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Obama Unveils Financial Reform Proposal, Blames Big Banks For Economic Crisis

January 27, 2010 by  

Obama unveils financial reform proposal, blames big banks for economic crisis Last week, a combative President Obama announced his financial reform proposal, a move that will impose new restrictions on big banks and may signal an abrupt change to the way that federal regulations are applied to Wall Street.

Obama stated that large financial institutions almost destroyed the U.S. economy, because they took "huge, reckless risks in pursuit of quick profits and massive bonuses," according to Politico.com.

The president proposed to limit the size and scope of financial firms by restricting them from making "risky" investments. His plan will also ban banks that take deposits from trading stocks for their own profit, a change that would separate commercial banks from investment banks, Newsmax reports.

"Proposals to preemptively break up large, well-managed and well-capitalized banking companies are based on a misdiagnosis of the causes of the financial crisis," said Rob Nichols, president of the Financial Services Forum, quoted by the news source.

The stock market went into a tailspin last week following Obama’s announcement, with the Dow Jones industrial average losing over 200 points.

The president’s new regulations come on the heels of last week’s announcement that a "responsibility fee" would be applied to large financial institutions to recoup the $117 billion spent on government bailouts.

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  • eyeswideopen

    No, no, no, everyone knows that Obama caused the banks to come up with a new kind of bank commodity called a credit default, that was so complicated that during an interview last spring a banking officer couldn’t describe it on 60 minutes. Obama used his influence prior to even getting to Congress to get the banks to dream up this new commodity saying let’s sell it to the WORLD, becoming so rich, so big, we can’t fail!!!! It is interesting that the rest of the worlds banks have come up with regulations to prevent this from happening again, but we haven’t. Isn’t Bernacke (SP?) a Republican hold over from the Bush admin? Maybe that’s why.

    • Meteorlady

      You need to open your eyes just a little more. During Clinton’s administration Fannie and Freddie were encouraged to lower standards for borrowing so “everyone could own their own home”. When, in 2000/2001 Bush went before the Senate Banking Committee and let them know that Fannie and Freddie were at risk, he was told by Barney and company that Fannie and Freddie were fine institutions and needed no oversight. Chris even chimed in in the press indicating that Bush was an idiot and didn’t understand the economics.

      • DaveH

        Don’t confuse Eyes with reality. She is too busy trying to impress us with financial buzz-words. By the way, Eyes, it is a “credit default swap”.

        • eyeswideopen

          DaveH, sorry, typing so fast I left the swap off. I am no where near as perfect as you, so I do make mistakes.

          • JeffH

            …mostly mental mistakes…LOL!

      • JC

        Obama himself was instrumental in that fiasco along with the Clinton’s. And now he has the audacity to blame Bush and the banks.
        What complete and utter liar and A**Hole!

  • Robert

    Anyone with half a brain knows that it wasn’t just Banks that almost created a total worldwide financial meltdown. What about Freddie Mac, Fannie Mae, AIG, GM Credit Corp, Merrill Lynch, CIT and all the other non-bank entities. For the first two thatI mentioned, Barney Franks and the rest of the democrats in congress demanded lowering borrowing standards by these two quasi-government agencies with the promise of full financial backing by the American Taxpayers. The government also allowed Insurance Companies to stray away from their traditional lines of business and enter into the high risk derivities game without any oversight and guidelines. Talking about derivities, Warren Buffett warned everyone more that 7 years ago that these instruments was the aligator that would destroy the financial sector is the government did not regulate and set limits on these types of investments. So it’s ironic that Obama now blames only the banks. Yes they did have a role but were not 100% responsible. And Washington is still doing nothing to stop the big casino game called the derivities market. And what about the governments interference in allowing the housing bubble to run it’s course. No, they are doing everything they can to keep home prices artifically high at the expense of us taxpayers. Notice how many of those that received federal taxpayer money to keep their homes are again behind in their payments. The government needs to lean a lesson. That is, bad financial choices lead to failure. Because the next failue of Epic proportions in worldwide financial stability will be caused by none other than this country. A $14 Trillion debt is obscene and criminal. Our creditor nations are licking their chops right now because they know we can sustain this debt and spending and foreclosue is right around the corner. Say goodbye, Yellow Stone National Park, The TVA authority, Mt. Rushmore and every other asset that this government has fiduciary responsiblity to protect and is owned by every single citizens in this country. Tell your story walking, Obama. Don’t let the door hit you on the way out. And take that sorry bunch of idiots with you when you leave including most of those knucklehead republican and democratic free loaders that call themselves congressmen and senators. What a sorry bunch of fools you all are.

    • J C

      Don’t forget Goldman Sachs…they pretty much hand the White House its marching orders.

      • Robert

        OOOPS. Forgot about them lowlifes. Thanks for reminding me, I’m putting them on my dart board right now.

    • http://www.RedBubble.com/people/eggerist Maureen

      Barney Frank, in front of the congress and the world stated, “Fanny Mae and Freddie Mack are in good condition, they are financial secure”…even tho a few Republicans suggested they set controls as their books look kinda fishy.
      Obama and most dems (and some Rep), are very quick to blame ‘the other administration’ or ‘those radical people (the ones who don’t agree with our way of thinking)’
      What the hell is wrong with admitting that you made a mistake or your wrong about something…it would make for a better person.
      But…
      I feel that Obama actually believes his retoric and it is said, if you tell a lie long enough, you will also come to believe it yourself…hence…the politician rule. This admin actually believes that ‘We the People’ do not know what is best for ourselves and they being the ‘fixers’ HAVE to fix it for us…so, we shout; we can! we can!- they hear us not, but because the special groups are shouting louder than us…Look back in history…how many times do we continue the cycle of being lead like lambs to the slaughter…a society of pepetual ‘oldtimers’ disease.

      • DaveH

        Can you imagine anybody thinking people like Barney Frank know how best to live our lives? What a doofus.

  • http://victorbarney@embarqmail.com Victor L Barney

    This also includes a lot of the “how” the Marxist Obama plans to cause the biggest stock market CRASH in history this fall! Watch!

  • Norm

    I blame greedy CEO’s and 8 years of Bush/Cheney. The Bush mantra was hands off the free markets. When the doors aren’t locked some people can’t resist temptation.

    • Meteorlady

      Yadda yadda yadds – blame Bush. See Maureen’s remark. Bush was so concerned about Fannie and Freddie he made a personal appearance before the Senate Banking Committee to discuss the books of these two financially secure institutions. This has been coming since Clinton and maybe even a little before. We have been taking care of ourselves, our families and working and have not spent the time doing what we should have been doing – cutting down the size of government and electing competent people to run our government. You can blame Bush all you want but look in the mirror and tell yourself that you actually researched the people you voted for. Obviously if people had looked further than the new media for their information, and further than what the candidate tells you to get elected, you might have found a more suitable person to vote for.

    • DaveH

      Gee, surprise, surprise, Norm blames Bush.

  • thefedupamerican

    “huge, reckless risks in pursuit of quick profits and massive bonuses,” I love that wording Obama! No mention of the legislation pushed by Bawney Fwanks that forced banks to take ‘reckless risks’ by loaning to people who couldn’t afford to pay it back. Heck who cares about that when we’re in pursuit of our socialist utopia.

    I also love how people who work in the private sector who receive bonuses are bad, bad bad and yet, the Obamas vacationed over Christmas in Hawaii to the tune of $4000.00 per night. And that doesn’t include the ancillary expenses that the taxpayer picked up like say Air Force One, the motorcade, the Secret Service Personnel etc etc etc. Can anyone say double standard….or is it a Hypocrisy Alert?

    Time for these guys to go!

    • Meteorlady

      Hey you forgot the First Lady’s shopping spree in London with the kids and date night in New York or Pelosi’s visit with a few close friends to the Climate Summit.

    • Robert

      Boy, you hit the nail on the head. Double standards! That’s what the American voter and taxpayers need to understand. All politicians operate under a double standard, Do as I say not as I do, and by the way buddy I volunteered you to pick up the tab, and don’t forget to leave a good tip, I don’t want to be embarassed next time I’m here.

