Obama's Showdown With Wall Street

[ProSense]

Obama's Showdown With Wall Street

President Obama has achieved something few politicians manage: catching Wall Street off guard. His timing is late. Machiavelli would have suggested action a lot sooner. What is beyond doubt though, is that in the plan for banking reform he announced Thursday, Obama has set out an agenda for changes on Wall Street that will be the making or breaking of his Presidency, and maybe the rest of us as well.

His objective is simple: Ensuring banks never hold taxpayers hostage again. To achieve that he has to cut them down to size; none must be too big to fail again. That involves the new “Volcker rule,” which stipulates that banks that take deposits will not be allowed to use their own money to trade on speculative markets, run hedge funds or make private equity investments. In addition to prevent banks getting too big, the U.S. will ban takeovers and mergers among American deposit-taking banks.

Amazingly, Wall Street did not see this coming. In fairness, whilst Tim Geithner was in office, backed by Larry Summers who did so much to dismantle Wall Street regulation under the Clinton administration, few could have anticipated such a turn of events. They’ve been the obvious obstacle to reform; the best friends Wall Street will now realize it ever lost. So surprise is on Obama’s side.

The debate now moves to whether the plan is good enough, and whether it will be contagious and spread to the U.K. and elsewhere. The second question is easiest to answer: around the world the excuse on the lips of all politicians has been that without bank reform in the United States, nothing could be done elsewhere.

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[msongs]

1. lol he's gonna send out his Summers & geithner team lolololol nt

[boppers]

19. Send a thief to catch a thief...

:evilgrin:

His "former insider" team knows where the bones are buried, and how the game gets played.

[akel21]

2. Larry Kudlow

and his cnbc corrupt people are the problem. You should have seen them when it was announced. they were shitting in their boots. I hate cnbc

[Hansel]

Why does anyone even listen to these fools? Why do they still have shows.

These fools cheer leaded this disaster on and were stunned when the meltdown happened. They are supposed to be the financial experts and didn't see something this big coming. Something many of us so called "amateurs" could see coming from miles away.

They are stupid and incapable of objective and in-depth analysis and are no less guilty for the economic meltdown than the banks are because so many unknowing people listened to these pigs. They need to sit down and StFU!.

[cutlassmama]

3. hope it's not just talk. hope there is action behind this nt

[last1standing]

4. More pretty words. Post again when he actually does something.

:yawn:

[ProSense]

5. Blah, blah, blah

More bitter FAIL.

[impik]

6. Yea, they're good at it. Bitters and losers, who will miss this man

once they get Palin in 2012.

[ProSense]

14. And the media is doing everything to encourage the BS

Bob Herbert has a column, which states:

Democrats in search of clues as to why voters are unhappy may want to take a look at the report. In 2008, a startling 91.6 million people — more than 30 percent of the entire U.S. population — fell below 200 percent of the federal poverty line, which is a meager $21,834 for a family of four.

"In 2008, a startling 91.6 million people " Wasn't Bush in office then?

The media, all of them, ignored the fact that Gore was unselected, ignored the 2004 election fiasco and ignored homelessness and poverty while the Republicans ran the country into the ground. Now all of a sudden they're up in arms because the pace of change isn't fast enough. In fact, some like Herbert are pretending it isn't happening, and all the ills are the Democrats' fault.

Screw them. Seriously, screw them with their Obama hasn't done a thing. Tell that to millions of people who are getting some help.

State-Level Data Show Recovery Act Protecting Millions From Poverty

In addition to keeping more than 6 million Americans out of poverty in 2009, ARRA is reducing the severity of poverty for 33 million additional Americans who are poor by lifting their incomes, typically by more than $700. Due to data limitations, these figures are conservative and underestimate the number of people that the seven ARRA provisions examined here have helped in 2009.

OBAMA ADMINISTRATION AWARDS NEARLY $1.4 BILLION IN HOMELESS GRANTS

Highlights of HUD's Homeless Assistance

• HUD is awarding nearly $1.4 billion to renew funding to 6,445 local programs. HUD awarded $1.2 billion to 5,825 renewal projects last year.
  
