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Obama presses case for financial regulation

By Michael A. Fletcher
President Obama praised the House for passing legislation tightening regulation of the nation's financial system and called on the Senate to do the same, while pressing the nation's big banks to ease their opposition to regulatory reform in his Saturday radio and Internet address.

The economy is showing increasing signs of recovering from the worst financial crisis since the Great Depression, but with the nation's unemployment rate at 10 percent, many Americans are not benefiting from that improvement.

Meanwhile, the nation's biggest banks, which were rescued by huge government bailouts, have returned to making big profits and paying huge executive bonuses.

But rather than support legislation aimed at curbing the practices that contributed to the downturn, the banks have spent hundreds of millions of dollars to oppose it.

Obama criticized the banks, saying that while the recession was caused in part by too many people living beyond their means and taking loans they could not afford, big banks also carried a huge share of the blame.

"Much of it was due to the irresponsibility of large financial institutions on Wall Street that gambled on risky loans and complex financial products, seeking short-term profits and big bonuses with little regard for long-term consequences," he said. "It was, as some have put it, risk management without the management."

The president called the financial crisis "a disaster that could have been avoided if we'd had clearer rules of the road for Wall Street and actually enforced them."

Obama said that while history can't be changed "we have an absolute responsibility to learn from it, and take steps to prevent a repeat of the crisis from which we are still recovering."

Obama's proposals would consolidate many federal protections for banking customers into a new Consumer Financial Protection Agency, which would watch for misleading financial practices and exorbitant fees in products from credit cards and payday loans to car loans and mortgages.

Banks largely oppose the measure, saying it would stifle the financial marketplace and lead to higher costs for even responsible borrowers -- an argument Obama dismissed.

"These are common-sense reforms that respond to the obvious problems exposed by the financial crisis," he said, while criticizing the well-financed opposition to the proposal. "But, as we've learned so many times before, common sense doesn't always prevail in Washington."

Obama, who in recent weeks has raised his profile on economic issues affecting every day Americans, is planning to meet with top bankers at the White House on Monday. In the session, he is expected to urge bankers to do more to extend credit to small businesses, while making the case for financial reform.

In an interview to be aired Sunday night on CBS News's "60 Minutes," Obama said he shared the frustration of many Americans angry at the nation's big banks.

"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," Obama said, in excerpts released by CBS News.

He went on to criticize banks that received and repaid government bailout money and then resumed paying eight-figure bonuses to top executives.

"The people on Wall Street still don't get it," Obama said. "They're still puzzled why it is that people are mad at the banks. Well, let's see. You guys are drawing down 10, 20 million dollar bonuses after America went through the worst economic year... in decades and you guys caused the problem."

By Michael A. Fletcher  |  December 12, 2009; 6:00 AM ET
Categories:  44 The Obama Presidency , Barack Obama  
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Ho Hum..........

- - $47 Trillion Lien Against U.S. Treasury and FED
By Christopher Story, FRSA,
Editor and Publisher, International Currency Review,
World Reports Limited, London and New York.
Monday 14 December 2009 02:30



Following further intransigent obstruction, the Chinese parties who obtained the necessary World Court Writ of Execution and Lien on the US Treasury and the Federal Reserve, duly exercised their powers and imposed the Lien on or around 6th December 2009. The Lien against the Treasury is in the sum of $47 trillion, which is approximately the aggregate identified by this service in 2007.

As happened shortly after the ‘lockdown’ of the $14.0+ trillion sovereign funds including the $6.2 trillion LOAN money provided by the British Monarchical Power [referenced again below] on 10th-12th September 2008, when the Editor’s voicemail received a message consisting of a recording of three actual gunshots, two specific threats, mentioned in an Update to the previous posting, were received on Sunday 6th December 2009, the date on which the Lien is believed to have been implemented. Transcriptions of these threats are given in Note 1 below (1) .


We have obtained special confirmation of the foregoing Lien intelligence, otherwise, self-evidently, we would not have published this information. Furthermore, we have taken extra precautions to ascertain whether publishing this would be liable to ‘cause any difficulties’, and we have been advised that no impediment to publishing it has even been hinted at, although the fact that we possess the information ‘is known’. Indeed you will have observed that we have waited for a number of days in order to be sure that this shattering intelligence is fully confirmed.