  • LES

    Actually this financial mess was brought on by the GREED of the American people. The politicians of all parties and business feed on this greed to get elected and stay in office.

    America is on a run away freight train, fueled by greed at every level of society and driven by politicians. It is the formula for a disastrous wreck. The 1700s prediction that Democracy cannot survive once the people learn they can vote themselves favors from the national treasury is more of a reality than ever before. The clock is ticking faster and faster for America.

    • Robert

      GREED of the American people? Now wait a minute. Don’t lump us in with the new breed of Americans. You know the Gimme, what do you mean work for it generation! I resent your arrogant comment. I was brought up with real values like so many others. Like, if you work hard and are honest, you’ll reap the rewards of your hard labor. Like, don’t live beyound your means. Like, save for a rainy day. Like, there is no quick buck to be made, either it’s illegal or will come back to bite you in the rear end. The greed you talk about was that of a very small minority in our country. Go to the heartland of America, visit a small family farm and then tell me those people caused today’s problems because they’re greedy. Go crawl under the rock you came from you arrogant SOB.

      • Norm

        Farmers don’t mind their SUBSIDIES paid by taxpayers though do they?

        This crisis was caused by greedy bankers making the stupid assumption that property values would rise 10 to 20 percent yearly. When that happens, homes are profit centers and pay for themselves. This coupled with Greenspan’s super low government controled interest rates led many people to think they struck it rich. They didn’t and we all pay the price.

        • DaveH

          Norm,
          Do you do any reading at all? Or do you just get all your info from MSNBC? The banks were coerced to make subprime loans and have been since Clinton’s reign:
          http://reason.org/news/show/the-housing-boom-and-bust

          • eyeswideopen

            DaveH. since Clinton ugh? Why didn’t the Party in control stop that? Who was that party? Oh, yea, it was the Republicans. They had the power had both House and Senate starting in 1995. Why did they do nothing? Then they got a Republican Pres. and still did nothing.

        • Tinwarble

          Norm,

          Those “SUBSIDIES” wouldn’t be needed for farmers if the government wasn’t heavily “REGULATING” the farm industry.

          Also, the banks would have never made the loans they did if the government wasn’t insuring those loans and dictating who the banks would make loans to. This is why 90% of the foreclosures aren’t going to the banks, but are going to Fannie & Freddie Mac, I am in the real estate industry and see this everyday. Also, most of the houses being foreclosed on are 3 times the cost of a normal house, or they are 2nd & 3rd homes and it wasn’t because of the low interest rates that people thought they were rich. Most thought that because of the rising cost of housing that they were making an investment or that they would get rich by reselling their house at a higher price than they bought it. They didn’t think that the bubble would burst and they would be stuck with a house that they paid too much for in the first place. Most of these people are the same people that, at the same time they were buying a house, were buying new cars & maxing out their credit cards. Blaming the banks for this mess would be like you blaming your tires for getting a flat after you decided to run over a bed of nails. It’s called “PERSONAL RESPONSIBILITY”.

          • DaveH

            Get’em Tin.

          • JC

            Right On Tin!

          • eyeswideopen

            Tin, are you saying that the poor of this country didn’t cause the whole system to collapse by getting mortgages they couldn’t afford? Are you saying that the upper middle class who were getting second homes couldn’t afford them and they didn’t know how to manage money? Seems as though both catagories contributed to the mess. I hope you will admit that many mortgage brokers were fronting bad loans, knowingly lying about incomes and dummying up documents, so they could make their commissions. If the “Old” Income to Debt ratios of: Loan can’t exceed 25% of monthly income and total debt can’t be more than 33% of monthly income had been adhered to by the mortgage industry, bad loans wouldn’t have been generated causing the banks to have bad assets. Greed got the better of this country and now even those who weren’t responsble will suffer.

    • Robert

      Oh yeah! Kiss my rear end while your at it.

    • LindyMaeUSA

      You’re so right, Les! :-(

  • Earl, QUEENS, NY

    Blaming the banks?? Well, who forced the banks to make all the risky loans to deadbeat home buyers in the first place?? Hmmmmm? I’ll give you a hint – they’re politicians whose party’s symbol is a —

    • Robert

      The bogey man made the banks do it. Aren’t you listening to the Democrats?