  
• More than $738 million is being awarded to 2,997 projects that provide permanent housing solutions for homeless families and individuals, including persons who are chronically homeless
  
  
• More than 3,200 local projects that serve families with children will receive over $733 million.
  HUD’s housing and service programs funded through the Continuum of Care competition establish the foundation for communities to serve many of the nation’s most vulnerable individuals and families. Based on the Annual Homeless Assessment Report (AHAR) released by HUD in July 2009:
  
  
• Nearly 1.6 million people use emergency or transitional housing programs over the course of a year; and
  
  
• On a given night, approximately 664,000 people are homeless. Of those:
  
  1. More than 124,000 are chronically homeless;
     
  2. 36.5 percent are chronic substance abusers;
     
  3. 26.3 percent are severely mentally ill; and
     
  4. About 15 percent are veterans.

It's going to take a lot more, but stop pretending the homelessness and poverty just appeared in 2009 and taht it's going to be easy to make it right.



edited for clarity.

[Cha]

7. Just digging more shit with

that ugly shovel of their's..all they have.

[last1standing]

10. Here comes the fan club.

Did I hurt your feelings when I told the truth about the most powerful person in the world?

This free speech stuff really sux, doesn't it?

[Cha]

12. FOS.

[last1standing]

8. I couldn't agree more.

And I, for one, am tired of Obama's failure.

Aren't you?

[FrenchieCat]

9. You are the boring one around here!

:boring:

[last1standing]

11. I criticize the president, you start your personal attacks. Par for the course, bully.

n/t

[FrenchieCat]

15. Poor you. Such a victim!

:boring:

[last1standing]

16. Haha! Just pointing out how hypocritical you are when you call someone a bully.

So now that its been established that you have nothing to offer on this board other than petty insults and simple "Go Team" posts, will you jump to the race-baiting again?

[FrenchieCat]

17. You have nothing to offer that helps anyone....

That's the part you miss.

[last1standing]

18. Echo said I.

Repeating my comments doesn't do much for your case, bully.

[FrenchieCat]

20. At this point, this site has become a caricature of itself, and you are one of the prime example.

No matter what this Administration does or doesn't do,
there are those who will see the worse in every move,
no matter what it is, period.

Whatever this President says is translated as mere pretty words,
and not action. Whatever the President does is "throwing us a bone".

In otherwords, it doesn't really matter anymore, because anything can be
interpreted any way, and it is.

Personally, I would think that those who aren't interested in constructive discussion,
should form their own website, so they can deconstruct every statement made
by this President, and boil it down to some obscene message meaning something
terrible for Americans.

We are at a stalemate, and because that is the case,
we cannot advance and help anyone anywhere.

You are party to that.

[ProSense]

21. Exactly, it's

the ignore button for anything that isn't spinning Obama as the greatest failure of all time.

Someone posted that he's the worse President in 100 years.

Morons.

[last1standing]

22. Ooh! More Frenchie Poetry!

You have consistently attacked anyone who doesn't orgasm at the sight of Obama's six-pack and then you claim the high ground. Sure, you're popular with the less intelligent BOGlodytes because you give them red meat and they can't understand most of what's being said, anyway. But out in GD and GD: P, you're a bit of a joke because we all know your routine.

[ProSense]

23. Speaking of "less intelligent,"

how intelligent does one have to be to respond to every statement Obama makes with "pretty words"?

[last1standing]

25. More intelligent than someone who can only spam the board with the same OPs every day.

Stop. The. Spam. Now.

Stop. The. Spam. Now.

Stop. The. Spam. Now.

[ProSense]

26. The same?

Denial is deep.

[last1standing]

27. Obviously more than you are ready to admint.

n/t

[Hansel]

13. Speaking of "yawn". nt

[akel21]

24. Cnbc

is in the pocket of big business. They even said Japan has a public option and the insurers love it.
We need to go after Kudlow.