Obama tries to screw up banking next

[Soggy in NOLA]

they're going to oppose the Democrats trying to regulate the banking system.

Taxing the banking industry is not regulating the banking industry. Even an asshat such as yourself should be able to get that. More Obama "fuck the big guy" feel-good bullshit.

 

[Soggy in NOLA]

Face it.. your Lord and Saviour is a COLLOSSAL FAILURE. Things have only gotten worse, and are getting even worse yet. You poor dummies.

 

[Soggy in NOLA]

An Obama speach summarized....

"I, me, mine"

 

[saveliberty]

Hey, cockhuggie.... why did the banks have all those bad mortgages in the first place? Can you say Bawny Fwank, Cwis Dod, Maxine Waters, Clinton, etc.????

You are the fucking idiot.

Right, first the wingnuts try to blame the Democrats for not regulating the banking system enough,

now they're going to oppose the Democrats trying to regulate the banking system.

How transparent can you people get?

jeezus

"first the wingnuts try to blame the Democrats for not regulating the banking system enough"

Specifically, the Democrats CREATED a system that produced loans to people who could not afford to pay the loans. Then they allowed the banks to cover the Democrats error through the use of drivatives. It should have been obvious how that would all end.

The large mergers that occurred were approved by the Federal Reserve. So too big to fail, was a government allowed problem. Taxing businesses that have paid back their loans and even those who didn't borrow to begin with is wrong.

What Obama is attempting is what most bullies do. Pick on people that they feel can't defend themselves or those who are not well thought of. In this case, it requires the voters to be ignorant of the fact we pay for all these taxes and foolish plans imposed on banks. Once again, Democrats consider the public stupid.

 

[HUGGY]

Hey, cockhuggie.... why did the banks have all those bad mortgages in the first place? Can you say Bawny Fwank, Cwis Dod, Maxine Waters, Clinton, etc.????

You are the fucking idiot.

Right, first the wingnuts try to blame the Democrats for not regulating the banking system enough,

now they're going to oppose the Democrats trying to regulate the banking system.

How transparent can you people get?

jeezus

"first the wingnuts try to blame the Democrats for not regulating the banking system enough"

Specifically, the Democrats CREATED a system that produced loans to people who could not afford to pay the loans. Then they allowed the banks to cover the Democrats error through the use of drivatives. It should have been obvious how that would all end.

The large mergers that occurred were approved by the Federal Reserve. So too big to fail, was a government allowed problem. Taxing businesses that have paid back their loans and even those who didn't borrow to begin with is wrong.

What Obama is attempting is what most bullies do. Pick on people that they feel can't defend themselves or those who are not well thought of. In this case, it requires the voters to be ignorant of the fact we pay for all these taxes and foolish plans imposed on banks. Once again, Democrats consider the public stupid.

You have the memory retention of a fruit fly. What measures did Bush or anyone in his administration invoke to head off the financial collapse? Is it possible for you to think for yourself? I doubt it. You are just a moronic partisan hack that blames people that were not even there at the time for the failures and crimes of those that drove us into the ditch.

You obiously do not give rat shit about our country. All you want to do is see Obama and thereby us fail so your petty ignorance can be justified in some perverse sick way. I would say shame on you but I don't think a sociopathic fuck as youself is capable of feeling any.

 

[Vel]

The president is frustrated these banks are not lending money anyway interest rates can be at 1 percent it don't matter.
I never seen so many homeless people in my life in this country.
Forget the IRA if these banks don't start doing there job you will see more and more people collection food stamps and living in tents.
when the banks don't lend to small American business more people become unemployed then at some point in time their unemployment runs out and then the bank takes their house and their homeless.
I Stand behind Obama 100 percent on the banks.
my favorite part of his speech today!
“We should no longer allow banks to stray too far from their central mission of serving their customers,” Obama told reporters, flanked by his top economic advisers and lawmakers.

“If these folks want a fight, it’s a fight I’m ready to have,” he said.

here is the link Obama talking tough with banks - thestar.com

What you don't see to understand is that small businesses are NOT clamoring for loans right now. Given high gas prices..the looming threats of government healthcare, cap and tax, and multiple other taxes businesses are NOT pursuing growth or taking on new employees.

What an imagination. Gas prices? Surely you jest. Why then were they all still in business in the summer of 07 when gas prices hit $4.00 a gallon?

Good grief Maggie. Every time I start to think that maybe you're NOT an idiot, you prove me wrong. If you can't see the correlation between high energy prices and slowdowns in economic activity then you are simply beyond teaching. Right now, small businesses are tending to hunker down and hold what they've got while the economic climate is so unstable. If you'll go back and check, you'll find that businesses were, by and large, not taking on new employees or new debt when gas prices were $4.00 per gallon.

 

[MaggieMae]

You don't limit profits in a free market economy.

When has Obama ever acknowledged that we have a free market economy??

This is typical of Democrats. Banks are making good money at a time when many workers are out of work. The Democrats' solution is to tax the banks so their workers will be out of work too.
Some people have "cadillac" health care plans. The Democrats' solution is to tax them to make sure no one has such a health plan.
Republicans admire success. Democrats envy it.

So who did the banks come crying to when they went broke? You don't see the anomaly in your statement "banks are making good money at a time when many workers are out of work"???? That simply begs the question: Where are the banks getting their money from, then? It sure as hell isn't trickling up anymore, and certainly not from 401K's anymore. They've already cleaned those out. Why are they refusing to loosen up credit so others can be just as "successful" and in turn THEY (the banks) would be more successful???

You people are so misguided on this it's pathetic.