    • Norm

      Nobody forced any bank to do anything. It’s impossible for government to this.

      • DaveH

        Yep, and it was impossible for the Government to take over GM and screw the bondholders (many of whom were people of modest means).

        • DaveH

          Pass that joint this way, would you, Norm?

          • eyeswideopen

            Dave, liberals alway bogart joints, but you can have anything else that they have. lol.

  • cerebus23

    THe whole lowering of lending standards started under carter and was lowered, or rather the % banks had to approve of low income loans was increased under every president and congress since carter.

    arter is so full of epic fail that it is almost laughable if we were not all paying for it. and obama is essentially carter 2, nothing new but old school liberalism and weak foreign policy.

  • eddie47d

    Fedup says Obama should be blamed for the housing mess,yet he wasn’t even a senator at that time. Every President has a right to vacation where he wants.George Bush vacationed in Texas for a month every year,so stop being ridiculous. How about the Keating savings and loan scandal of the 80′s/ Neil Bush was apart of that. All of comments are petty B.S. because it does nothing,just more of the blame game. During our amazing history both Dems and Repubs have screwed up big time. We all love spinning the roulette wheel for that next fortune.Neither side should be defending these Wall Street pirates.The time for action is now!

    • http://victorbarney@embarqmail.com Victor L Barney

      Idiot! That’s why America elected Obama, isn’t it?

      • Robert

        Yes! Obama was elected because he championed Hope and Change. Now all of us are HOPING he’ll leave us with some CHANGE in our pockets. I didn’t vote for Obama, I voted for the sanitation engineer. He seemed to understand what the real American public wanted. I think we need to raise the voting age to 30 and make it mandatory to take a test with one Question. Who was George Washington? And make it multiple guess, like: A-Runner up on American Idol; B- A laundry deterent; C – A video Game or D – None of the above.

        • DaveH

          That’s pretty tough Robert. We’d probably only have about 60% of the people passing it.

          • American Citizen

            I think that’s too high a percentage. More like 47%.

    • DaveH

      Typical Liberal Word-twister. FedUp said nothing of the kind. Quit putting words in peoples’ mouths. Learn how to read Liberal.

    • Tinwarble

      eddie47d,

      You’re right, Obama isn’t to blame for the housing mess. But as U.S. Senator he did push for housing subsidies and he did push for more regulation of Fannie & Freddie Mac so that they would loan more money to low income families. And as a Illinois Senator he helped provide subsidies for low income housing apartments, which are still mostly vacant. So no, Obama isn’t to blame, but he still has blood on his hands.

  • wildhorse

    My view-Obama is a front man for the Trilateral Commission. Everything
    he is doing and saying is to accomplish what it is they want. One World Gov’t and to control the world. More info at AugustReview.com.
    He has to wreck our economy and take control.

    • Norm

      wildhorse
      Your not wild you’re paranoid and delusional.

      • DaveH

        What Norm, only Liberals can have fantasies?
        The Trilateral Commission is no delusion.
        The Trilateral Commission was founded by David Rockefeller in 1973 and Jimmy Carter was one of its first members.
        To ignore the ability of organizations, such as the TC, to influence Government seems to clash with your other ideas of Big Bad Business’s influence of Government.
        But then, I guess you get so caught up with your knee-jerk responses to anybody daring to question Obama’s motives, that you comment without thinking.

        http://www.augustreview.com/news_commentary/trilateral_commission/obama:_trilateral_commission_endgame_20090127110/

        • Robert

          DaveH. You’re correct about the Trilateral Commission. I read about them years ago and it was pretty disturbing stuff they were trying to do. This group is still around and now has someone in the White House who can make their dreams come true.

      • jim

        Hi Norm, Just because you’re paranoid Doesn’t mean they’re not there.( old Russian proverb).

        • Tinwarble

          jim,

          I think the proverb is: “Just because you’re paranoid doesn’t mean that they’re not after you!”
          Joseph Heller from “Catch 22″

          • jim

            Thanks I guess this Norwegian needs to study his Russian better.

