Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

On banks, Obama talks tough, does little

Goldman Sachs, JPMorgan Chase and other big Wall Street banks are awarding multimillion-dollar bonuses to the same financiers who pushed the nation to the brink of financial ruin. President Barack Obama voices outrage, but he fails to take the actions available to him to stem the abuse.

Sadly, Obama, Geithner and Bernanke could halt this madness, but they don't.

Wall Street has contributed mightily to the campaigns of Senate and House committee members who make the rules and to Obama's election campaign. Goldman Sachs and others paid Obama's senior economic adviser, Lawrence Summers, millions in speaking and consulting fees the year after he resigned as president of Harvard University and before he joined the Obama administration.

http://www.chicagotribune.com/news/opinion/chi-oped0114banksjan14,0,2562952.story

Has the Obama administration been bought off?

 
Anonymous

Asked by Anonymous at 4:11 PM on Jan. 22, 2010 in Politics & Current Events

This question is closed.
Answers (9)
  • There's a major disconnect in the reasoning of this statement right from the start, because the main thing which pushed the nation to financial ruin was ACTUALLY the collapse of the housing market.

    HOW did the housing market collapse? Too many people stopped making their mortgage payments.
    WHY did such a huge number of people default on their mortgages? Because their monthly payments increased when their Adjustable Rate Mortgage got to be 5 years old.
    Their payments INCREASED?? Yes, their payments for the first years were artificially low because they didn't have the income for a regular loan.
    WHY ON EARTH would a bank loan money to someone with too little money??! Because the gov't REQUIRED them to by changing regulations.

    WHO did this to the banks? CONGRESS !!.

    But THEY aren't having their income swiped by the gov't.

    Blaming the bankers is the standard Marxist ploy of creating class envy while seizing power.
    waldorfmom

    Answer by waldorfmom at 5:29 PM on Jan. 22, 2010

  • Of course they have, and start looking for a lot more of the same since the rules have changed about how much corporations can donate to campaigns.

    AngelDawn7

    Answer by AngelDawn7 at 4:22 PM on Jan. 22, 2010

  • Obama has strongly objected to the change in the rules for campaign contributions. He objects to Corporations being allowed to give huge chunks of money to specific candidiates and parties. He doesn't want corporate America to decide who is elected. Sounds reasonable ...he doesn't want the rules to change just as you don't want the rules to change. It was in the news yesterday.
    Lindalu2

    Answer by Lindalu2 at 4:43 PM on Jan. 22, 2010

  • Well, YEAH!! They are all Chicago thugs, or at least act like they are. All our Pres knows how to do is TALK and SPEND. I don't look for anything to change for the better for at least 4 yrs. Longer, if he would happen to get re-elected. He is not going to do anything because the people who would end up paying are the ones who paid his way into the WH. That is $$ that would not be going into HIS account, to help HIM. So, he won't do a thing. Except talk.
    29again

    Answer by 29again at 4:47 PM on Jan. 22, 2010

  • Obama has strongly objected to the change in the rules for campaign contributions. He objects to Corporations being allowed to give huge chunks of money to specific candidiates and parties. He doesn't want corporate America to decide who is elected. Sounds reasonable ...he doesn't want the rules to change just as you don't want the rules to change.
    -------
    It is just talk. He would not mind SEIU being able to contribute heavily to his campaign.
    29again

    Answer by 29again at 4:49 PM on Jan. 22, 2010

  • He objects to Corporations being allowed to give huge chunks of money to specific candidiates and parties.


    Yeah, he objects, but it's just words.  He will be loving it come reelection time.   Kinda like he objected to the Patriot Act, until he became president.  At least something is transparent....

    Anonymous

    Answer by Anonymous at 5:05 PM on Jan. 22, 2010

  • You got it

    tnmomofive

    Answer by tnmomofive at 5:33 PM on Jan. 22, 2010

  • WHO did this to the banks? CONGRESS !!.

    Sad thing is when Bush and McCain pushed for regulations on Freddie and Fannie to prevent bad lending practices people like Barney Frank said things were fine and everything was stable. Yet it was Bush's fault housing collapsed.lol Obama is making banks the bad guys when Congress and groups like ACORN pretty much strong armed banks into changing their lending requirements so they did not appear racist. The Congress and groups like Acorn loved this but when it collapsed they were quick to blame the people who tried to prevent this mess. Typical of Attorneys but very pathetic.
    Anonymous

    Answer by Anonymous at 6:28 PM on Jan. 22, 2010

  • Waldorf says it well again.
    Carpy

    Answer by Carpy at 7:41 PM on Jan. 22, 2010

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN