interference with market forces. So why not let the banks print their own money so the can sumulate the fantastic solutions government uses? What an absurd government we have.

I work at a small community bank, the kind of bank that small businesses depend upon, and that the government has basically crippled. They have done nothing for us. They have identified those banks they deem too big to fail, and they have made them bigger. That is it. And Larry Summers knows it! He is a political hack.

“We were there for them. And the banks need to do everything they can to be sure they’re there for customers across this country.”
Unfortunately banks strongly disagree.
banks will do what is in the best interests of their shareholders period, the consumer be damned. How is Obamas loan modification program going?? (what a joke) Obama program,has been a dismal failure, banks don’t see helping their
customers as profitable.

It’s a shame that the previous administration ever bailed out these Banks and Insurance companies with their Billions in bonuses. But they had a lot of acquiesence from the likes of Barney Frank and Chris Dodd. I don’t know why a mortgage loan shouldn’t stand on it’s own without having the government guarantee. This character Larry Summers is astonishingly shallow and in way over his head. It is time to listen to Ron Paul and get rid of the cronyism.

Posted by: Konak | Dec 13, 2009 12:37:19 PM “Why would banks listen to Obama at this point?? they have already been bailed out, A little thoughful deliberate, planning, due diligence BEFORE TARP, would have been nice on the part of the current admin” Well firstly you should get your facts strait. Let me ask you a question how could the current admin plan anything BEFORE TARP when TARP was put in affect and voted on BEFORE Obama took office?? Are you really as stupid as you sound that you dont know that the TARP was a product of the Bush admin. Obama was still a senator when tarp was being voted on idiot.

Thomas Said: “Try this on for size. The Community Fairness Act passed during the Carter Aministration got teeth during the Clinton years and Bush ignored it.”
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LOL ………… “more” right-whiner rhetoric. It’s already been proven that of all the mortgages that defaulted a very small percentage (something like 8%) were CRA loans. Try these Republican laws out instead… Financial Services Modernization Act of 1999, which repealed all regulation of investment banks and the Commodity Services Modernization Act of 2000, which created this fake insurance instruments called “credit default swaps”, which did not properly insure security mortgages… both laws pushed during a period when we had a republican congress.

Mike Said: “Let me ask you a question how could the current admin plan anything BEFORE TARP when TARP was put in affect and voted on BEFORE Obama took office?? Are you really as stupid as you sound that you dont know that the TARP was a product of the Bush admin.”
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Mike… LOL… you really don’t expect any right-whiner to understand that, do you? I mean, these are the same people as that “birther” group that believes the President is not a U.S. citizen (LOL)… and you’re expecting them to be able to understand that TARP was a law put into place by G.W. Bush? You’re really expecting miracle de-brainwashing from some of the posters.

Let’s see, the banks got into trouble by lending money to people who could not pay. Freddie Mac and Fannie Mae was told by Congress to lend more to less credit worthy folsk.
Fannie and Freddie foldes as did a number of other banks. Is the president being irresonsible by telling them to lend more!
He should look at his own actions and policies as to how they are hurting the vigor and long term optimism of America’s small business people and entrepreneurs. Who wants to leverage up more and take on more debt with so much uncertian taxes, regulations and the rest of the job killing democratic programs.

Obama says “Do as I say, not as I do!!”
Gee, moron, how ’bout LEADING BY EXAMPLE?!!!!

Responsibility? What about Congress Mr. President? You seem to be running interference.

When Bush and cheney gave the bankers the money 5 times in 2008, it was to boost the economy and jobs. It was to give to businesses to get us out of the recession. BUt instead the Bankers held on to the tax payers money, investing in nothing.
When Obama gave the rest of the promised money from Bush and cheney it was for the same purpose. Yet the bankers still held back and have not invested in business and jobs.
The same banks and financial corporations that got us into this economic fiascal are the same ones holding onto tax payers money. Time to call them on it and put them in jail.

Government leaders calling the bankers
fat cats who don’t get it. Try looking
in the mirror. Thats what I call the
kettle calling the pot black.

