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I watched the whole thing last night, this is one issue for me at least as an example that stood out- he appears to possess little if any depth of knowledge on topics really, somehow its as if he has absolutely no idea what has been going on in his own Congress and what any of the particulars are vis a vis issues he apparently seems to feels strongly about as he has chose them as planks he will use as he runs for reelection
..its as if it all has happened behind a curtain he has not seen around nor has any knowledge of
and knowing before hand what he was going it be asked doesnt appear to help him either.
He knew he would get bank questions, solyndra questions, but the bank fee question really caught my attention.
Lets remember that the banking system is acting under the rules and regs that have been marching forth from the Dem congress of 09 and 10. What does he think went down here? BofA decided to paint a target on its back by arbitrarily charging 5 bucks for debit card holders? Does he even know whats in any of the bills his congress passed?
The 2009 CARD Act made it more difficult for credit-card issuers to raise rates and charge fees. New Federal Reserve regulations limited overdraft charges. Next up, 2010 Dodd-Frank law, which included a provision authored by Mr.(Dick) Durbin that cut the "swipe fees" that debit-card issuers can charge merchants like Wal-Mart to process transactions.
example-
(Review & Outlook: The Banker Baiters - WSJ.com)
The new rules and laws achieved the democratic goal of pruning banks 'greedy' revenues, and by more than $15 billion per year. What ? You think that they are just going to sit there and watch that money vaporize? How in the heck does he think banks make money? It is not all about mortgages.
He mentions the Consumer Financial Protection Bureau ( as part of Dodd Frank, the bureau Elizabeth Warren started out as Czarina) okay then, as part of Dodd-Frank, President Obama said the government would prevent "hidden penalties and fees" and ensure "clear and concise information." He promised banks that "unless your business model depends on cutting corners or bilking your customers, you've got nothing to fear from reform." Really?
Notice how he cuts Stephanopoulos off and starts in on the galactic what the heck do you mean run ons when George wants to tell him what the banks are saying?
And , hello, Is there anyone who has not heard of the $5 charge? Is there any supercilious paperwork subterfuge involved? Talk about a regulation free simple straight away communication of charge from a bank ( BofA is far from the only ones) who hasn't heard that Bank of America will start charging a $5 monthly fee on debit cards? Is there any easier and simpler method than they have employed that gives the consumer the information they need so as to allow them to consider other payments options etc?
And speaking of;
By lending to small businesses. By lending to consumers ..
This segment is serviced by small and medium sized banks, not by the whales like JP or Citi, ask Frank Keating, president and CEO, American Bankers Association, give it a listen a short segment 10 minutes que it at almost half way thru;
Podcast Tuesday/Wed 1235A (935P Pacific Time): Gov. Frank Keating, president and CEO, American Bankers Association, http://podfuse-dl.andomedia.com/800...igin/pods/WABC/WABC-Batchelor/jbs_090611d.mp3
Briefly;
The old adage about bad facts make bad law is still true. Mortgage banker, nonregulated payday lenders, and the like, are the malfeasants, not the highly-regulated banks. Congress still writing regs; average bank has 37 employees; regs run thousands of pages. Small and medium-sized banks are exhausted, not clear that all of them can continue. A four-branch bank in Texas is giving up its charter because it's been regulated out of business; is converting to an investment bank and will continue to make exactly the same loans it's been making heretofore. If these small banks blow away, the towns cease to exist. The ABA did a study: why is the life-insurance industry, state-regulated, had no complaints, while the banking industry has a current unlimited regulator force: over 21,000 people - three banking regulators per community bank. One of our banks' CEO told me: A retired military doctor and his wife moved to this town, they have $100K in liquid assets and put 25% down to buy a house - and because he was late paying a student loan decades ago, the federal regulators have said that giving him a loan would be unacceptable .etc etc
Anyway, this all just appears to escape him, leaving this , imho as just misleading/ill informed agitprop;
When ABC host George Stephanopoulos asked if the fee could be stopped, Mr. Obama replied, "Well, you can stop it because itif youif you say to the banks, 'You don't have some inherent right just to, you know, get a certain amount of profit if your customers are being mistreated.'
