Obama slams Wall Street ways while asking support
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19 Comments
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0
adaydream
Well he gave Wall Street a good talking to, but nothing like what was expected.
This bill will make it through. < :-)
0
Sarge
"voter unhappiness over the Bush administration's bailouts"
If the voters are unhappy over the Bush administration's bailouts, I guess the voters are downright furious over the Obama administration's bailouts.
0
Molenir
Most of what is in this bill, is supported by the banking industry. They are essentially going to become a part of the government. Under this bill, the banks are now going to be labeled as 'too big to fail' and be protected from any risk they choose to run. All the problems that got us into the mess before, are going to be codified, as banks will be, and still are being encouraged to provide low cost loans to people who cannot afford them.
Whats amazing is that they very well might be able to slip this in under the table. They provided a massive giveaway to the insurance industry, now a massive giveaway to the banking industry. Rather then addressing the real concerns, they choose to play political games.
0
manfromamerica
LOL!!! What a hypocrite.
Right on! Not to mention the Obama gang's deep ties to wall street bribes.
0
jruaustralia
Lawrence Summers' back people. Remember Lawrence Summers?!
Here's what Peter SOLOMONS (ex-VP of Lehman) has to say after branding the proposed overhaul "constructive":
“Wall Street is smarter than any regulation or laws, and they’ll figure out how to make profits.”
It's very spine tingling...
0
manfromamerica
What's "spine-tingling" about that? The private sector is smarter and more efficient than the public sector - always has been, always will be. That's just a fact. Thank goodness for the private sector, that is what keeps the world running.
0
manfromamerica
That's because he hasn't read them. Probably never will.
0
GJDailleult
They are the government.
0
SushiSake3
Interesting - although not surprising - to see the GOP is blocking even debating this bill.
0
GJDailleult
They are blocking it because Frank Luntz told them to.
“Frankly,” Luntz wrote, “the single best way to kill any legislation is to link it to the Big Bank bailout.”
“From a message standpoint, bailouts is the single most powerful word in all of this. Everything else has distant impact. It’s the only thing that people understand. People don’t understand credit default swaps and derivative trades,” said Tony Fratto, a former Bush spokesman now at Hamilton Place Strategies, a policy and communications shop.
Translation is that the spin doctors think all this stuff is to complicated for the voters to understand, so they can play it to their advantage. And they are probably right. Any future bailouts will be done covertly through the Federal Reserve, as they have been all along, so any threat of a direct bailout from the federal government is a non-issue. And no American politician of either side can actually be honest about the true situation - that the US financial sector is completely bankrupt and that all bank salaries and bonuses are a direct transfer of wealth from the American public via the Federal Reserve - because of the panic that would result if people knew how things really work.
So no damage in playing a few political games, it is the smart thing to do.
0
LFRAgain
It's private sector greed that was the root of the Wallstreet meltdown in the first place.
0
jruaustralia
Anyone who still thinks the debate is between free-market/ private enterprise v alternative is sleepwalking. It's not... at least not anymore.
As the man (Bill CLINTON) who oversaw the abolition of Glass-Steagall said this week:
“Even if less than 1 percent of the total investment community is involved in derivative exchanges, so much money was involved that if they went bad, they could affect 100 percent of the investments.”
So tell us of an instance where a small business actually skipped bank loans for derivative instruments because the MMC offered help first?
Now, how does the private sector fit in all these?!
0
manfromamerica
And Communism rears its ugly head...
0
adaydream
All the while, the SEC attorneys were downloading porn in amounts I can't imagination. The SEC employees weren't paying attention to what was going on on Wall Street.
No wonder they didn't see Bernie Maydoff or Wall Street problems. < :-)
0
Molenir
I don't know, are you even paying attention? What kind of response is this? Do you not even know what communism is? When the government is taking over industries left and right, please enlighten us in the proper way to refer to this. Communism is down that road. Socialism is down that road. Both use big government control, and taking over another industry, rather then reforming it, and forcing it to respond appropriately, is simply leading us further down the dark path.
0
LFRAgain
manfromamerica,
No. A call for fiscal responsibility rears it's ugly head.
That's the thing about your so-called "conservative" folks: You love to lecture the unwashed masses daily on the virtues of "fiscal responsibility," as though it were your exclusive stock in trade, but when push comes to shove, you'd sell your own mother just to make a buck, and watch the market burn as you flee with your ill-gained loot.
Your piss-poor attempt to create a new "Red Scare" is amusing. No, really.
0
LFRAgain
manfromamerica,
What? No reply? No witty retort? No label impugning my American-ness?
0
manfromamerica
LFRAgain -
Ahh, glad to see you are a Tea Partier.
But my statement was correct, for the poster I responded to was decrying the private sector as the source of all evil. That is standard communist rhetoric.
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