    • JC

      The Trilateral Commission, The Councel on Foreign Relations, The Federal Reserve, The Bank for International Settlements, The World Bank…all tools of Global Communism.

  • Sandbarlou

    For the most comprehensive and best researched print I’ve seen on the cause and effect of the financial meltdown of 2008, pick up a copy of Peter Schweizer’s “Architects of Ruin”. It all began with Senator Proxmire’s (and our own Ted Kennedy – yes, I’m from MA) Community Reinventment Act, and the subsequent shakedowns done on all the big banks by the ilk of ACORN and RainbowPUSH. Then you move forward to the likes of Fannie & Freddie, and how people like Barney Frank so staunchly, even violently oppose reining in of either of these two entities. They are havens for a sorry lot indeed! Warning: this book is not for the feint of heart. But, it does clearly tell how we’ve become a poor nation over the past 20-30 years, and the bibliography is outstanding! Perhaps your library has a copy, if you live in a “red” of independent town.

  • eddie47d

    Republicans use unemployment as a wedge against Oboma and that’s okay because it is to high. Yet more jobs were lost under George Bush so let’s keep the facts straight. Obama is holding the line on this serious issue. Business’s for the most part vote republican yet are not hiring. Matterof fact they seem to be giddy about it;more profits and less payroll. Republicans have an even harder time taking on the banks and wall street. Eliot Spitzer was all set to go after and prosecute these wall street hulligans yet the right wing decided to go after him for fooling around with prostitutes. So once again sex became a bigger issue than stopping the corruption and greed which helped bring this nation down. Hedge fund managers make $87,000 in 10 minutes,or close to $500,000 a day.playing with peoples money.

  • DaveH

    The Department Of Defense briefed the President this morning They told President Obama that 2 Brazilian soldiers were killed in Iraq.
    To everyone’s surprise, all the color drained from Obama’s face. Then he collapsed onto his desk, head in his hands, visibly shaken, almost in tears.
    Finally, he composed himself and, noticing the look on everyone else’s face he quietly asked, “Just exactly how many is a Brazilian?”
    This is not surprising, since he obviously has no understanding of million, billion or trillion either.

    It’s a joke Liberals, so spare me your attacks.

    • jim

      Hi Dave, Thanks for the best laugh I’ve had all week. Not being liberal I got it.

    • American Citizen

      Good one. It makes up for having to listen to him spouting off right now on his so called “State of the Union” as if we don’t know it already. I’m not paying any attention to the speech as I’ll see what the pundits have to say about it. That means more than the speech itself.

      • Tinwarble

        Citizen,

        Don’t worry, you don’t have to listen to he speech anyway. It’s just more of the same, blame Bush, blame the Republicans and even blame the Supreme Court. Everything is the fault of someone else other than Obama.

        • eyeswideopen

          Tin, where do you think the 1.3 trillion deficit came from? Are you saying that from 2007 to 2008 the Dem’s were able to generate a 1.3 trillion dollar deficit? Surly you jest. Bad spending, no funding and corrpution of the Banking industry and Congress(all of them) created this mess. It didn’t just happen over night, it took years, come on with your intellect you know that. My big question is: why did the Republicans who had control of both Houses of Congress since 1995 ,allow Barney Franks to give mortgages to those who couldn’t afford them? Could it be that they were greedy and corrput and everybody was making money in someway from the housing/banking industry? NO, say it ain’t so !!!

    • libertytrain

      Thanks DaveH – I have passed that one on vie e-mail to a few friends.

  • DaveH

    Asset Forfeiture. This is a something not many people are aware of:
    http://reason.org/blog/show/asset-forfeiture-is-out-of-con

  • Perley

    Hey Norm is playing again.
    Norm are you a shill to elicit responses?
    You do not seem to much knowledge of the subjects you comment on.

  • deltadawn

    Did anyone really expect him to stand up and truthfully state to tell people he hopes will vote for him that their irresponsibility and greed, along with the almost criminal behavior of Dems like Barney Frank, Chris Dodd and Chuck Schumer in denying the problems in Fannie & Freddie had a major role in the collapse of the economy? He has to find a scapegoat and the financial institutions are a popular one these days. Yes, they certainly had a role but people racking up debt they couldn’t pay for and the non-actions of Frank & cohorts were equally to blame.

