Hmm. Bail out the banks with no strings attached , then say the American people were "forced" to bail them out. Sounds like he still feels he made the right decision when he chose to listen to all the former bank execs in his cabinet during the start of the crisis.
I love how this is titled "Obama calls for..." as if these are his ideas and as if there aren't a handful of people working tirelessly tilting at windmills and spending their own political capital to get this underway.
This whole risk is evil is too simplified. Not getting at the root of the problem. If there is gobs of money to be made by an unregulated derivatives market and shadow banking system. There will always be willing participants no matter what...and the bigger the derivatives market grows, the more inherently unstable it becomes.
If teabaggers gave a shit about the general economy they would be hailing this kind of action/proposal. The fact is they are greedy jerks that just care about getting what they can for themselves and screw everyone else. And taxes are already lower than they have been for some 50 years!!! When is it enough?
You're Sheep America... Wake up n join the militia.
History sure does repeat itself when it comes to the very top sucking up all of your hard earned money.
Remember the Baby Bell's? PacBell was "forced" to split, create smaller Corps (financed by YOU (stock)) then the next group of shisters will relax rules, they merge.
This is a HUGE BONUS FOR BANKERS! They know when to pull out, you don't!
Bush opened ALL our eyes to the tyranny "Bi-partisan" Patriot Act. Obama galvanize's our resolve.
We heard more of the same from a President who has failed time and again to make good on his promises. President Obama has now been in office for more than a year and we now have an unemployment rate of almost 11 percent. Instead of working on real solutions that will help put people back to work, this Democrat Congress and Administration have used the economic downturn as an excuse to blow billions of taxpayer dollars on policies that are burying our kids and grandkids under mountains of debt.
You should have let these firms go bankrupt. But you didn't. You should prosecute those responsible (including many of your economic advisors). But aside from Madoff, nothing.
Your party took millions from these firms and you did nothing. And now, since it's an election year you NOW have the guts to go after these firms?
No, don't get fooled... Obama's giving these guys a windfall profit. Now they will have Pac Bell (split into Baby Bell's) like profits paid for by investors (you/stock) and thats the quid pro quoe in all of this. He gets to slam banks openly, they create new businesses all out of the same damn thing and it's all financed by the Sheep in America that keep putting in their fruits into the schemes. It's all the same BS. Remember. the internet bubble? Term limits kill these fools n give us back DC
The Chairman of the privately owned and operated US Federal Reserve Bank has no real power. The Chairman is just the mass media's scapegoat, and the real power comes from the Board of Governors of the Federal Reserve. The president get to appoint or elect the puppet of the Federal Reserve Bank but the privately elected Board of Governors has the real power to set sub-prime interest rates, set reserve requirements for banks, and create money (M3) out of thin air. The Federal Reserve created
If Gold goes to $2,000.00 the privately owned US Federal Reserve Bank will have stolen $1980 of purchasing power since 1913. From 1813 to 1913 an ounce of gold was roughly $20 per ounce for 100 yrs, roughly. Now gold is around $1,100 and once and the Federal Reserve has stolen $1080 in purchasing power from the American people. It is Economic Terrorism! If you desire to fund our 2 False-Flag Wars then the US Treasury should sell War Bonds to the right-wing American population.
any chance anyone can reveal please which financial group brought or bought mr obama into power ? I have a strong feeling this gentleman won't reveal this information,please no cranks .
"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
We all need to work hard to make a better Union. Never stop going forward.
fee is 1.5 trillion dollars to come from the banks back to Federal Reserve the Amercian Dollar a third world Dollar could this be true and soon Decemeber 2010 it looks like a long and dusty road For the American People
I don't want to be all negative, but I have to say I am pessimistic about the timing of all this. I am pessimistic because I cannot understand why it would take Obama a losing election in MA to realize people are angry at the establishment. We had a huge collapse in 2008 and it takes our president a Republican with a pickup truck to fight back against people who caused the problem. I am sorry, but Obama should be one step ahead of people when it comes to protecting the interest of American ppl.
maderend: The reason why Mr Brown won in Massachutes is because he lied.. Massachutes has 97% healthcare coverage in their state. Mr Brown told them they will lose this if Obama's healthcare plan goes through which is a lie. He also told people M.A will lose many jobs because of cap and trade etc. He lied and freightened them into voting for him. Watch fox news coverage and it will show you how Mr Brown won. Obama is continuing to do what he started last year working on jobs!
