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President Obama Slams the Banks, Wants Americans' Money Back

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Headlined to H3 1/17/10

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President Obama's popularity has crashed so perhaps doing something for the American people might help.

President Obama in his weekly address to the American people says that he wants to get the American taxpayers' money back.

So far so good.

So he wants to tax the big banks to get that money back.

So far so good.


President Obama says the big bankers not only need to be taxed but they need to be regulated.

So far so good.

But President Obama previously has said that he plans to increase Fed power and let the Fed do the regulation of the big banks.

Now that isn't so good.

"The Obama administration wants the Federal Reserve to be the maximum regulator of the American financial system. As Treasury Secretary Timothy Geithner told the Senate Banking Committee, "The Federal Reserve is best positioned to play that role. It already supervises and regulates bank holding companies, including all major U.S. commercial and investment banks...."Source: Reuters

So if President Obama really wants to regulate the financial system then he wouldn't turn that system completely over to the Federal Reserve, the very same people that caused the last collapse.

Turning the regulation of Wall Street and the Banksters over to the working arm of banksterism, the Federal Reserve, is a recipe for the type of disaster capitalism and economic collapse we have already seen.

President Obama is clear in his analysis on the terrible economic problem created by the "gambling" and "reckless risk"of the bankers in his weekly address to the American people.

But he needs to be clear on his desire for real oversight and regulation of the big banks. Turning over that responsibility to a private institution that works solely to benefit the big banks and their leadership is nothing more than the same old same old packaged under new legislation.

So taxing the banks needs to be done. But real regulation is also a necessity. If Obama doesn't initiate real change somewhere and soon, he will not be given a second term to continue to fool the American people..


Video Posted at Huffington Post



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I work as a school counselor and mental health counselor in Gallup New Mexico.
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The current toothless investigation by the "Financ... by Blaine Kinsey on Sunday, Jan 17, 2010 at 3:34:54 PM
Your proposal is correct. The fact that we couldn'... by Grant Lawrence on Sunday, Jan 17, 2010 at 9:38:26 PM
Grant, Obama does not need a life preserver thrown... by boomerang on Monday, Jan 18, 2010 at 11:29:59 AM
You know I am tired of the game for nearly a decad... by Grant Lawrence on Monday, Jan 18, 2010 at 6:52:07 PM
Obama wants to get 'every single dime' back. He ... by TomK on Monday, Jan 18, 2010 at 1:57:53 PM
Obama is status quo incarnate. The pugs couldn't l... by W. Christopher Epler (Bill) on Monday, Jan 18, 2010 at 2:13:44 PM
Seems that most folks have forgotten that this gov... by galen on Wednesday, Jan 20, 2010 at 11:29:42 AM