We have been emphatically and authoritatively advised, since 10th December, that it is. We obtained reiterated confirmation of this intelligence, from New York, on 12th December.

Posted by: neddelaney | December 14, 2009 8:18 PM | Report abuse




Posted by: Sparky15 | December 13, 2009 6:36 PM | Report abuse

Seems this won't post - so I'll break it into two parts:

part I of II

In testing this query engine, I would often check Home Equity Loans vs Savings holdings - again, this engine can handle queries so complex, the SQL is over 500,000 characters in automation - it's virtually incomprehensible to study the SQL - but the interface I created that GENERATES that 100% IN CHECK - LOGICAL SQL ? I was able to gain insight into the REAL state of affairs of US banks.

And this is what I found.

MOST people are HELOC'd up to the necks.

I've observed that banks books are coming up short because real estate ran through post year 2000, an escalated over-pricing on assets - all those house flippers- to which I recall Alan Greenspan warning, that homes are NOT stocks, and they are NOT to be thrown around as such - but I see REAL GOOD STRONG community banks now - failing according to FDIC's mandates for minimum capital - when ? They were not guilty of sub prime lending.

REMEMBER PEOPLE - Office of Comptroller of Currency Dugan pointed out that Countrywide - who surpassed Wells Fargo in 2001 as #1 mortgage lender ? all thanks to Fox News mind you - Dugan points out that Countrywide didn't GO to the banks - the banks would LAUGH them off the block - ZERO EQUITY ? NO JOB REQUIREMENT ? So, CW took these zero equity loan products to Wall Street- to which ? Thanks to Bush I argue - they ran with it - shoved them off into obfuscated CDO's - SIV's to unsuspecting 3rd world countries - anyone say Iceland ? or Norway ?

BIG point here is - what "I" have seen ?

Is people - US citizens have been - as President Obama points out - living beyond their means - borrowing off their homes as assets- FINE - that's really ALL fine -

but the REAL crux of the crisis lies here.

And that is - housing has depreciated, and now people are looking at loans backed against assets that are worth -evaluated LESS than the loans.

FDIC is closing VERY GOOD BANKS - SHAME on you FDIC - if ONLY FDIC could gain access to the REAL books and see- MOST community banks did NOT engage in sub prime - Dugan points this out - Dick Bove points this out. I see a serious problem that we're watching good banks get hacked up into asset private back room sales to Blackstone - and other predators.

I see a need for US OTS/OCC/FDIC to come in and say -okay GOOD banks- you get a pass - 6 months, 12 months, you get a pass for minimum capital requirements, IF you can prove you're not engaged in sub prime.

Posted by: GREEDOM | December 13, 2009 9:08 AM | Report abuse

I do not INTEND to spam here:

But I will attempt to paste Bob Dylan's North Country Blues.

Hey - if it's put through, great, if not, great - worth a try.

Seems germane to this thread.

Note the last lines.

Bob Dylan- North Country Clues:

Come gather 'round friends
And I'll tell you a tale
Of when the red iron pits ran plenty.
But the cardboard filled windows
And old men on the benches
Tell you now that the whole town is empty.

In the north end of town,
My own children are grown
But I was raised on the other.
In the wee hours of youth,
My mother took sick
And I was brought up by my brother.

The iron ore poured
As the years passed the door,
The drag lines an' the shovels they was a-humming.
'Til one day my brother
Failed to come home
The same as my father before him.

Well a long winter's wait,
From the window I watched.
My friends they couldn't have been kinder.
And my schooling was cut
As I quit in the spring
To marry John Thomas, a miner.

Oh the years passed again
And the givin' was good,
With the lunch bucket filled every season.
What with three babies born,
The work was cut down
To a half a day's shift with no reason.

Then the shaft was soon shut
And more work was cut,
And the fire in the air, it felt frozen.
'Til a man come to speak
And he said in one week
That number eleven was closin'.

They complained in the East,
They are paying too high.
They say that your ore ain't worth digging.
That it's much cheaper down
In the South American towns
Where the miners work almost for nothing.

So the mining gates locked
And the red iron rotted
And the room smelled heavy from drinking.
Where the sad, silent song
Made the hour twice as long
As I waited for the sun to go sinking.

