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Obama Wants Payback, Calls On Bank Heads To Boost Economy

December 17, 2009 by  

Obama wants payback, calls on bank heads to boost economy On Monday, President Barack Obama met with the leaders of the nation’s largest financial institutions and demanded that they put forth an "extraordinary" effort to help aid the struggling economy.

Obama urged bank directors to boost lending to small businesses and curtail large bonuses for top executives. He also asked banks not to stand in the way of potential financial regulatory reform aimed to safeguard its customers.

"No one wants banks making the kinds of risky loans that got us into this situation in the first place," he said, "but given the difficulty businesspeople are having as lending has declined, and given the exceptional assistance banks received to get them through a difficult time, we expect them to explore every responsible way to help get our economy moving again."

The president had set an ominous tone for the meeting during his Sunday night 60 Minutes interview when he referred to Wall Street bankers as a "bunch of fat cats" whom he did not feel an obligation to help.

Meanwhile, Republican Party chairman Michael Steele warned Obama that he "should recognize that banks aren’t going to lend money to people who won’t pay them back. Banks can open the floodgates of cash, but you have inability of small business owners to pay back the loans."

Steele told NBC’s Today show that less regulation is what would return small businesses to profitability, according to FoxNews.com.
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  • Robert

    Chris Dodd and Barney Rubble (Franks) were a big contributor to the meltdown in the Financial Industry. They put pressure on the Banks, Fannie Mae and Freddie Mac to lower lending standards with no oversight or accountability. So now Oboma wants to repeat the same mistakes under his change and hope slogan. The government needs to stay out of the private sector altogether. If a lender gets themselves in trouble, let them fail. I’m sick and tired of all the bailouts. When is the government going to start bailing out the taxpayers? A good start would be to cut spending and pay down our debt. The government is a major reason lending is tight. They’re doing most of the borrowing so there’s little left for business and consumers. And now they’re taking the Tarp money and spending it on stimulus. Isn’t that illegal? The deal was that when the money was repaid it would be used to pay down the National debt. This comming November we have a real chance for hope and change. Vote all the SOB’s in Washington out and vote in candidates that represent Americans, not special interests and give it to me for free lowlifes.

    • J C

      Robert, Barney has not only been reinstated as the the Fed’s chairman….he’s Time Magazine’s Man of The Year.
      The propoganda just never ends does it? In fact it just keeps getting worse! I still have vague memories of America though, it was a wonderful place.

      • hopeforamerica

        JC; Get you facts straight. Do the research and you will see that Barney and a Republican put forth a bill trying several years ago because they feared there was going to a problem with freddie/fannie. Bush shot it down!! Go Ahead…. Go Check the Facts!!!!

  • Claire

    I should know better. Just when I thought an upcoming Republican was going to be a good choice, it backfires. Aaron Schock (R) Illinois voted against the Lilly Ledbetter Act for equal pay for women. He voted against students on HR3221, the Student Aid Program. He voted against HR2/the Child Health Insurance Program, and HR1913 the hate crimes bill. He voted against HR2749 for food safety regulation after the salmonella poisonings last summer. He also voted against HR4173, the regulation and oversight of the U.S. financial system. This is the very same financial system that led us to the brink of economic collapse in the fall of 2008. I am very disapointed in this guy. But, like I said, I should have known better. It is past time for the politicians to be taught a lesson. It is time we vote for a party other than Democrat or Republican. Enuf said.

  • Joe H.

    Claire,
    As far as the child insurance bill, it was not needed as there is already one there, the new one just raises the age that can be covered under it. I don’t call 20 year old non-students that are physically and mentally able to work CHILDREN!!! The hate crime bill was not needed either as if a crime is a crime, it doesn’t need a special classification, it just needs to be enforced!!!

  • Darl Easton

    What does he want the banks to do? Loan money to the same folks that got us into this recession? It’s not his money, if the loans go bad, he’ll just charge it back to the taxpayer again.

    He’s in a hurry to get the a massive economy moving again because he needs it to get his puppets re-elected. But it’s time to go slow on the loans to keep from getting back into the mess we had before. Slow to grow, the softer the fall. Charge a steep mountain and you could have a deadly fall.

    Bernanke, Summers, and Geithner were a huge part of the problem with the economic crash. Do we really want to rely on them to build a solid economy? Can we rely on a POTUS that keeps them on-board?

    Obama slams the CEOs for almost everything, but then wants them to help him. It’s crazy. Just like he slams the Health Care industry, both insurance and providers, but yet he can’t solve his perceived problem without them. Illogical or what?

