Elizabeth Warren on Obama's Bank Plan - "I feel better than I've felt in a long time."

[FrenchieCat]

VIDEO OF ELIZABETH WARREN INTERVIEW



Warren, a Harvard professor and the chief of the TARP Congressional Oversight Panel, told Maddow that she's encouraged not only by the new proposals to limit banks, but also by the president's renewed commitment to an independent consumer financial protection agency.

Warren: "I feel better than I've felt in a long time. Because what I've heard the president saying on the Consumer Financial Protection Agency is, 'It's not going down. I'm here, I'm not giving up on it. There is not going to be a compromise to cave in on it.' I heard him say that we're going to tax those large financial institutions, and we're going to make them pay back all of the money under TARP. And then today, I heard him say we're gonna break apart too-big-to-fail. And we're going to have an answer, so that every financial institution, if it makes big enough mistakes, if it takes big enough risks and loses, every one of them, can in the end, die.... And what I hear in that is that... the financial institutions have pushed him hard... is pushing right back."
http://www.huffingtonpost.com/2010/01/22/elizabeth-warren-obama-is_n_432601.html

[TicketyBoo]

1. Good news,

all the way around!

GObama!

[wroberts189]

2. thx knr

[burning rain]

3. Shame Democrats can't do anything with a 59-seat minority in the Senate!

.

[FrenchieCat]

4. What are Teabaggers gonna do?

Who are they gonna support if they want their Money back? :shrug:

Obama in a speech last month pointed out.....

"Just last week, Republican leaders in the House summoned more than 100 key lobbyists for the financial industry to a “pep rally,” and urged them to redouble their efforts to block meaningful financial reform. Not that they needed the encouragement. These industry lobbyists have already spent more than $300 million on lobbying the debate this year.

The special interests and their agents in Congress claim that reforms like the Consumer Financial Protection Agency will stifle consumer choice and that updated rules and oversight will frustrate innovation in the financial markets. But Americans don’t choose to be victimized by mysterious fees, changing terms, and pages and pages of fine print. And while innovation should be encouraged, risky schemes that threaten our entire economy should not.”

-----------------------

Then, late in December, the President met with community bankers who largely support the financial regulatory package and are important to the recovery as they make up 50% of loans to small business. These small banks are also under pressure from the larger American Bankers Association for not fighting the House regulation bill.

As tensions mounted and the banking industry continued to ignore the Administration’s requests to limit excessive bonuses and spending, the President announced a bank fee would be imposed to guarantee the collection of “every single dime the American people are owed.” Word of the fee leaked out as early as Jan 12, three weeks after the President’s meeting with community bankers.

Less than a week after the Jan 14 banking fee announcement, the President pressed on and announced his intention to implement what has come to be known as “the Volcker Rule”, separating the service and investing side of Wall Street firms. More at the link



House Republicans Come Out Against Administration’s Bank Fee:

JP Morgan Chase CEO Jamie Dimon also chimed in, saying that the fee is meant to “punish people,” which is a “bad idea.”

And now House Republicans have gone to bat for the big banks, claiming that implementing a bank fee would be “lunacy”:

Rep. Scott Garrett (R-NJ): “has said any tax or fee could hinder the economic recovery and further limit the industry’s ability to extend more loans.”

Rep. Jeb Hensarling (R-TX): “How you are going to tax banks and expect them to lend more is frankly lunacy.”

Rep. Spencer Bachus (R-AL): “The tax will only drain capital from the financial system at a time when it’s needed to create jobs and fuel economic growth.”

Rep. David Camp (R-MI): “while he and other Republicans find bonuses being paid by banks that got bailouts ‘irresponsible’ and ‘outrageous,’ they are concerned that taxing banks will hurt lending, and thus job creation.

When Obama tried to encourage banks to make more loans, Republicans criticized him for doing “the exact same thing that caused the problem.” Now that Obama wants to implement a fee on the biggest banks, though, lending is paramount!