I am not argue about why Brown won. The president might have been busy with creating jobs since last year (very passively, as always it is with his style) BUT I am talking about banking reform. It was about 3 months ago when a photo of Obama and Volcker was published, and showed how frustrated Volcker was with Obama's refusal to put regulation similar to Glass-Stiegel act. Last week, Elizabeth warren wrote a letter to the public asking for support. So don't be telling me he's not to blame
Obama had been meeting in a serious way with Volcker about this issue specifically since mid December. Assuming they threw this together in less than a week, is a rather bizzare assuption on your part.
put what together? a speech? Obama is not unfamiliar with Volcker's position. The question is when he decides to endorse his position. and more importantly, when he decides to implement his ideas on legislation.
I would ease off the paranoia a bit. This was in the works for a while. Its a reasonable approach, and to assume that it only happened because the white house wants to look good, is very simplistic. There are many reasons why choices are made, some have merit some don't. The main issue at hand here is if the policy is a decent one. In this case I think it is. I say that, by also acknowledging that there could be unforeseen problems with it. But thats the case with any policy.
I never implied that the they are doing it to only look good. I am saying it's late! and from the use of keywords such as "common sense" you can understand it's a political response rather than a proactive action.
you called me simple-minded and paranoid with no reason whatsoever, while failing to understand what I am saying. come up with a well-thought out answer next time!
of course, it's a PR move at this point. I am hopeful that because of the political pressure, it will turn into real action. But coming out forceful like this is a PR move.
you have no way of knowing thats it's totally a PR move. I'm sure on some level they are aware of how a policy is going to be received, and in this case they know people will like it more than other ideas the country is split on. I don't think the sole purpose of putting those policy out right now was totally PR driven. Maybe 20% PR driven. Of course i'm just making an observation and so are you. To know you are right, is simplistic.
Common sense isn't always easy to put into policy and have work. When you are trying to work out of other situations, you have to build a foundation in which to apply proactive policy. Last year was about securing the markets and gaging how much big banks are willing to help. This year will be much more proactive now that the dust has settled, and banks have shown their post melt down hands, it will be easier to pass common sense policy.
well, this is not how politics works. if you give something, you have to get back something in return. let me give you a solid example: In March 2009, SEC suspended mark to market rule in order to make banks look like they are healthy. Banks passed the so-called stress test and their stock rose. A savvy president should have gotten something return. I hope he now gets things done, but given America's troubles, president should be more aggressive in getting things done.
I think you have a different view on how politics works, and the problems caused by aggressive action at the wrong time. Sometimes you have to let the hand play out a bit, before you start making your move. It just depends whats more important, short-sided populist savvy or long term savvy. There are downsides and upsides to both a policy maker has to balance both the near and far. What he may have gotten from them, is to show their hand, so he can make a solid case.
Joe Biden is one hell of an active VP. Notice how he's not bitching and complaining like Dick Cheney. He's helping Obama put the country back on track.
I don't think the Volcker Rule--the idea that FDIC-insured banks can't take our deposit money and gamble with it (in things like hedge funds)--will solve all of the problems in the financial services industry.
Keep yawning while u sit back doing nothing to stop this chaos from occuring and you'll be the 1st one saying what happened???..."You obviously don't get it!!!!!!!!
Does anyone know how the monetary system works in the United States, because it seems the jargon still isn't addressing the real issue of employing more people, is it? The president speaks about regulating, but that's not even half the battle. The system itself is corrupt, as long as they allow the Federal Reserve Bank (who does not publish accounts) to print "money". The few have much and the many have little or none. It's Profit versus Human Life. Profit is the reason for the jobless/homeless.
You are just a tool of the greedy right-wing fat cats. Without laws, they will simply do what they want; which they did before and got us to our mess, thanks to your stupid right-wing free-market economics ideology. folks like you belong in the 18th century; but today you rule in Massachusetts and the US Senate and Supreme Court. Your evil, despicable, libertarian ways are ruining our country. Other nations know better. But primitives like you continue to blight ours.
Then why the fuck did you say that we should not have financial reform because it is just "more laws?" What right-wing libertarian nonsense! If you don't know what you say or believe, it is YOU who doesn't have a clue!
I did not say we should not have financial reform, you are putting words in my mouth. I said just adding laws to everything is not always the best solution, reforming existing laws would be best. Don't be fox news and missquote me.