I lived by the window
As he talked to himself,
This silence of tongues it was building.
Then one morning's wake,
The bed it was bare,
And I's left alone with three children.

The summer is gone,
The ground's turning cold,
The stores one by one they're a-foldin'.
My children will go
As soon as they grow.
Well, there ain't nothing here now to hold them.

Posted by: GREEDOM | December 13, 2009 8:24 AM | Report abuse

LionelRoger writes in comments below:

Our system is so rotten it is next to impossible for anyone to get elected unless he or she is already bought and paid for the first day they take office.

But it IS our system at the end of the day.

We have to take responsibility.

Or - as Sean Penn says - we deserve the Government we elect.

JUST to be on point here - I have ALL the faith in the world in this Administration - Obama really IS for the 'American People' - Bush - was tied in, disconnected, and could care LESS about the 'American people' for as MUCH as he ran his mouth saying otherwise.


came in from the Bush era.

I'm just glad Bush didn't get Fannie and Freddie on September 11th, 2003 - that would have sealed our fate to third world status - while the elite capitalists would be divested globally, into the global economy that is here, real, before us.

People have to start letting go of an isolated model of nation state - and start recognizing, that they are reading this comment via - not the Nation State wide web - the WORLD WIDE WEB.

Posted by: GREEDOM | December 13, 2009 8:21 AM | Report abuse

from Article:

"Much of it was due to the irresponsibility of large financial institutions on Wall Street that gambled on risky loans and complex financial products, seeking short-term profits and big bonuses with little regard for long-term consequences," he said. "It was, as some have put it, risk management without the management."

I couldn't agree more.

I do so much like this current President's observations - I think he may be young, he MAY know that too, but he's clearly a people person in my view. I don't think he's incapable of bringing serious change to benefit the majority of people.

I suppose the tiny 0.5 % that holds 95% of the capital in the non-majority are a bit upset, but hey - I can't help them.

I didn't displace the core of my being into western materialism.

I'm a fan that the BEST assets ARE people- not THINGS - trinkets - gold bars - 8 figure cash holds - no, the BEST assets in this life- the things that matter most are PEOPLE -

I've worked in the banking sector and I've seen arrogance from people - one day I was outside talking to the CEO - and a homeless person came by - me ? I opted to talk to them - the CEO ? well - I was let go, but - as far as I could see- the CEO wanted nothing to do with that human being.

Me ? I see people as potential, you really never know what someone can bring forward- you never know.

In some ways ? I find this current President Obama to demonstrate this beautiful facet of life - which is - you can start anywhere and go anywhere.

To all of this - HATS off Obama Admin for starting the conversation as Hillary would say - on banking regulation that's in serious need of reform, but I'd SERIOUSLY approach anti-trust on the larger banks immediately - we're at risk this very moment if BofAML falls right now ?

we all fall -unless you know anyone that will volunteer as a guard at a Federal Prison ? even the checks to the guards will come to an end if BofAML fails -

But more dangerous than that - Peoples INTERNET would fail - and the Post Office would fail - augh!

Tim Miltz

Posted by: GREEDOM | December 13, 2009 6:40 AM | Report abuse

I also ask

if AIG insured Goldman

who insures AIG ?

That's right- we do.

And final question - on who wants to be a Millionaire.

Who insures US ?

That's right

no one.

Hi fellow New Native American

what do you think the Reservation will BE LIKE ?

Oh what's that ? I'm already living on it ?

Sorry folks- I started to use imagery that we ARE the NEW Native Americans.

Goldman represents Spain in this case - 400 years back.

I noticed Spain came in with a bible in one hand, a musket in another - saying "Why, you're animals, that means it's okay to kill you and it's not murder, now - SHOW US THE GOLD".

Pretty much sums up the Original Natives here -

and what I see now ?

NewsCorp - etc, CONSTANTLY

"Show us the gold, got gold ? send us your jewelry" etc.

Only now - oh noes ! The most BACKWARD country in the world - Afghanistan is our BIGGEST threat - wow.

And I'm supposed to live in fear - CONSTANTLY ? that whatever life I HAD would have it's "Merican values" taken away ?

Give me a break

I'm not buying.

Time to move on people.

Let's get back to living.