  • J C

    This whole thing is all just so much smoke and mirrors and designed to dazzle the sheeple with its wizardry. “Stimulus” just plain does not work, unless of course the goal is to destroy the economy. Throwing money out of thin air at a bunch of banks and businesses is not only irresponsible…its insane. Easy credit lead to the Great Depression. Artificial money lead to the crash in the Weimar Republic. Stimulus lead to the melt down of the Japanese economy.
    It all adds up to the same thing, Hyper Inflation.
    Its been done folks! It didn’t work then and it won’t work now.
    If we are to recover, the first thing that has to happen is for the same people that F**ked it all up to quit trying to fix it. They’re incompetent if not outright criminal anyway. Human action, drive and desire will lead the way to a healthy economy if only we can get these self serving political bozo’s out of the way.

  • W Smith

    America has it’s very own monster. History has a funny habit of repeating itself and here we are. We have our very own “Monster” and what are we to do?

  • Russell EnDean

    This is step three of Obama’s Illegal immigrant Muslim five step (so far) plan to create vast bank insolvency, as one pillar of his plan to destroy America. 1. Do nothing to change sub-prime loans, in fact encourage renego of them, to keep failures in the pipeline. Let Fannie Freddie Ginnie and Fed continue to operate status Quo sincce Bill Clinton started the Sub Prime market in 1999 2. Raise cash reserve requirements for all Banks (April, ’09) 3. Force banks prepay 3 years of FDIC insurance premiums, 4. Print money to undermine all value. and 5. as banks go belly up as 100+ have so far this year, seize them. How many banks does the insolvent US Government own today?

  • Jimmy G

    Where is China when you need them. They would have already executed a lot of CEOs starting with Goldman. We would not have this year end rush to pay back TARP money so they can pay themseves large bonuses. Do you think the bankers will be back in 2010 wanting help again.

  • James

    Darl, Asking big banks to mend their ways is like praying to Lucifer for Salvation. They’re in business to make as much profit as the law will allow. The law, as written, wasn’t violated. Sen. Chris Dodd and Rep. Barney Frank are their congressmen not ours.

  • Joe H.

    Darl,
    Yeah that’s the stuff, lend more money to the people that can’t afford to pay it back!!! Let the U.S. banking system collapse and of course lose all of our life savings. that’s the only reason O-man pulled them out of trouble the first time is if we lose our money, it won’t be there for redistribution!!!

  • Raggs

    Exactly!!!!

    Lets not forget who is behind the cause of the subprime loans.
    ACORN, by threats to the banks and who is behind ACORN ? obama when he was a senator he was neck deep in this scam. And now he wants to blame the banks for something he helped create.
    Who the He** voted for this? Amazing some people are so stupid they would vote and not have any clue about who they are voting for.

  • http://Don'thaveone Sally

    Since Obama not only wouldn’t give a copy of his birth certificate, nor any credentials of his schooling, none of which I could understand, because he is so dumb doesn’t even understand Economics 101. If ANY Republican had pulled 1/3 of which this Idiot has pulled, the Demo’s would have impeached so fast it would make your head swim. Right down to the Aides that his wife has. The most Aides a Presidents Wife has ever had was Hilary with 3. Queen Michell has 22 that costs the taxpayer over a million dollars a year in salaries alone. What an abomination!!!!!! You know, it was like when we lived in Turkey – back then the Turkish government blamed everything on the Americans – while they were rallying about that, behind closed doors all commodities were jumped in price like petrol etc. Demos are doing the same thing, Czar Obama is on TV most every day telling one story while Congress is doing just the opposite. Thank goodness for the Internet and the Truth.

  • Raggs

    Not to change the subject matter, but some point of interest has came up.

    Fox news, the weekly standard and world net daily has reported extortion on the part of the administration regarding Ben Nelson of nebraska and the offutt air base. Reportedly the administration has threatened Ben Nelson with the closure of the air base if he does not comply with the administrations wishes to health reform.
    Naturally the administration is in denial of this threat.

    I have a problem with thier denial…
    1st it would be illegal to report a story of this magnitude without backing, the reporter would be in very deep trouble for such a falsehood.
    2nd I have no problem thinking this would fall exactly in line with the current administrations agenda.

    If this is true and it can be proven we have a traitor in office!

  • Ron

    Is this guy cracked or on crack? The Dem’s muscle the banks to do loans to those that can’t afford them, they default! So they bail those banks out (TARP) now he wants them to do the same thing. I think he’s smoking something other than the cigs!