Well then, Voltegas, say what you intend to say and not just denounce "more laws." Why did you say it, unless you are opposed to some aspects of the president's proposal which, if anything, is probably too timid, given how greedy and unjust these creeps are?
because making more laws doesnt always fix things, it just makes things more complicated. the laws that they do make need to be made bette, and they won't pass laws that actually hurt the businesses because the businesses are what runs the goverment unfortunantly
He says he's going to "fight." Watch and see whether he uses every tactic, and doesn't buckle under to the media and the republicans. Use reconciliation to bypass the filibuster. Or else quit pretending that you are going to "fight."
Proposing legislation is completely useless if Obama is not willing to use every tactic to get it passed. They refuse to use reconciliation to pass health care. Unless they are willing to stop caving in to "bi-partisianship" and fight for their proposals, why do they make them? The republicans stop at nothing to support the big money men. They now rule our elections too. What the fuck? Why make these press meetings and lovely speeches, if you are not willing to fight against the bastards?
The only way to stabilize the economy is to limit the size and localities of these institutions, We dont need minimum wage jobs at wal mart we need our own businesses we need to put financial power back in the hands of the community and out of the hands of the federal corporation of the Executive, Legislative, and Judicial Branches of our government
Then it wouldn't matter if a bank was to big to fail or a business would be to big to lose, the communities would sustain themselves
This comment has received too many negative votesshow
@ least he's backing off that lie he was putting forth earlier. The one about profiting off of the bailout loans. Now he finally admits they can't even collect the principal, let alone the minuscule interest.
And if he really wants to win the next elections, Bernanke should be removed too ASAP! This will be real "change" and people will recognize it as long as he is not replaced by another "Bernanke" that will simply have another name and a different face!
If he wants to win the next elections, he should get rid of Geithner ASAP! The people are NOT stupid: they know why he is Secretary of Treasury and whose interests he really serves, and this will not help Obama to win 2010. Geithner should be removed asap for Democrats to win the next elections!
Ah Snap... so it took a "Blue" state loss for you folks to wake up how pissed we who voted for Obama really are... next step, dump Summers and Geitner and you may have a snowballs chance.
Why he is not getting rid of Geithner? He is obviously serving the Wall Street and nobody else! It does not make sense to have this man as Secretary of Treasury!
@OutreAnima I guess your liberal mind-set clouded your judgment on this one... the Volcker rule was watered down to the point of non-existence.
The provisions established by Volcker would have restored the legal divide between commercial banks, which issue credit to households & companies, and investment banks, which trade in solely in securities. Thanks to Massachusetts Senator, Scott Brown we'll never know how good this legislation "could have been". Once again, he sold out his voters!
Scott Brown is a true (liberal) Democrat that lied to his voters by running on the GOP platform. Brown was the filibuster-proof 60th vote the Senate needed for sweeping financial reform... and they got it- their wolf in sheeps' clothing, if you will?!
Democrats need to end their self-medicating journeys and join the rest of reality. You guys are truly whacked! Thank God we'll be taking back Congress and the W.H. in the very near future!
At least learn from the healthcare situation (where Obama gave a speech and later had been MIA during the whole debate) — wait with your gratitude till they ACTUALLY PASS AND SIGN A BILL!!
It's what you do, Mr. President, not what you say.
MoreBaccarat 4 days ago
Hmm. Bail out the banks with no strings attached , then say the American people were "forced" to bail them out. Sounds like he still feels he made the right decision when he chose to listen to all the former bank execs in his cabinet during the start of the crisis.
MoreBaccarat 4 days ago
I love how this is titled "Obama calls for..." as if these are his ideas and as if there aren't a handful of people working tirelessly tilting at windmills and spending their own political capital to get this underway.
MoreBaccarat 4 days ago
This whole risk is evil is too simplified. Not getting at the root of the problem. If there is gobs of money to be made by an unregulated derivatives market and shadow banking system. There will always be willing participants no matter what...and the bigger the derivatives market grows, the more inherently unstable it becomes.
MoreBaccarat 4 days ago
He put bank executives in his cabinet and as department heads; They drew the line, and he walked it.
Well, at least he has been listening the people as to why he is so disliked and is aware of why his approval rating is so low.
MoreBaccarat 4 days ago
This has been flagged as spam show
is this the whole video?
CostaRicaMarketing 3 months ago
I WANT THE PAUL VOLCKER RULE !
BujutzuStyle 10 months ago
Got to admit, I envy you guys with a leader like Obama. He explains everything!
Whether you agree with him or not, he says in no uncertain terms what he's done and why, and how he thinks it'll work.