I'd take the 80's over this.

Posted by: GREEDOM | December 13, 2009 6:33 AM | Report abuse

What's in your wallet?

Got love the Republicans for selling us out for a few quick pennies. The amount of money the GOP congressmen get in contributions from the bankers is so tiny compared to the financial rape that they underwrite. It's almost tragic that Republican voters still send these unAmerican freaks back to Congress every two years.

Posted by: hhkeller | December 12, 2009 8:49 PM | Report abuse

As much as I loathe Communist China there is one law of their's that we should adopt: the prosecution of those whose crimes damage the economy and, upon a finding of guilt, immediate excecution.

Posted by: bfjackjernigan
Of course bringing back Glass Steagall might be more effective so the bankers would not be gambling with the deposits on Wall Street paper.

It worked for over 60 years until it was repealed in 1999. I am really not interested in executing the guilty but would like a banking system that makes loans instead of gambling for large bonuses.

Posted by: bsallamack | December 12, 2009 8:38 PM | Report abuse

As much as I loathe Communist China there is one law of their's that we should adopt: the prosecution of those whose crimes damage the economy and, upon a finding of guilt, immediate excecution. The elitist scum of Wall Street and the banking industries who made countless millions jobless, homeless and destitute are deserving of a bullet in the cranium.

Posted by: bfjackjernigan | December 12, 2009 7:01 PM | Report abuse

Let me get this straight, Obubba and congress are railing against everyone to have financial restraint and accept more government regulation. At the same time, Obubba and congress have just effectively raised the limit on the national credit card so they can continue to spend like drunken elected officials (I have too much respect for sailors to make the comparison to even drunken ones....)? Can't these fools get it in their head that they need to quit spending and stop stifling the business side of the house.

Vote for no incumbent the next three election cycles. See how that changes the dynamics!!!!!

Posted by: Spitfires | December 12, 2009 5:40 PM | Report abuse

As the democrats continue to tell the GOP to keep out and shut up, Obama continues to lose his dazzle. The Republicans are doing fine and don't really have to alter their course much at the moment. When the economy is still rotten and unemployment is still high come midterm elections, they'll pick up seats. Whether they'll retake Congress is hard to predict, but there will be a presidential candidate in place and a coherent platform to back for the 2012 presidential elections.

Posted by: mock1ngb1rd | December 12, 2009 4:30 PM | Report abuse

Right-wing wackos complain about (all but Bush-Cheney) deficit spending. Suddenly, under a Democratic administration, they've rediscovered their Herbert Hoover religion.

The bush with our economy. Let it fend for itself, no matter how many millions lose their jobs.

The wackos' strategy seems clear: Just keep braying "Socialism!," and the mindless chant will cure all our ills.

Posted by: jimsteinberg1 | December 12, 2009 3:20 PM | Report abuse

If he was truly sincere, he would fire the entire staff of Wall Street and Banker enablers that he hired and placed in every important position.

Posted by: Impeachbush99 | December 12, 2009 1:48 PM | Report abuse

Jeez, thank god it wasn't a FIRE...Obama would be a year late to the firefight!

what a bunch of hot air...

Posted by: Impeachbush99 | December 12, 2009 1:46 PM | Report abuse

Make belief reform where none of the legislation would be effective if there was a repeat of 2008 with all the major banks insolvent holding trillions of worthless Wall Street paper. According to the government if this occurred again, every bank would be put into receivership. I guess this should have been done in 2008 creating a nightmare.

Only a return Glass Steagall would prevent a repeat of 2008. The United States is the only nation in the world that insures 100 percent bank deposits. This was done so banks would use deposits for lending and not for buying Wall Street paper.

2008 and 1929 showed what happened when banks were allowed to buy Wall Street paper with the deposits.

Preventing banks from buying Wall Street paper would mean banks that were lending. But this would mean no more large bonuses.

Posted by: bsallamack | December 12, 2009 1:41 PM | Report abuse

Any financial regulation passed by this administration is just window dressing.

All one has to do is read the recent editorial in Rolling Stone Magazine.

It slams Obama for his decisions at the beginning of his administration concerning the financial bailouts.

He has sold out those who voted for change.

What we got is worse than what we had with Bush -- and oh did I hate Bush's policies.


