Geithner Has Concerns About President’s Proposed New Bank Rules

Government controlled banks which will severely restricted in their ability to turn a profit. Nice, Obama.

Re: “A bank tax? Bank tax?”
How else is he going to get the banksters to pay back the TARP money? He needs to fire Geithner and Summers. Get those wall St hacks out of the White House. We need to bring back Glass Steagall.
Mobe your money to a credit union and you will pay little or no fees.

Haven’t most of the banks paid back TARP money (with interest)?
Here’s who hasn’t paid back bailouts:
- Fannie and Freddie
- GM and Chrysler
- AIG
Don’t hear much about these entities…much more politically expedient to level populist rants at “fat cat” bankers…
Posted by: tjp612 |
Yes tjp, you are correct but don’t give the banks a pass. This isn’t about the new TARPish fee (that won’t get out of congress, btw). It’s about ending the commingling of commercial and investment banking into one US gov’t backstopped, too-big-to-fail, morally hazardous entity that benefits the fattest of the fat (and their political lackeys) and rewards unlimited risk-taking at the expense of the rest of us.

Obamacrat for Palin, it’s nice to see that at least one of the obamazombies was able to wake up from the nightmare that was obama’s lie of a campaign. As an economist, what I can tell you all is that people will not leave these big banks and simply go somewhere else. The account types that these big banks hold are not your grandmothers savings accounts. These Banks such as BoA, are the banks that have people contracted into outrageous interest rates on loans and credit lines. It’s not an issue of closing a checking account or a cd and going down the street. Those accounts make up a very small percentage of big bank business. Most business by these banks is in the form of hedge funds and money management.
The bottom line is that obama promised change and hope for “main street america” when it is main street that lacks the understanding of how the real world is run behind the scenes.
Obama CAN’T change big banks because big banks dictate the operation of america and even other countries that really on it.
Maybe obama should stick to what he’s good at and go back to Hawaii whilst STILL making innuendos about all of Bush’s vacationing.

Government controlled banks which will severely restricted in their ability to turn a profit.
ConservativeWoman | Jan 21, 2010 6:31:56 PM
How is taxing the largest banks making them government controlled? Surely you can blame Obama for something he is actually proposing and don’t have to make up some absurd accusation and try to lie it off as fact.

JHW, Goldman was one of the many companies AIG had to “make whole”-Over $12 Billion was funneled to them through AIG’s bailout, the most of any other company AIG owed money to. Regardless, after today..between and Geithner and Voelker, Frank and Obama..I feel like we’re stuck in a Miami Vice episode in the “good cop” “bad cop” scene. Business hates uncertainty…oh well, too bad.

Why not just bring back Glass Steagall? The “last 8 years” whiners forget that the repeal of the Glass Steagall Act by Bill Clinton in 1999 was the deregulation that had much to do with banks getting as big an vulnerable as they did.

How about this:
“A government big enough to give you everything is big enough to take it away”.
– Thomas Jefferson

The manchild has given the American populace a great look at the fraud that is liberalism and they are roundly rejecting it.
The human wrecking ball has already caused a lot of damage, and it will take a long time to recover, but America is not about “spreading the wealth around” and the people know it. This bodes very well for the long term future of the country.
Air America filed for BK too. LOL. What a week for the libs!

Referendum!! We need to get it on the ballot coming this next election. Let the voters decide if there are to be any more bailouts. We could even have a referendum on the ballot for single payer heath care, term limits on judges, congressman, and senators. Let the people decide!

Barry doesn’t know who Timmy G. really works for.

I think Mr. Geithner hangs around with Mr. Obama too long. Look at the quote here:
“It needs to be done right,” one source close to Geithner told ABC News. “How it gets implemented and how it gets defined is absolutely critical. We don’t want to disrupt the ability of banks to lend”
It sounds exactly like the words out of Mr. Obama’s mouth – all general stuff without any forward thinking or solutions.

This is a bizarre entry. Something is odd.
When have any of Obama’s close circle come out and hinted in any way that they had an issue with one Obama’s gagillion new agenda initiatives?
My guess: Geithner was as blind-sided as the banks that they are suddenly ordered to restructure themselves. Obama sprung this huge change on everyone, in a careening attempt to divert the news chatter away from this week’s humiliations.
Geithner signals Obama is “acting stupidly”, playing with fire for political gain rather than thoughtful policy.
Is Mr. Cool coming unhinged? So soon?
God help us.

First the president wanted to save the big banks, now he wants to dismember them? This guy is just making it up as he goes along.
__________________________________
I’m not sure that’s an accurate depiction. Here’s how the Telegraph describes it.
“(The President) is now proposing the “Volcker Rule” – a separation of banking between its riskier elements (proprietary trading, hedge funds and private equity investments for a bank’s own profit) and more vanilla commercial banking.
“. . . it will end banking’s moral hazard. Risk will be more transparent and borne by the appropriate groups. Shareholders and creditors of financial firms undertaking proprietary trading and the like will now take the profits and bear the losses, rather than just the former with the latter forced on the taxpayer. Capital, and its trading, will become more expensive but that’s no bad thing and is a necessary part of repricing risk, a process that’s far from complete.”

Let the people decide!
Posted by: rightbehind
why stop there, lets let ‘the people’ decide if slavery should be brought back, or whether ‘mixed’ marriages should be legal, maybe if we are the over used cliche ‘christian nation’ we should only have a christian religion,.. lets let ‘the people’ decide if the earth is flat and whether science works…
light those torches

does anyone else find it a bit strange that many of the folks who now are making economic decisions for the country were part of the Wall St. companies that needed government assistance to fix their greed and recklessness… and saying that Wall Street shouldn’t be regulated

I wonder if many of you realise how daft most of your comments sound:
If Obama tries to save the banks, he is their hatchet-man. If he tries to regulate them, he is anti-business and socialist. If he does nothing, he is dithering.
You do realise that for most of us non-Americans reading these comments, we then assume it is YOU the plebiscite with the problem. Your loathing of the man is consistent, even when your opinions on policy waver by the Fox hour. Sad.
And btw, I am an Obama neutral observer. I hope he does better, but if @tm or @Steve are ‘mainstream’ American opinion, you deserve Palin as president. And God help the rest of the free World!

Ole Geithner (Goldman Sachs) is holding out for global rule over banking and centralizing the world’s Feds into the IMF. This will come with a global tax on all finanacial transactions made globally to give their new government in the sky a steady stream of income without the need of National approval.
The internationalist idiots are hoping for a a “solution” of global government to emerge from the economic crisis they created. Think twice before joining these fruitcakes in the song “we are the world…” Let’s be ourselves and be free instead.

This talk about global competition being usurpted is pure smoke screen BS.

Geithner is always in “lock-step” with Obama’s liberal plans — why not now? — Is it time that even Obama’s closest advisors and appointees are saying “enough is enough”? — I would hope so, but I doubt it!

he must be an American and sees that Obama is trying to take over the banks so he can control them. Can’t have health care so he may as well make a move on the banks before his speach. Like watching Elmer Fudd hunt the rabbitt

The old good-cop bad-cop routine. Both kiss the feet of the rich, but slick Obama (the traitor to the working class), wants to look so humble and concerned. Too late; fool me twice at his expense only.

Banking privileges of national banks look like the reverse beanstalk that Jack built – right into the pockets of all Americans and most of its businesses.
Is there really a cure for covert moneylaundering if the word is never mentioned?