In the UK, we struggle to get *an* answer out of our politicians, let alone the head honcho.
Machao6 1 year ago 2
@Machao6 Well.. Our Indian PM has never given an interview to any Indian news agency! He is the most educated PM in the world!! Howz that?
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MakaylaQhyj 1 year ago
thank you for knowing how to read left for 2 1/2 seconds and right for 4 1/2 seconds respectively, and alternatively mr president.
You can check it is funny: the Obama Robot
kakabambs 1 year ago
If teabaggers gave a shit about the general economy they would be hailing this kind of action/proposal. The fact is they are greedy jerks that just care about getting what they can for themselves and screw everyone else. And taxes are already lower than they have been for some 50 years!!! When is it enough?
Jim4Wes 1 year ago
I cheer him up from Japan!
wsflover 1 year ago
Just repeal Gramm-Leach-Bliley Act. Glass Steagall was enacted for good reason. It's that simple.
douglasjwilson 2 years ago
@douglasjwilson I fully agree. That wouldn't have protected the MF Global fiasco there though because the customers were commodities traders. Right?
MoreBaccarat 4 days ago
You're Sheep America... Wake up n join the militia.
History sure does repeat itself when it comes to the very top sucking up all of your hard earned money.
Remember the Baby Bell's? PacBell was "forced" to split, create smaller Corps (financed by YOU (stock)) then the next group of shisters will relax rules, they merge.
This is a HUGE BONUS FOR BANKERS! They know when to pull out, you don't!
Bush opened ALL our eyes to the tyranny "Bi-partisan" Patriot Act. Obama galvanize's our resolve.
473009723 2 years ago
We want a political revolution not a shooting revolution. I have no desire to fight a civil war.
gunslinger107 2 years ago
Paul Volcker is the man
minehumbleopinion 2 years ago
This has been flagged as spam show
We heard more of the same from a President who has failed time and again to make good on his promises. President Obama has now been in office for more than a year and we now have an unemployment rate of almost 11 percent. Instead of working on real solutions that will help put people back to work, this Democrat Congress and Administration have used the economic downturn as an excuse to blow billions of taxpayer dollars on policies that are burying our kids and grandkids under mountains of debt.
geofiles 2 years ago
I support the Volcker Rule. It's definitely the thing to do, to avoid another crisis like Oct 2008.
yallonb 2 years ago
Did you now they will change stimulus package too the. jobs BiLL Because there is and other one caming.!!!!!!
garsuel 2 years ago
Barack Obama is the last and worst evil tyrant this world will ever see.....the death!
Martial law will be declared in 2010, holocaust will proceed......a desolation!
SuperboyXX0018 2 years ago
Best crazy rant of 2010
benympls 2 years ago
I just read the Jan-Feb 2010 issue of Mother Jones: "Too Big to Jail" and wow, what an eye opener. The world is seeing apocalyptic crises!
SeaYou 2 years ago
You should have let these firms go bankrupt. But you didn't. You should prosecute those responsible (including many of your economic advisors). But aside from Madoff, nothing.
Your party took millions from these firms and you did nothing. And now, since it's an election year you NOW have the guts to go after these firms?
whereismybailouttv 2 years ago
No, don't get fooled... Obama's giving these guys a windfall profit. Now they will have Pac Bell (split into Baby Bell's) like profits paid for by investors (you/stock) and thats the quid pro quoe in all of this. He gets to slam banks openly, they create new businesses all out of the same damn thing and it's all financed by the Sheep in America that keep putting in their fruits into the schemes. It's all the same BS. Remember. the internet bubble? Term limits kill these fools n give us back DC
473009723 2 years ago
The Chairman of the privately owned and operated US Federal Reserve Bank has no real power. The Chairman is just the mass media's scapegoat, and the real power comes from the Board of Governors of the Federal Reserve. The president get to appoint or elect the puppet of the Federal Reserve Bank but the privately elected Board of Governors has the real power to set sub-prime interest rates, set reserve requirements for banks, and create money (M3) out of thin air. The Federal Reserve created
ManufacturedThoughts 2 years ago
Thank you President
moneymakerisawonderf 2 years ago
Transcript please!
alexakesson 2 years ago
Buy Gold, might go as high as $2000,- screw the money... :D :D
FromDimmuLand 2 years ago
@FromDimmuLand
If Gold goes to $2,000.00 the privately owned US Federal Reserve Bank will have stolen $1980 of purchasing power since 1913. From 1813 to 1913 an ounce of gold was roughly $20 per ounce for 100 yrs, roughly. Now gold is around $1,100 and once and the Federal Reserve has stolen $1080 in purchasing power from the American people. It is Economic Terrorism! If you desire to fund our 2 False-Flag Wars then the US Treasury should sell War Bonds to the right-wing American population.
