Posted on 12/14/2009 9:55:38 AM PST by SeekAndFind
President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.
President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.
The president set the tone for the meeting in an interview broadcast the night before in which he called Wall Street bankers "fat cats" whom he has little obligation to help. In response, the bankers plan to tell the president to stop oversimplifying their concerns.
But the president is expected to argue that because Wall Street has already received significant aid from the federal government via the $700 billion bailout package passed last year, it in turn has an obligation to help jump-start the rest of the economy -- by boosting lending to small businesses and getting on board with a sweeping financial regulatory reform package.
"What the president's going to say to the bankers is, you guys were part of the problem, you helped create an economic crisis here that cost 7 million Americans their jobs and now you have to be part of the solution," White House senior adviser David Axelrod said on ABC's "Good Morning America."
Axelrod said the industry has to "accelerate lending to credible small businesses" and suggested Congress would take harsh action against the sector if it does not.
"People are not going to tolerate a situation where the bankers have a party, they pick up the tab and then the bankers pay themselves huge bonuses and they're not lending," Axelrod said,
(Excerpt) Read more at foxnews.com ...
“He” knows that his Muslim agenda is working to destroy this country. “He” just masks it by bad mouthing others and pushing the weak to do his bidding.
“He” realizes exactly what he is doing, and “He” is more than happy to see his plans through to “the end”.
It's a radical Muslim thing. “He” just happens to be the POTUS!!!! And therefore “He” has nothing to worry about because we do not want to be seen as RACISTS!!!
“He” will succeed! It is his time.
Love SeekAndFind's posts.
So Obama is publically attacking banks for bad loans (Bwaney Fwank anyone), and yet is demanding they risk even more money so they can get blamed again by him and Bwaney Fwank . Low interest rates are making very safe investments 'look good' for banks (not us.) Ask Paul Krugman about that!
Didn't some of them try to repay awhile back only to have the feds refuse them?
Smoke and Mirrors obama is so paid off by the banks but just like the AIG bonus debacle he will be seen as doing something when the real truth is the so called financial reform he is pushing will allow them permanent bailouts. Give the Fed even more power. And look at the size of the problem his favorite banker alone has in derivatives.
http://www.freerepublic.com/focus/f-news/2404732/posts
He really meant to say: "It's Bush's fault."
“Fat cat bankers”....Chicago talk for “The Mob”....
Another thing: Regulations can contribute to a mindset that there is no danger, and when the unscrupulous find a way around them, the damage can be worse.
Regulation is a necessary resulting evil of bailouts. Like welfare. You give welfare and then you must run the peoples lives, because you own them. Now we have an implied guarantee of all big US banks.
I think Bush ran a semi-welfare state, handed out money and closed his eyes (then Boom.) Natural opening for democrats to point at. Many Bush-supporters like the Bailouts, but curse the regulation.
This reminds me of young people who think liberals are libertarians, that liberals have the government just give you help when you need it and let you party on.
Tell me you think that the regulation that will emerge from this will prevent another 2008-type meltdown.
I heard on the news this morning that Citibank will be sending the government a rather impression TARP payment.
“Another thing: Regulations can contribute to a mindset that there is no danger, and when the unscrupulous find a way around them, the damage can be worse.”
Federal intrusion/regulation CAUSED every bit of the bank meltdown. I don’t want Obama near a bank, or anything else!
No heck no lol smoke and mirrors a build up for the 2010 midterms nothing more.
http://www.bloomberg.com/apps/news?pid=20601109&sid=ax_m5kK787YM&pos=11
Where will the next bubble be? Most likely a temporary recovery but nothing like what we saw before. That last bubble required huge levels of optimism and debt(credit growth) .
Jim Rogers predicted a short term dollar rally, why? Everyone is bearish on the dollar.
RE :” I don’t want Obama near a bank, or anything else!”
LOL, I got bad news for you.....never mind :)
There will not be a recovery. Obama has fixed it so the markets, business owners, and banks are afraid to move. Obama is out to destroy the economy, are there are more than just freepers who understand this.
Possibly some libertarians understand it I don’t honestly believe the majority of people get it though.
It’s clear they don’t.
Dems have done exactly the wrong thing for the economy. Isn't destroying the economy working against him? 2010 is looking like a slaughter for dems. He needs what appears to be a recovery next year to hold off massive election losses. A ramping up of federal spending (and some temporary tax cuts) could help him out some for 2010(still looks bad for them.)
ACORN voters are unlikely to vote. Health reform, the war and unemployment have democrat voters demoralized. Democrats are fingerpointing. Voters are upset and ready to vote against dems for the first time since 2004.
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