Posted by: ahender1 | December 12, 2009 1:07 PM | Report abuse

Maybe the funds spent on excessive lobbying and campaign contributions should be highly taxes.

Posted by: Wildthing1 | December 12, 2009 12:58 PM | Report abuse

It is a joke for Obama to push for the Banks and Investment compamies to regulate themselves. We need an immediate reinstatement of Glass-Steagall and repeal of Gramm-Leach. The latter was a major instrument responsible for the greatest transfer of wealth from the middle class to the wealthy this country has ever known.
Our system is so rotten it is next to impossible for anyone to get elected unless he or she is already bought and paid for the first day they take office. They raise their own salaries, get taxpayer-subsidized Health care and huge pensions for life.
What will it take for our people to march on Washington and demand the abolition of campaign contributions, lobbying and term limits. America is being ransacked under our very nose by elected representatives working for special interests only.
The media has failed to help change this system because it is controlled by those special interests-the people are alone.

Posted by: lionelroger | December 12, 2009 12:50 PM | Report abuse

Not a word from WAPO about the 1.2 TRILLION dollar spending bill passed yesterday? Not a word?

More than 450 billion in agency budget increases?

Of course passed on the weekend news cycle. Hidden in plain view by WAPO and the MSM from an apathetic America

Joe "I don't know which side I am on" Liebermans vote broke the filibuster.

Guess I will go empty the bank accounts, buy silver while the price isn't crazy and bury it in the yard

Posted by: Straightline | December 12, 2009 12:40 PM | Report abuse

This week, Republicans Boehner and Cantor met with 100 Wall Street LOBBYISTS to prevent regulatory reform!!

Posted by: angie12106 | December 12, 2009 12:33 PM | Report abuse

Who writes these headlines for the Compost, Peter Pan?

Posted by: wewinyoulose | December 12, 2009 12:20 PM | Report abuse

When 10% of the people own 80% of the nation's wealth and keep getting richer by lending money to everybody else and, by the way, use some of their surplus to elect legislators sympathetic to their wants, things are bound to get worse for borrowers. The number of homeowners who cannot service their loans is still increasing, yet the bankers are getting richer. Also people are borrowing this holiday season to support Chinese workers. How that helps our economic recovery beats me. It took a dose of socialism during WWII to recover from the great depression. Maybe that's what we need nowadays and just let the rich, greedy bankers grouse about it.

Posted by: loyalsyst | December 12, 2009 11:44 AM | Report abuse

To NyChap44 - who posted:

Read below about what Barney Frank said about this proposal.
WASHINGTON, Sept. 10, 2003 —....

First - that date was September 11th, 2003, at least in the EXACT SAME article in the New York Times - odd that you got the date wrong.

Second - recall Bush in 2003 was out there bandstanding for Every 'Merican to own a home- and that he was going to remove the fine print, 'cause it intimidates people' and that 20% down wasn't fair for poor Americans - Bush LITERALLY IGNITED housing - and had Bush gotten his hand on F&F ? And LOWERED the minimum capital - which he would have ? We'd be so far gone the Great Depression would look like a recession.

The IDEA was to BREAK the system nychap44.

Let the NEW Native Americans pay for cleanup

The plan Bush had - was to BREAK America so the Christian Extremists - could rebuild it.

What part about Monica Goodling don't you get ?

or Ashcroft

or Rice

or my GOD - Bush hired the VICE PRESIDENT of Pat Robertson's openly proclaiming "It's End Days now folks" faux University to head up ALL Executive wing hiring.

the writing is on the wall.

see it or not.

It's GOOD the Bush admin didn't gain control of Fannie and Freddie - we'd be BEYOND RECOVERY - you put Bush's RAMPANT - IRRESPONSIBLE - I argue INTENTIONALLY DAMAGING housing campaign - no, wait, I'm sorry, I forgot - Bush ran TWO housing campaigns to get everyone out there to just buy a home, forget the down payment - just turn on Fox News - CountryWide's #1 advertiser - and give em a call ! -

This was SURGICAL.

the idea WAS TO BREAK the nation.

and rebuild with good proper CHRISTIAN values.

If you can't see that

I can't help you.

