Elections have consequences...Thank you Senator Brown

With his comments, the president, for the first time, threw his weight behind an approach long championed by Mr. Volcker, who flew to Washington for the announcement. Mr. Volcker's chief goal has been to prohibit proprietary trading of financial securities, including mortgage-backed securities, by commercial banks using deposits in their commercial banking sectors. Big losses in the trading of those securities precipitated the credit crisis in 2008 and the federal bailout.

Both changes require legislation by Congress, and Republican leaders, as well as the banking industry, signaled on Thursday that they would resist the proposals.

Mr. Obama, speaking in the Diplomatic Reception Room at the White House, said he anticipated such opposition, saying an "army of industry lobbyists" had already descended on the capital to oppose regulatory reform.

"If these folks want a fight, it's a fight I'm ready to have," he said.

" Mr. Volcker's chief goal has been to prohibit proprietary trading"

Volcker's a Marxist!

--Drudge rtards

It will be interesting to see how the Rethugs spin this to make Teabaggers scream about how the poor bankers are being persecuted after the taxpayers just had to bail them out.

Glenn Beck get out the Vicks! You got cryin to do son!

#5 | Posted by danni
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It will be full to watch/listen to all the twisting

He should have been listening to Paul Volcker ages ago. Give some small-government conservatives a few more seats in the Congress, and put Volcker in Tax-Dodgin' Timmy's job, and we might have a recovery sooner rather than later. Time will tell.

"He should have been listening to Paul Volcker ages ago. "

Oddly enough, lefties--not conservatives, have been saying that for a while.

LMAO. Sure.

#10 | Posted by rightisright

That's exactly right, dumbass.

"You know how far politics has swung to the right when the most left wing guy in the room is the former chairman of the Federal Reserve. But that's what financial reform has come to."

#5 | Posted by danni

WRONG..the taxpayers did not bail them out, your messiah did with our money after barney and dodd started this mess. I was never asked about it and I would say the majority of people were/are against it.

"Reckless Risk is my middle name"
--- Obama ---

WRONG..the taxpayers did not bail them out, your messiah did with our money after barney and dodd started this mess. I was never asked about it and I would say the majority of people were/are against it.

#12 | Posted by chickenrancher

Don't confuse Danni with facts, and the endorsed checks.

Obama's bank tax in a nutshell:

"Hey, Mr. Big Bank, some of your competitors are in big trouble. We gotta bail them out.

Fine with me. We're doing OK, so it's not much skin off our nose.

Thing is, we don't wanna say which banks are in trouble. So youse gotta take some of dis bailout money, too, so's we can hide the ones in the worst jams.

We don't need it, and we don't want it.

That's too bad. We think you might need it. And if you say no, then we'll have to go through your books to make sure you ain't in trouble. All your books. Very slowly. Very carefully. Very publicly.

I tell you, we don't want it and don't need it! I don't want to have to explain to our depositors and investors and owners why we took on this kind of debt when we didn't need it!

Look, it'll just be for a little while. You can pay it back in a little while. And then we'll owe youse a favor. "

Hiya, Mr. Big Bank. Remember me?

Trust me, sir, I'll never forget you.

Well, I'm here about that TARP bailout money we lent youse a while ago.

What about it? We paid it back! Every penny! Plus interest! And we didn't want it in the first place! We should have just given you the interest up front, and never taken the money in the first place!

Yeah, you did pay it back, and we really appreciate that. But it seems that quite a few other banks didn't pay it back, and we need that money.

So? Sounds like you did just what got them into trouble -- loaned a lot of money to people who wouldn't be able to pay it back. That's hardly my problem.

Well, that's where you're kinda wrong. We need that money back, so we're gonna collect the money from all of you big banks.

Wait a minute -- they screwed up, not us. You saved them, you did squat for us. And we repaid you. Now we gotta pay again?

That's how it works, pally. But not quite.

What do you mean, "not quite?"

Them that ain't paid it back ain't in any shape to pay this additional tax, so you gotta cover their share too.

WHAT!?!?!?!!"

Elections have consequences...Thank you Senator Brown

#1 | Posted by mmike at 2010-01-21

sounds familiar doesnt it

elections have consequences..thank you senator mccain.

I prefer to call it the shoe on the other foot

so Im confused..werent these the same people who were too big to fail not that long ago...

and what does this do to job creation?
or does he even care anymore?

Too big to fail, as in Fannie and freddie?

WHAT is he going to do about them? Oh that's right give them more taxpayer money and ignore their 5 trillion dollar asset cap!!!!!

Now how about those failed banks the gov insisted that good banks acquire?

Hummm you mean when the gov said "take over these junk banks" then stress tested, then induced them to sell more stock and boost their shareholder equity?

Those banks? The JPM and WFC and BAC's of the world? How dare they listen to the gov regulators. BAD BANKS break them up!!!

Now would the largest bank in the world (China) please lend us more money. BHO do as we say and we will SLAP YOU DOWN!!!!!!