Seriously, that is just meaningless almost random blather watching it is almost embarrassing;
there are 11 videos, it is 3rd from last, no. 9. And yes you have to sit thru a 30 second ad
Watch it here;
VIDEO: Exclusive Interview with President Obama - ABC News
The transcript;
GEORGE STEPHANOPOULOS: You might have a new issue on your plate over the weekend. Bank of America now is doing a $5 service fee for using your debit cards. Drawing-- a lot of outrage, a lot of questions. And basically the questions boil down to what Vikki Manko of Naperville, Illinois asks. "These are the types of things government should get involved in and put a stop to." Can you put a stop to that?
PRESIDENT OBAMA: Well-- what we did was we put a stop through-- The Financial Reform Act of them charging fees-- for credit cards.
GEORGE STEPHANOPOULOS: And the banks are saying--
PRESIDENT OBAMA: And so-- Well-- what-- what the banks are saying is-- that "Rather than take a little bit less of a profit. Rather than paying multimillion dollar bonuses. Let's treat our customers right." And this is exactly why we need this consumer finance-- protection bureau that we set up that is ready to go. And what we need is a confirmation of the person I've appointed, Rich Cordray treasurer of Ohio. Back in Ohio, Republicans and Democrats both think he's terrific and he's fair. But this is exactly why we need somebody who's sole job it is to prevent this kind of stuff from happening.
GEORGE STEPHANOPOULOS: Can you stop this service charge?
PRESIDENT OBAMA: Well, you can stop it because it-- if you-- if you say to the banks, "You don't have some inherent right just to-- you know, get a certain amount of profit. If your customers-- are being mistreated. That you have to treat them fairly and transparently." And-- and my hope is is that you're going to see a bunch of-- the banks, who say to themselves, "You know what? This is actually not good business practice." Banks can make money. They can succeed, the old-fashioned way, by earning it. By lending to small businesses. By lending to consumers. By making sure that-- you know, we are building the economy together. But-- you know, without the kinds of protections that we're starting to see the Republicans try to roll back-- we're going to continue to have these kinds of problems. And this is exactly-- the sort of stuff that folks are frustrated by. This, by the way, is an example of the-- the contrasting visions that we have. If-- if-- if-- the Republican Party believes that we should do nothing to curb abuses on Wall Street and roll back regulations put in place to prevent the next big financial crisis, well, I've got a big difference with them. And I think the American people are going to be on my side on that.
Page 5: Transcript: George Stephanopoulos' ABC News / Yahoo! News Exclusive Interview With President Obama - ABC News
He knew he would get bank questions, solyndra questions, but the bank fee question really caught my attention.
Lets remember that the banking system is acting under the rules and regs that have been marching forth from the Dem congress of 09 and 10. What does he think went down here? BofA decided to paint a target on its back by arbitrarily charging 5 bucks for debit card holders? Does he even know whats in any of the bills his congress passed?
The 2009 CARD Act made it more difficult for credit-card issuers to raise rates and charge fees. New Federal Reserve regulations limited overdraft charges. Next up, 2010 Dodd-Frank law, which included a provision authored by Mr.(Dick) Durbin that cut the "swipe fees" that debit-card issuers can charge merchants like Wal-Mart to process transactions.
example-
(Review & Outlook: The Banker Baiters - WSJ.com)
The new rules and laws achieved the democratic goal of pruning banks 'greedy' revenues, and by more than $15 billion per year. What ? You think that they are just going to sit there and watch that money vaporize? How in the heck does he think banks make money? It is not all about mortgages.
He mentions the Consumer Financial Protection Bureau ( as part of Dodd Frank, the bureau Elizabeth Warren started out as Czarina) okay then, as part of Dodd-Frank, President Obama said the government would prevent "hidden penalties and fees" and ensure "clear and concise information." He promised banks that "unless your business model depends on cutting corners or bilking your customers, you've got nothing to fear from reform." Really?
Notice how he cuts Stephanopoulos off and starts in on the galactic what the heck do you mean run ons when George wants to tell him what the banks are saying?
And , hello, Is there anyone who has not heard of the $5 charge? Is there any supercilious paperwork subterfuge involved? Talk about a regulation free simple straight away communication of charge from a bank ( BofA is far from the only ones) who hasn't heard that Bank of America will start charging a $5 monthly fee on debit cards? Is there any easier and simpler method than they have employed that gives the consumer the information they need so as to allow them to consider other payments options etc?
