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That video is beyond retarded. How does slapping a tax on the banks solve the underlying problems that caused their collapse in the first place? It doesn't. Obama is doing this purely to stroke the public's disgust for the "fat cat bankers". It does nothing to solve anything. It's a political ploy to appease the angry masses that we had to bail out these banks in the first place. We want the problem fixed so it can never happen again. We don't want stupid taxes that will do absolutely nothing but temporarily boost Obama's poll ratings. If he truly wanted to fix the problems, he'd get rid of Fannie and Freddie as step numero uno.
in today's bloomberg:
Jan. 25 (Bloomberg) -- President Barack Obama’s call last week to curb bank risk-taking and crack down on “obscene” Wall Street bonuses may help boost those very payouts at Goldman Sachs Group Inc.
Goldman Sachs, like many banks, is awarding more of its bonuses in stock to tie them more closely to performance. The firm priced those shares at $154.12, the closing level on Jan. 22, a person familiar with the matter said, after a two-day, 8.1 percent slide prompted by Obama’s plan.
The biggest two-day drop since March means employees will receive more shares than they would have earlier in the week, and have a greater opportunity to profit should the stock gain. The firm said last month that its top 30 executives will get bonuses entirely in stock that they can’t sell for five years. Goldman Sachs rose 1.9 percent to $156.99 at 12:19 p.m.
“The unintended consequences of some of this craziness coming out of Washington are breathtaking,” said Michael Holland, who oversees more than $4 billion as chairman of Holland & Co. in New York. “In the process of trying to score political points, they have taken the target, in this case the so-called fat-cat bankers, and provided them with a reward.”
isn't it just incredibly ironic that all the people who caused/needed/took the bailouts in the first place are all the same people who are the beneficiaries of all the actions taken thus far?
steve keen did a good piece on why bernanke has to go.
The Bernanke vote is a powerful way to send a message to the Administration that the public is NOT buying what they are selling on the financial front, and much more fundamental change is needed.
okay, it is clear that our congressional leaders DO NOT GET IT and they NEED TO GO.
the federal reserve created this fiasco in the first place by bullying congress into the bailout. it is a tragedy that americans are being bullied both by this government and the federal reserve, which is an international BANKING CARTEL -which received american taxpayer money on a LIE. i will call obama a flat out liar, as he has pushed for more power for the federal reserve since he was in the senate.
we just increased our debt ceiling by almost 2 TRILLION DOLLARS and it is a disgrace what is happening to this country. this is one party that is not going to end well thanks to incompetent corrupt leadership. look at the unemployment funds of the different states. florida borrows money every month for their unemployment fund, and you can look up your own state's predicament. they will give some high GDP number so the stock market can try to rise yet again, although they won't mention that the growth has been GOVERNMENT SPENDING, which is NOT SUSTAINABLE.
let me add that it is pretty sad when a country is threatened by someone like geithner with the possibility of economic collapse if bernanke does not get reappointed. economic blackmail is not good for a country and americans are tired of being "threatened". as denninger said in his column today:
If you want to know why we will not recover you need only realize that we have not removed the bad debt from the system. We have not forced those who committed these acts to eat them. We have instead bailed them out and transferred this bad debt around, in some cases to the government. (end)
i suggest that we are not only not forcing them to eat the bad debt, we are rewarding them for making the bad debt in the first place with giant bonuses for all of them!
Last edited by floridasandy; 01-29-2010 at 04:48 AM..
Bernanke is on video admonishing Maria Barteromeo about suggesting there is anything wrong with the economy/Fannie and Freddie circa 2005 - 2007. Geitner was in charge of overseeing Fannie, Freddie and the banks under Bernake. Neither of these two watchdogs saw a problem. Throw in Barney, Dodd and whatever gaggle of repubs who supported loans to unqualified borrowers and you begin to see the problem.
Who is now running the economy? Bernake, Geitner and a whole host of former Goldman employees.
This is insanity!
These choices are outrageous and unacceptable!
Certainly it promotes that we create a myth to explain why these people are not investigated and prosecuted for deriliction of duty and why they are now in charge. One such myth would suggest irresponsible conduct was so widespread among the dem and rep legislators that revelation would cause the electorate to riot.
As for Obama mad at the banks, guess who will bear the brunt of that shortsighted decision????
Remember the midnight addition to the tarp bill that Dodd shepherded?
You know, the statement that guaranteed AIG bonuses.
Then all the fuss about going after the guys who received the binuses rather than who gave them the bonuses. Cuomo jr then threatened to release the names of the guys who received the bonuses!!!!!!!!
If you couldn't figure out at that point something was dramatically and ethically wrong with the legislators in charge and the government mud hole in which they basked, you are brain dead.
Dodd claimed he had no idea how that got into his bill and later admitted it came from the understaffed treasury dept under the tight control of Tim Geitner.
These unexplainable actions trump any words that spew from Obama's mouth.
The shortsided, politically strategic and emotional act of taxing the banks will result in pain for everyone who uses the services of a bank.
A more effective move would be to stop the banks from charging customers for made up service charges.
Was it not the government who forced the banks to make unsafe loans and forced the banks to take tarp money?
Obama either is in cahoots with Government Sachs, or is just ignorant of what just happened at the hands of the rich fat cats - and he wants to help the middle class? to what, get screwed some more?
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As if they listen to us anymore. Dont you know they know whats best for us more then we do