 

[CMike]

This was part of McCain's letter in 2006

McCain's letter -- signed by nineteen other senators -- said that it was "...vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]...operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either...should fail."

 

[MaggieMae]

Rabbi I agree I want all businesses to make as much profit as possible.

There is no benefit for anyone for businesses to make less profit.

CMike, to Democrats, profits are prima facie evidence of wrongdoing and exploitation. They see the economy as a zero sum game: if someone is making money it can only be at the expense of someone else. S o the money is ill-gotten by definition.

The scary thing is they actually believe this. They fail to see that profits fuel growth, hiring, R&D and overall prosperity. To Dums, it is just evidence that someone is getting screwed. The truth is of course the opposite.

Another ignorant statement.

Here a Fee, There a Fee, Everywhere a Fee Fee. ​

 

[MaggieMae]

I believe he already has screwed up banking. Take a closer look and i bet you'll agree.

No, it's time YOU took a closer look. I've already posted this once and none of you big bank lovers responded (surprise surprise). Elizabeth Warren explains in just under 10 minutes in language even a 12-year old would understand.

msnbc.com Video Player

 

[CMike]

Here is a link where they have the actual text of McCain's letter in 2006 warning about what will happen with Fannie and Freddie.

McCain Letter Demanded 2006 Action on Fannie and Freddie. What did Obama do? :: Political News and commentaries :: Hyscience

Here's what John McCain said on 25 May 2005, speaking to the Senate:

Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac-known as Government-sponsored entities or GSEs-and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

 

[Maple]

The best thing he can do for this country is take a permanent vacation.

It's almost impossible to get credit now, guess Obama is going to keep it that way.

What a schmuck.

Stocks slide as Obama calls for tougher bank rules - Road Runner

Stocks slide as Obama calls for tougher bank rules
Published - Jan 21 2010 04:54PM EST

By STEPHEN BERNARD and TIM PARADIS - AP Business Writers



NEW YORK— The stock market stumbled Thursday as President Barack Obama proposed an overhaul of the nation's banking system that could limit financial companies' ability to make huge profits on trading.

And it stumbled again today the Dow down 230 points. He lacks economic sense, he is a clueless fool.


Words of wisdom. Author unknown.

“The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him with the presidency. It will be easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails us. Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince. The republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools such as those who made him their president.”

 

[MaggieMae]

People have been saying for a long time that Obama is trying to kill the country and I have just dismissed it as unreasonable hard core conservatives but I am starting to come around to this view point... There can really only be 2 conclusions from this...

1. He is intentionally trying to lead us into a depression

2. He is just a dumbass with no business sense.

Either one is dangerous for this country...

The only good thing to come of it is the huge Conservative movement you are seeing today...

Do you take all of us for fools? What a fucking liar you are. You have never posted a single thing that didn't completely and dishonestly denigrate Barack Obama.

I couldn't care less that you hate Obama. You're part of a huge club. But to come here and imply that you're just now coming 'round to that makes me wonder when the white coats will come to take you back to your padded cell.

 

[Maple]

Here is a link where they have the actual text of McCain's letter in 2006 warning about what will happen with Fannie and Freddie.

McCain Letter Demanded 2006 Action on Fannie and Freddie. What did Obama do? :: Political News and commentaries :: Hyscience

Here's what John McCain said on 25 May 2005, speaking to the Senate:

Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac-known as Government-sponsored entities or GSEs-and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Bush warned several times too. Barney Frank and his co-horts didn't listen.

 

[MaggieMae]

Hey, cockhuggie.... why did the banks have all those bad mortgages in the first place? Can you say Bawny Fwank, Cwis Dod, Maxine Waters, Clinton, etc.????

You are the fucking idiot.

Willow's relative, I presume. Dumb as a box of rocks Elmer Fudd.

 

[Maple]

People have been saying for a long time that Obama is trying to kill the country and I have just dismissed it as unreasonable hard core conservatives but I am starting to come around to this view point... There can really only be 2 conclusions from this...

1. He is intentionally trying to lead us into a depression

2. He is just a dumbass with no business sense.


Either one is dangerous for this country...

The only good thing to come of it is the huge Conservative movement you are seeing today...

I will go for number 2 - he is a dumbass. No business sense what-so-ever.

 

[MaggieMae]

It's a TAX lamebrain. That's all it is... wake the fuck up.

Call it whatever you want. Now slither on back to your pond, scum.

 

[Maple]

I believe he already has screwed up banking. Take a closer look and i bet you'll agree.

No, it's time YOU took a closer look. I've already posted this once and none of you big bank lovers responded (surprise surprise). Elizabeth Warren explains in just under 10 minutes in language even a 12-year old would understand.

msnbc.com Video Player

Anything you post from the DUMB DOWN AMERICA CHANNEL, MSNBC is not going to be heeded. They are far leftist loons and so are their guests.

 

[RodISHI]

Mega banks are doing OK. Unless they are GSE's, such as Fannie and Freddie. But he's not talking about them, does he? Has he mentioned Federal Reserve as one of those "big banks"?

Fannie & Freddie were always an arm of government lending anyway. They collected and put the money back in the same organization, operating the same way as FHA. The Federal Reserve is a whole different institution.

Government planned, controlled and isntructed risky lending... And who is paying for that landing now? Did Obama cut their bonuses?

Federal Reserve is a private banking institution. How different are they from the others?

The banks take federal guarantees yet they think that the federal legislators cannot regulate them?

 

[Nonelitist]

As fare as the banks go I agree with Obama 100 percent
some of these banks are way to big.


Just what we need... an America hating, socialist loving malcontent telling banks how big they should be.