And speaking of;
By lending to small businesses. By lending to consumers ..
This segment is serviced by small and medium sized banks, not by the whales like JP or Citi, ask Frank Keating, president and CEO, American Bankers Association, give it a listen a short segment 10 minutes que it at almost half way thru;
Podcast Tuesday/Wed 1235A (935P Pacific Time): Gov. Frank Keating, president and CEO, American Bankers Association, http://podfuse-dl.andomedia.com/800...igin/pods/WABC/WABC-Batchelor/jbs_090611d.mp3
Briefly;
The old adage about bad facts make bad law is still true. Mortgage banker, nonregulated payday lenders, and the like, are the malfeasants, not the highly-regulated banks. Congress still writing regs; average bank has 37 employees; regs run thousands of pages. Small and medium-sized banks are exhausted, not clear that all of them can continue. A four-branch bank in Texas is giving up its charter because it's been regulated out of business; is converting to an investment bank and will continue to make exactly the same loans it's been making heretofore. If these small banks blow away, the towns cease to exist. The ABA did a study: why is the life-insurance industry, state-regulated, had no complaints, while the banking industry has a current unlimited regulator force: over 21,000 people - three banking regulators per community bank. One of our banks' CEO told me: A retired military doctor and his wife moved to this town, they have $100K in liquid assets and put 25% down to buy a house - and because he was late paying a student loan decades ago, the federal regulators have said that giving him a loan would be unacceptable .etc etc
Anyway, this all just appears to escape him, leaving this , imho as just misleading/ill informed agitprop;
When ABC host George Stephanopoulos asked if the fee could be stopped, Mr. Obama replied, "Well, you can stop it because itif youif you say to the banks, 'You don't have some inherent right just to, you know, get a certain amount of profit if your customers are being mistreated.'
Seriously, that is just meaningless almost random blather watching it is almost embarrassing;
there are 11 videos, it is 3rd from last, no. 9. And yes you have to sit thru a 30 second ad
Watch it here;
VIDEO: Exclusive Interview with President Obama - ABC News
The transcript;
GEORGE STEPHANOPOULOS: You might have a new issue on your plate over the weekend. Bank of America now is doing a $5 service fee for using your debit cards. Drawing-- a lot of outrage, a lot of questions. And basically the questions boil down to what Vikki Manko of Naperville, Illinois asks. "These are the types of things government should get involved in and put a stop to." Can you put a stop to that?
PRESIDENT OBAMA: Well-- what we did was we put a stop through-- The Financial Reform Act of them charging fees-- for credit cards.
GEORGE STEPHANOPOULOS: And the banks are saying--
PRESIDENT OBAMA: And so-- Well-- what-- what the banks are saying is-- that "Rather than take a little bit less of a profit. Rather than paying multimillion dollar bonuses. Let's treat our customers right." And this is exactly why we need this consumer finance-- protection bureau that we set up that is ready to go. And what we need is a confirmation of the person I've appointed, Rich Cordray treasurer of Ohio. Back in Ohio, Republicans and Democrats both think he's terrific and he's fair. But this is exactly why we need somebody who's sole job it is to prevent this kind of stuff from happening.
GEORGE STEPHANOPOULOS: Can you stop this service charge?
PRESIDENT OBAMA: Well, you can stop it because it-- if you-- if you say to the banks, "You don't have some inherent right just to-- you know, get a certain amount of profit. If your customers-- are being mistreated. That you have to treat them fairly and transparently." And-- and my hope is is that you're going to see a bunch of-- the banks, who say to themselves, "You know what? This is actually not good business practice." Banks can make money. They can succeed, the old-fashioned way, by earning it. By lending to small businesses. By lending to consumers. By making sure that-- you know, we are building the economy together. But-- you know, without the kinds of protections that we're starting to see the Republicans try to roll back-- we're going to continue to have these kinds of problems. And this is exactly-- the sort of stuff that folks are frustrated by. This, by the way, is an example of the-- the contrasting visions that we have. If-- if-- if-- the Republican Party believes that we should do nothing to curb abuses on Wall Street and roll back regulations put in place to prevent the next big financial crisis, well, I've got a big difference with them. And I think the American people are going to be on my side on that.
Page 5: Transcript: George Stephanopoulos' ABC News / Yahoo! News Exclusive Interview With President Obama - ABC News
