Obama Chides Banks Into Aiding In Recovery
Naughty banks! Help out the little people. Pretty please!
President Obama’s new plan is to scold the banks into being something more than money-making machines. After meeting with executive from Bank of America, Wells Fargo and JP Morgan Chase, et al, Obama said that the banks have an obligation to help accelerate the U.S. economic recovery.
President Obama’s new plan is to guilt the bank executives into doing the right thing. This is in lieu of passing regulation to force the banks to act like responsible entities.
“The fate of our financial institutions is tied to the fate of our economy and our country,” the president said at the White House. “These institutions can’t endure if workers don’t have jobs and businesses can’t grow and consumers don’t have money to spend.”
Oh no! What will happen if the banks which are too big to fail face financial disaster? Who will bail them out? It’s as if the banks think that there is a willing hand to lend them money to keep them propped up. What idiots…if they don’t start lending money and doing Obama’s bidding they are bound to go out of business.
In his remarks afterward, Obama said that because businesses are having difficulty in getting loans and because of the government bailouts of financial companies, “we expect them to explore every responsible way to help get our economy moving again.” (Bloomberg)
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The banks were forced to take this bail out money even if they didn’t need it. Then the government can tell them how to run their business. So they rush to pay back the money as soon as possible to get the government out, then Obama is blaming the banks for messing up the economy?? How ridiculous can he get! If they fail, let them fail and let the market correct itself. That’s how a free market works instead of a totalitarian regime. I think we’re still in the first category, aren’t we? Last I heard, it was small businesses to blame for being too greedy to hire new workers…these guys keep changing their tune every chance they get!
You sure are getting worked up about an article on the “sarcasm”society.
Nah. I’m just speaking my mind. =) It’s called passion. And the reason why these posts are so funny is because they capture the truth or aspects of the true with a unique perspective…that’s good comedy. Unfortunately the truth part is really unnerving sometimes. Hey, these are big issues, but it helps to laugh at them, too. =)
Who forced banks to take money? I would like to know how the banks were forced to take money??? I know one thing, the banks got their money and they and cancelling accounts left and right when you have a negative balance. They always talk about building relationships and partnerships. Well they don’t want to build relationships, they want to use your money, nothing has ever changed with the banks. They run the Federal Reserve and they run the country!!!
“The rich love capitalism until they risk becoming the poor…”
Who is that a quote of?
Not to mention that funny institution we call congress just voted on a bill yesterday to regulate the banks the way they should be regulated. All the Republicans and 27 Democrats decided this was a bad idea. Obama is the problem? Hardly. If congrss can’t pass legislation to regulate banks (because they WON’T regulate themselves people) than the President can’t sign into law (or veto) any meaningful regulation. Obama isn’t the problem…congress is.
We have a winrar.
The banks increased credit card interest rates to 29.99% to raise enough to repay the TARP — so they can get their bonuses again. And, to add insult to injury, with the ridiculous interest rates, we’re also financing their lobbyists to fight banking regulations so they can continue to steal from us! America!