    Than on the other hand, we get what we pay for. He did say change we could believe in, the problem is he never said our belief, it obviously was his and that is let’s destroy the U.S., that he is doing good at. I personally don’t like what he is doing and can only pray that we (the United States) can hold on and not crumble before we can vote these incompetent boobs out of office.

    Ragg’s They are probably trying to force him to make the vote go ahead, but then again look at the way they do business, they had to promise a person of their own party (300 MILLION) to vote for it. Of course they will always deny any threat, they will come back with we were only thinking of closing it, not that we would have. Then again if he votes against they find the reason to close it and if he votes for it, well you get the point!

  • John

    Exactly!!!

    And they continue to blame Bush. While I was no big fan of Bush this guy is sleazy. People voted for change and they got a lot more than what they bargained for.

    This guy should be impeached he lacks any integrity whatsoever.

  • Claire

    And what will this solve? More bad loans to people who get them and then cannot pay them back? I just want to see the banks pay back all the money they were given to stay afloat.

  • American Citizen

    It was reported this evening that Ben Nelson will not back the bill. Somebody up there has integrity. We need statesmen up there and there aren’t any.

  • Joe H.

    Raggs,
    E-mail Nelson, I did! I told him he owes his integrity to his constituents and the American people and he should stick to his conscience on tax money paying for Abortion!!!

  • American Citizen

    They’re not lending to anybody very fast. Small businesses are hurting because they can’t get the loans they need to stay in business. They’ve loosened the purse strings a little, but not near enough.

  • J C

    The banks were given no actual (legal) instruction as to what they should do with the TARP money. So they did what they do….invested in the stock market. This lead to all kinds of artificial activity.
    Fake money injected into an artificial market caused the stock market to spike when it should have been calming. BUT! The White House was now able to say, “We’re recovering! Look at all the trading going on” kind of thing. Smoke and mirrors…

  • hopeforamerica

    The whole point is, Obama is trying to implement laws in which would ensure the banks don’t make the same mistakes in the future.

  • Markus

    To late, he sold out his soul for 30 pieces of silver. In this case, his state doesn’t have to pay for Medicare. These people should all be tried for Treason to the U.S. Remember, it is all about control, power and money. There is an amendment in the bill about how we are all going to have to get a “National I.D. card or Smart Card” that will have all our information on it. This is the precurser to the “Micro Chip” or “Mark of the Beast” in the Bible….Just a warning, don’t take it.

  • Dan

    The results for the economy poll on this site indicate 76% voted Rebublican, and in response to the question
    1) Who is most to blame for America’s current economic crisis?
    55% voted: Obama and the Democrats in Congress

    How can this be true if the crisis was well underway before Obama was on the horizon and the Bush addministration had 8 years to manage the sub-prime issue before it broke the system, then emptied the US treasury into the hands of those who caused the problem.

    It is bigger than either party can solve. Let’s work together the American way. There must be a better way to address these important issues than to blame the president or “the other guys”.

  • Meteorlady

    Yeah right – lend more money. Isn’t that what got us into this mess in the first place? Smart man we got for President. Oh well maybe ACORN will benefit and someone at least will be happy.

  • Meteorlady

    Dan honey – Bush went before the Senate Banking Committee in 2000/2001 and pleaded with them to reign in Fannie and Freddie. He was told they were wonder institutions and well run and were not in any trouble that they committee could see. That’s out on the internet for viewing. He also said that over-sight was needed for the Federal Reserve and that got nowhere fast. Then there were the years that the Democrats were in control and Bush got nothing done – his energy policy proposals were ditched as soon as the Dems got the majority. Clinton raised taxes more than any president for a long time and he also advocated, or demanded, that everyone should own their own home whether they could afford it or not. So there’s plenty of blame here to go around. If I had to say who was to blame I would say the Federal Reserve and the Senate Banking Committee and we all know who the head of that is. Bush gave some bailout money, but Obama went over the top and that’s how we are now trillions in debt.

  • hopeforamerica

    Sally; Stop with the Ridiculous birth Certificate crap. Get a life. It’s been proven. BTW, How do we know Your’s Is Real????

  • hopeforamerica

    TO: Meteorlady; Okay… you take the cake. The whole World knows that this Titanic, Giganitic, Unprecedented, Horrible Economic Recession, Plus TWO Wars, began While Your Beloved Bush and the Filibusting Republicans Ruled from 2001-2008!! In fact, the recession officially began Dec.2007. And… both conservative and liberal economists agree that the stimulus package DID pull us from the brink of total and complete economic disaster. Yes.. Pres Obama IS an extremely intelligent and wise man. I’m extremely grateful he is our president.

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