On a more important note, all of the whining is futile, as the TARP law requires the administration to create a fee in order to recoup any of the program’s losses. The law states that some sort of revenue-raising mechanism needs to be in place by 2013, but the administration said that “the President has no intention of waiting that long.”
http://wonkroom.thinkprogress.org/2010/01/14/gop-bank-lunac/

also.....

Lobbyists Get Potent Weapon in Campaign Ruling
http://www.nytimes.com/2010/01/22/us/politics/22donate.html

[fasttense]

7. The RepubliCONS are rallying the lobbyists? So now we know

who their base really is. The Tea-baggers are fully deceived and dumbed down.

[Jennicut]

13. Of course, they are used for their stupidity.

They have no clue as to how the Rethugs co-opted them and basically will flush their ideas down the toilet.

[greenbird]

5. K&R

[Hekate]

6. KnR.

[Orsino]

8. "There is not going to be a compromise to cave in on it"?

I beg to differ--there will be compromise and caving in as soon as Congress gets involved.

[Peacetrain]

9. Losts of good news for the average American coming out this morning!!

[Fire1]

20. It's TIME!! n/t

[Bluenorthwest]

10. She's great, but this is just her words about his words and

words are cheap, the cheapest of all are the words of a political person. He was a 'Fierce Advocate' and opposed to mandates, as well. Then, well, smoothly and without showing is reasoning, he is a mealy mouthed religionist in favor of mandates.
Sorry, at this point action, results, and nothing else matter. Obama's words have proven to be of no value as indication of his future actions.
When he speaks, I think of his adoration of bigots like McClurkin, and I know his word is not worth a plug nickel.

[FrenchieCat]

11. These are your words,

They are not so expensive either.

[Fire1]

22. I'm hoping for the best. Perhaps we have turned the corner.

[sandnsea]

12. Yep, this has been the fight since last June

And are among the things that are in the legislation that we need to get passed, after adding the split of the investment side of these firms.

"The Senate released their version of a reform bill that would create a single federal bank regulator (opposed by Volcker) leaving the Fed only in charge of monetary policy. This approach is supported by supported by Arthur Levitt, a Clinton-era Securities and Exchange Commission chairman. The Senate bill also tightens capital and leverage requirements, provides shareholder with no-binding votes on pay and board; closes loopholes on derivatives, securities, hedge funds, payday lenders and more.

In Dec, the House passed a reform bill similar to the Senate bill except it does not create a single regulator, and also creates a federal insurance regulator, directly regulates derivatives and hedge funds, reforms credit ratings agencies, and creates a dissolution authority to dismantle failing institutes."

http://obama-mamas.com/blog/?p=1078

[Cha]

24. Thank you for this, sandnsea. nt

[Beetwasher]

14. He Gave Them A Year, They Said Fuck You, Now It's Hardball

That's Obama. He gave them a shot to show him they were willing to work. They're not. So that was Obama the Conciliatory. Now they meet Obama the Tiger.

[uponit7771]

15. I thought the same thing the other day, he gave Geithner et al a year to get lending and they didn't

[tbyg52]

17. I hope you are right.

I don't think so (I think it will just be more talk) but I'm hoping very hard that I'm wrong.

[uponit7771]

16. Warren has a lot of credibility, she's been a factual critic and support of Obama's econ policies so

...when she says somethings on the right track I can believe her.

Obama gave Geithner et al a year to get the jobs back into the economy and they basically told him to F off

[Cha]

18. Thank you for this more than postive news, Frenchie!

[Fire1]

19. Hot diggity dog!! THAT'S what I'm talkin 'bout! n/t

[firedupdem]

21. Rec'd....Excellent News! n/t

[LatteLibertine]

23. On an unrelated note

I'd like to "ask my government" to prevent corporations from aggressively marketing prescription only drugs on our televisions.

On topic, I do like Elizabeth Warren and what she has been trying to do.

[Strawman]

25. Elizabeth Warren is the best

[supernova]

26. Love the poster she's standing in front of

in that photo.

:-)


I wish she were replacing Geitner. Yeah, never happen, but I can dream.

[rockymountaindem]

27. A definite step in the right direction

Now let's see some follow through and get things through Congress.