ManufacturedThoughts 2 years ago
any chance anyone can reveal please which financial group brought or bought mr obama into power ? I have a strong feeling this gentleman won't reveal this information,please no cranks .
spectre1929 2 years ago
"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
We all need to work hard to make a better Union. Never stop going forward.
bb112266 2 years ago
fuck all this noise, i want higher interest rates!
everst 2 years ago
GOOD JOB MR PRESIDENT !
tvapakvoe 2 years ago 6
fee is 1.5 trillion dollars to come from the banks back to Federal Reserve the Amercian Dollar a third world Dollar could this be true and soon Decemeber 2010 it looks like a long and dusty road For the American People
flyerboy1963 2 years ago
Instead of all these talks, squeeze some balls in the senate. Absolute LBJ way. Go LBJ.
pouyan1 2 years ago 3
we do not need hedge funds to make the economy recover
shaunshaun88 2 years ago
I don't want to be all negative, but I have to say I am pessimistic about the timing of all this. I am pessimistic because I cannot understand why it would take Obama a losing election in MA to realize people are angry at the establishment. We had a huge collapse in 2008 and it takes our president a Republican with a pickup truck to fight back against people who caused the problem. I am sorry, but Obama should be one step ahead of people when it comes to protecting the interest of American ppl.
marderend 2 years ago
maderend: The reason why Mr Brown won in Massachutes is because he lied.. Massachutes has 97% healthcare coverage in their state. Mr Brown told them they will lose this if Obama's healthcare plan goes through which is a lie. He also told people M.A will lose many jobs because of cap and trade etc. He lied and freightened them into voting for him. Watch fox news coverage and it will show you how Mr Brown won. Obama is continuing to do what he started last year working on jobs!
iLuvAkeys4ever 2 years ago 5
I am not argue about why Brown won. The president might have been busy with creating jobs since last year (very passively, as always it is with his style) BUT I am talking about banking reform. It was about 3 months ago when a photo of Obama and Volcker was published, and showed how frustrated Volcker was with Obama's refusal to put regulation similar to Glass-Stiegel act. Last week, Elizabeth warren wrote a letter to the public asking for support. So don't be telling me he's not to blame
marderend 2 years ago
Obama had been meeting in a serious way with Volcker about this issue specifically since mid December. Assuming they threw this together in less than a week, is a rather bizzare assuption on your part.
manumitx 2 years ago 4
put what together? a speech? Obama is not unfamiliar with Volcker's position. The question is when he decides to endorse his position. and more importantly, when he decides to implement his ideas on legislation.
marderend 2 years ago
I would ease off the paranoia a bit. This was in the works for a while. Its a reasonable approach, and to assume that it only happened because the white house wants to look good, is very simplistic. There are many reasons why choices are made, some have merit some don't. The main issue at hand here is if the policy is a decent one. In this case I think it is. I say that, by also acknowledging that there could be unforeseen problems with it. But thats the case with any policy.
manumitx 2 years ago 4
I never implied that the they are doing it to only look good. I am saying it's late! and from the use of keywords such as "common sense" you can understand it's a political response rather than a proactive action.
you called me simple-minded and paranoid with no reason whatsoever, while failing to understand what I am saying. come up with a well-thought out answer next time!
marderend 2 years ago
When you talked about the MA race, and timing, it just sort of seemed you were suggesting a PR move of some kinda.
manumitx 2 years ago
of course, it's a PR move at this point. I am hopeful that because of the political pressure, it will turn into real action. But coming out forceful like this is a PR move.
marderend 2 years ago
you have no way of knowing thats it's totally a PR move. I'm sure on some level they are aware of how a policy is going to be received, and in this case they know people will like it more than other ideas the country is split on. I don't think the sole purpose of putting those policy out right now was totally PR driven. Maybe 20% PR driven. Of course i'm just making an observation and so are you. To know you are right, is simplistic.
manumitx 2 years ago
Common sense isn't always easy to put into policy and have work. When you are trying to work out of other situations, you have to build a foundation in which to apply proactive policy. Last year was about securing the markets and gaging how much big banks are willing to help. This year will be much more proactive now that the dust has settled, and banks have shown their post melt down hands, it will be easier to pass common sense policy.