Posted by: GREEDOM | December 12, 2009 11:34 AM | Report abuse

when i read these post I realize how bad of shape this country is in and how it will never get better. We have too many people against our leaders for the sake of politics that even best intentions are turned down in the name of fighting the rival party for political gain. Tell me republicans if you can get the white house and or congress back by 2012 what will you do differently than Obama? How would you reform health care? Would it even be on your agenda? How would you create jobs? How would you deal with Iraq and Afghanastan? How would you have dealt with the banking and housing crisis. One thing I respect about Obama is he isnt standing still, he is trying to make a difference, but we just wont let him, we are too scared or either to politically self centered to give him any opportunity to make his agendas work or fail, but he needs to be given the opportunity. If all republicans want to do is fight and oppose change for four years then even if you win back office you would have done nothing but re claim the responsibility of the same messes you left when Obama took over. Republicans, one thing you can say is true is when you were in power you had the chance to pass the policy you saw fit, if it worked great, if it failed then it failed but at least you were given the chance either way. Give Obama the same opportunity to be great of fail as you would give Bush. I am sure he would not be as bad.

Posted by: ged0386 | December 12, 2009 11:33 AM | Report abuse

No Glass-Steagall=no regulation. Smoke and mirrors. But the media sits silent on this.

Posted by: lionelroger | December 12, 2009 11:21 AM | Report abuse

Saturday, December 12, 2009

The Rasmussen Reports daily Presidential Tracking Poll for Saturday gives Obama a Presidential Approval Index rating of -16. That’s the lowest Approval Index rating yet recorded for this President.

Posted by: jas7751 | December 12, 2009 10:59 AM | Report abuse

obama is as stupid as he looks

Posted by: ItsOver2 | December 12, 2009 10:53 AM | Report abuse

Obama pushing anything is a joke....

Posted by: kevin1231 | December 12, 2009 10:40 AM | Report abuse

"Obama presses case for financial regulation" That's rich. The Compost knows no shame..

Posted by: wewinyoulose | December 12, 2009 10:05 AM | Report abuse

Let me get this straight. Obama blasts banks for handing out loans to people who couldn't afford them. So whose fault is that? Liberal activist groups like ACORN forced a lot of this. And unfortunately nothing was done about it under prior administration, including the Bush Adminstration.

Posted by: Darlene_Jr | December 12, 2009 9:42 AM | Report abuse

It is a shame that members of the Congress collect bribes from the Banks and vote in favor of Banks. They do the same for insurance companies and Pharmaceutical companies. This has got to change either by legislation or by a nation-wide uprising that targets members of the Congress and the sleazy industrialists and the inept regulators. Now that the House has passed some legislation, the Senate ought to move forward and approve these or better legislations. The eternal opposition by the Republicans to Obama and his policies is another big hurdle the people ought to address. The credit card legislation they passed this year has so many holes in it as the Credit card companies immediately increased the interest rates on all credit cards. What is the value of such legislations? Unfortunately the Press is in collusion with the Banks and member of Congress, as they do not report on these abuses and the inept legislations they propose.
Last night George Goehl and Heather Booth pointed out the public outrage on Bill Moyer’s journal report. Mr. Goehl singled out their Congresswoman who is totally negligent and is collecting monies with both hands from lobbyists. Isn’t time the people of Chicago move to oust that Congresswoman and others who collect monies from the lobbyists and do their bidding in Congress?

Posted by: samelson1 | December 12, 2009 9:35 AM | Report abuse

"President Obama praised the House for passing legislation tightening regulation of the nation's financial system..."

Now that Congress has spent every dollat they can to reward their supporters, they finally get around to regulation. AFT!

Posted by: ahashburn | December 12, 2009 9:30 AM | Report abuse

thank you obozo for putting us at a competitive disadantage. The jobs and best talent will go elsewhere, but I guess that's the democrat's strategy. Keep them stupid and dependent.

Dec. 12 (Bloomberg) -- Deutsche Bank AG Chief Executive Officer Josef Ackermann said Germany has a “comparative advantage” as a financial hub because it didn’t introduce a bonus tax such as those planned in the U.K. and France.

“It’s a comparative advantage for Germany that they are doing it differently,” Ackermann said late yesterday in an interview at a conference in Berlin. “To strengthen the financial hub of Germany I think is a very wise move.”