    • American Citizen

      You forgot the role ACORN played in this.

    • eyeswideopen

      Hey Deltadawn, the Repubs had control of Congress since 1996 why did they allow that to happen? It didn’t just start in 2007 when the Dem’s got control. This mess wasn’t generated in one year from 2007 to 2008, when Pres had to ask Congress to bail out Wall Street. It was greed and corrpution that allowed bad mortgages in the first. You can’t blame it on just those people, when the Repubs could have stopped all that legislation back in the 90′s. They had the control and were supposed to be fiscally responsible. In 2003 after they passed the Medicare Advantage Act costing 800 billion with no funding, I had to take a hard look at my party and finally figured out that we had become exactly what we accused the Dem’s of being.

  • James

    The uncomfortable fact here is that the people who caused the housing/economic meltdown are still in charge. In fairness though, if Americans had not gone head-over-heals in debt, we wouldn’t have had this catastrophe. With everyone operating on a credit account basis, all it took was for someone to sneeze, and kapoof!

  • Humberto de la Pena

    I had dedicated 25 years of my life to work in the Civil Service for our government. The government that keeps on stealing your tax dollars for their personal needs is responsible for helping the high budget costs. I worked for the USDA (United States Department of Agriculture) as an Area Specialist until I retired in 2006. During my career I witnessed the creation of such programs as Waste Fraud and Abuse being publicized with a lot of merit and firmness. They made you believe that people would be kept from stealing from the American tax payers and this program like many of the programs the present administration have created are designed to benefit only the source. You can’t accuse anyone employee to steal and misuse government funds when your supervisors are the ones that initiate the Fraud Waste and Abuse themselves. Allow me to explain. When the tax payers pay a percentage of their income taxes to Uncle Sam these moneys are to go to run the government in the most efficient way, so you would think! I tell you this is not the case. I have witnessed the year after years waste of replacing very good office furniture with new ones just because if the money is not spent, then the following year there is no justification to maintain the high budget requirement. Supervisors tell you to order what ever you need without any guilt or remorse to the fact that your hard earned income tax money is being misused, mismanaged and wasted to provide for pleasure and comfort of government employees. This is the case all the way up to the White House. Have you noticed how good the White House furniture looks? Just think that your income taxes could be reduced by a whole lot if your government was honest. Along that subject my boss at the Davenport Florida office of the Rural Development branch of the USDA approved and participated in using GSA (Government Service Vehicles) cars and Vans designated for the use of car pool employees to go to birthday celebrations at public restaurants and country clubs. You wonder why this is allowed to go on? I have reported the Fraud Waste and Abuse to the department assigned to investigate these allegations and have not received any replies to any of them. I wrote the State Office and the National office as well and there was no reprimand or punishment to the responsible parties. Your Congress and the president sign the National Budget every year and will continue to abuse your hard earned income as long as you allow it to continue. They are allowed to freeze the COLA (Cost of Living Allowance to retirees but they keep and exempt themselves from such restrictions just like the exclusion from being part of the new Insurance program enacted this year. When are we going to say enough is enough?
    Dear friends; I believe the time has come to take action and do what is best for our country. You should go into the web address shown below and let yourself be heard. If you agree please forward this e mail to your friends and family to be heard, I did! God Bless America and all that we believe in.
    http://www.wnd.com/validationofbarackobama.

  • Pat

    Wait a minute. Didn’t obama rescue/bail Goldman Sacs out of financial trouble?

    How come Goldman Sacs SOLD their stock holdings (57.8%) in BP just prior to the oil rig exposion?

    What hurts America? obama’s choice to ignore “energy” and go straight into HIS “share the wealth” policies. Destroy the Gulf and keep hospitals working and your job safe? I don’t think so.

    SALAZAR: “Minerals Management Service (MMS) to assemble all known information about offshore energy resources and identifying where there are gaps”. (2/2009) NOTICE THE DATE? Where’s the “gap report”?

    There CANNOT be an oil rig explosion…without GOVERNMENT failure.

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