Contrary to the media hype of a “new” financial order, the recent financial crisis created by the Federal Reserve keeps the “old” financial order in power that has governed since the reign of Abraham Lincoln (1861-1865).
In two years the “old” financial order has bankrupt, bought, or gained control of much of their banking competition, which they label by their media as “the shadow banking system”.
It should be no surprise that the largest monopoly banks left in power are Citibank, J.P. Morgan Chase, Wells Fargo, Bank of America, Morgan Stanley and Goldman Sachs.
All, except Bank of America, are part of the “old” financial order and mushroomed into power about 150 years ago during and after Lincoln’s Tax War, which Lincoln said he started solely to collect his new 40% import tax from Southerners under the Morrill Tariff Act of 1861.
With the passage of his National Bank Act of 1863, Abraham Lincoln, a puppet of Northern banks and industries, re-established Alexander Hamilton’s Centralist banking system in the United States, which set the foundation for the present day Federal Reserve System.
Under his First Legal Tender Act of 1862, Lincoln printed worthless paper money displaying images of Alexander Hamilton and Lincoln’s Treasury Secretary Salmon P. Chase (as in Chase Bank), which ultimately destroyed State banking.
Today, using their own created banking club, i.e. the Federal Reserve, these same monopoly banks, have so far crushed the likes of Lehman Brothers, Country Wide Financial, Bear Stearns, AIG, Merrill Lynch, Washington Mutual, CIT and have even gained control of Bank of America, whose leadership was not part of the “old” financial order that governs the United States.
This “old” financial order is founded on the principles of Alexander Hamilton, designer of the first U.S. Central Bank, who advocated that the public should be governed by an intellectual aristocracy maintained by the enlightened self-interest of the wealthy, rather than a government of the people, by the people and for the people.
Hamilton maintained, “That power that holds the purse-strings absolutely must rule.”
Today, most of the economic advisors to President Obama are Hamiltonians, such as, Robert Rubin, Paul Volker and Lawrence Summers, all previously employed by the “old” financial order and also members of the Hamilton Project think tank.
As these monopoly banks increase their control by eliminating competition, consumers and small businesses will have even more difficulty borrowing money at reasonable rates, because of less competition in lending. Witness their recent destruction of CIT, the largest lender to small businesses.
Consumers and small businesses will have to lick the boots of the few elitist banks of the “old” financial order to obtain a loan.
Right now these monopoly banks are borrowing from the Federal Reserve at 1% and lending to consumers, via credit cards, at up to 30%. Price gouging is always the result of establishing monopolies.
Reminds one of J.P. Morgan’s government contract with Abraham Lincoln, where Morgan bought Federal rifles from the U.S. government for $3.50 and then sold them back to the U.S. Army for $22. J.P. Morgan’s rifles were notorious for blowing off the thumbs of the soldiers.

Obama was still a senator when tarp was being voted on
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Mike, are you really as ignorant of facts as your rant makes you appear?
Then-Senator Obama praised, encouraged, and voted for TARP. He wanted it, he encouraged others to vote for it, AND he voted for TARP himself.

Time to call them on it and put them in jail.
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What would be the charge, Angie? The crime of taking money that was all but thrown at them with no restrictions? The crime of making a profit? The crime of looking out for themselves, their stockholders?
I hope this country is still a nation of laws. Not all that sure anymore, but I hold onto that hope.
You can’t just throw people in jail because you don’t like their business practices….loathsome though those may be.
Anyway, many the banks who took bailouts are paying that money back, with interest, just as fast as they can.

I DO NOT TRUST LARRY SUMMERS.
HE IS A LIAR AND A CROOK HE HAS A BLACK PAST WITH ALAN GREENSPAN!
CHECK IT OUT ON FRONT LINE PBS!

Bankers with “obligations”? This guy is in Wonderland.

You sound like Bonnie and Clyde-hey, go easy on them bankers.Not enough cells to put them all in .Need money to build a special jail for them.They like traveling, send them overseas like Kabul or Baghdad.

“Obligations”! So does the White House and Congress!