Posted by: charlietuna666 | December 12, 2009 9:23 AM | Report abuse

Sham regulation.
Obama (from Harvard) is the ultimate insider ! This from Rolling Stone !

Posted by: svarada123 | December 12, 2009 9:12 AM | Report abuse

Sham regulation.
Obama (from Harvard) is the ultimate insider ! This from Rolling Stone !

Posted by: svarada123 | December 12, 2009 9:11 AM | Report abuse

Just more B. S. from B. O.

Here is the real question: Why is there always so much corruption, incompetence, and chaos during Democratic administrations?

Posted by: Jerzy | December 12, 2009 9:00 AM | Report abuse

Its Ironic that the very same Politicians who are clamoring for greater regulation are the very same ones who suppurated this economic disaster through there endeavor at social engineering.

Since the Community Reinvestment Act passed in the 1970's, members of congress from BOTH political parties have been urging & forcing federal regulatory agencies to press banks and other lending instructions to lower their mortgage requirements under the auspices of providing more "affordable housing" say what you want about Wallstreet.but the simple fact is that if people were able to pay back their mortgages then this Finanical collapse would have never happened...a waterfall as to start from somewhere.

In other words, it was the GOVERNMENT lead who caused this mess.

Posted by: Cartaldo | December 12, 2009 8:50 AM | Report abuse

Clinton did nothing for the nation? Funny, I thought he was the msot effective president since Kennedy. That would count as "doing something" as far as I can tell. And if you did 2 seconds of research you would know that CLinton moved the ball further along on things like AIDS programs, famine relief, international outreach (with bush 41) after the tsunami, and after Katrina -- the list goes on but this is off the top of my head -- than the sitting president during the years after Clinton left office. Also, byt being an opponent of the destructive policies of the previous president he is helping citizens. Anything that blunts the destructive tendencies ofthe republicons is good for America.

And so he made bank. So? Isn't that the free market at work? Aren't republicons usually ones to grovel at the feet of their economic "superiors" like toadies? People pay large amounts of money to hear Bill Clinton speak because he is a very intelligen, thoughtful, wise, elder statesmen who has spent years in the trenches and years studying and working on the problems of the world. FREE MARKET CAPITALISM. He is a valuable commodity, so he gets paid.

Posted by: John1263 | December 12, 2009 8:31 AM | Report abuse

Let me guess, republicons are against regulating the bankers they helped in thei valiant effort to crash the world economy. A crystal ball prediction -- they will say it will stifle growth and is communistic/socialistic.

We have seen first hand what republicon financial ideas brought, and we saw how quickly a sound Democratic ideaology reversed the plunge into the abyss. The proof, as they say, is in the pudding.

Look at a chart of all the recessions since the Civil War. There is a striking commonality. They almost all occur during republicon administrations, and most of them end up being fixed when Democrats come back into power. The very worst- 1873, 1892, 1929, 2007 - were at times when republicons had control of both the executive and legislature, and had a federal court system stacked with conservative judges. A very obvious trend.

Posted by: John1263 | December 12, 2009 8:24 AM | Report abuse

Reform is needed. The last eight years without reform made the rich exponentially richer and almost destroyed the middle class. Derivatives, banks too big to fail, and other abuses make the rich obscenely rich and destroy the middle class.

Posted by: tinyjab40 | December 12, 2009 7:37 AM | Report abuse

Read below about what Barney Frank said about this proposal.
WASHINGTON, Sept. 10, 2003 — The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

Posted by: nychap44 | December 12, 2009 7:10 AM | Report abuse

While I was unemployed for several months this year the Big Banks still allowed me use of my credit cards. I didn't notify them that I was unemployed, but I didn't stiff them either. Then Congress passed one of their reform laws under the guise of consumer protection. Since then the banks have cut my credit limits and jacked up interest rates. I cancelled two cards.

My bottom line: Stop Big Brother's meddling.

Posted by: elgropo1 | December 12, 2009 7:08 AM | Report abuse

Please let us not forget that the Clinton's have earned over $100 million dollars as a result of their time spent in office after they left office without making any contribution to our economy other than paying taxes like we all do except for about half the people.

Posted by: nychap44 | December 12, 2009 7:03 AM | Report abuse

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