manumitx 2 years ago
well, this is not how politics works. if you give something, you have to get back something in return. let me give you a solid example: In March 2009, SEC suspended mark to market rule in order to make banks look like they are healthy. Banks passed the so-called stress test and their stock rose. A savvy president should have gotten something return. I hope he now gets things done, but given America's troubles, president should be more aggressive in getting things done.
marderend 2 years ago
I think you have a different view on how politics works, and the problems caused by aggressive action at the wrong time. Sometimes you have to let the hand play out a bit, before you start making your move. It just depends whats more important, short-sided populist savvy or long term savvy. There are downsides and upsides to both a policy maker has to balance both the near and far. What he may have gotten from them, is to show their hand, so he can make a solid case.
manumitx 2 years ago
Obama's delivering Volkers reforms. If Volker says it needs to be done get 'er done.
justmks 2 years ago
Volker FTW
justmks 2 years ago
Fantastic President Obama; we need to take our financial institutions back from those greedy; jerks who destroyed our country.
"We The People" are with you and we well continue to pressure congress. God a hate congress greedy m...!
Datajlzone 2 years ago
Joe Biden is one hell of an active VP. Notice how he's not bitching and complaining like Dick Cheney. He's helping Obama put the country back on track.
lildwayne21 2 years ago 4
Is that a joke?..Your not serious?..Your watching too much media lies and worse yet believing them....sad
anddihier 2 years ago
Ooooohh Yeahhhhh! Get them bankers Obama!
bootyjudie 2 years ago
what happened to all the paid hacks that countered every negative comment posted?
GadsdenWaver 2 years ago
Judging by the spelling, it was probably one guy all along, he's 13, and he probably has gone to bed.
pgunn01 2 years ago
Banks have more power and don't give a shit about you Obama! Plus it's unconstitutional to do so!
John4660 2 years ago
I hear a call form Massachusetts...
AmAxORuLz 2 years ago
Where is Lenin and Mao?
WorldIslamicOrder 2 years ago
I don't think the Volcker Rule--the idea that FDIC-insured banks can't take our deposit money and gamble with it (in things like hedge funds)--will solve all of the problems in the financial services industry.
There is a lot more reform we should be doing.
But it's a very good start.
ReliableInsider 2 years ago 3
The bank bailout was a *loan*. The banks paid the loan back.
That's a success that went much more smoothly than some thought it would.
It's unusual to have the government make an investment that ends up being financially profitable right away.
Impressive.
ReliableInsider 2 years ago
it certainly was not a loan. We bought their stock, remember? We were even promised of making money when the do recover.
marderend 2 years ago
Rip off greedy liars...NWO devils...grrrrrrrr
anddihier 2 years ago
@anddihier: YAWN!
lildwayne21 2 years ago 2
Keep yawning while u sit back doing nothing to stop this chaos from occuring and you'll be the 1st one saying what happened???..."You obviously don't get it!!!!!!!!
anddihier 2 years ago
Does anyone know how the monetary system works in the United States, because it seems the jargon still isn't addressing the real issue of employing more people, is it? The president speaks about regulating, but that's not even half the battle. The system itself is corrupt, as long as they allow the Federal Reserve Bank (who does not publish accounts) to print "money". The few have much and the many have little or none. It's Profit versus Human Life. Profit is the reason for the jobless/homeless.
IntiHehlua 2 years ago 6
We are not living in a democracy. Both parties are the same.
I am so angry that I could scream.
FaaarLeft 2 years ago
Yes, I am screaming too!
eameece 2 years ago
Repeal the Community Reinvestment Act and save the worlds financial well being.
BrainDeadRepublican 2 years ago
Your username is much too appropriate.
petrosbasileus 2 years ago 4
They don't get the joke. It's not your fault. Too many real brain-dead republicans say stuff even more ridiculous than that. They really do:(
DojoNDude 2 years ago 2
I should be happy, but hearing about more laws constantly is not always a good thing...
Voltegasproductions 2 years ago
You are just a tool of the greedy right-wing fat cats. Without laws, they will simply do what they want; which they did before and got us to our mess, thanks to your stupid right-wing free-market economics ideology. folks like you belong in the 18th century; but today you rule in Massachusetts and the US Senate and Supreme Court. Your evil, despicable, libertarian ways are ruining our country. Other nations know better. But primitives like you continue to blight ours.
eameece 2 years ago
way to make assumptions, you actually don't even have a clue whatsoever. I'm not right wing, your just too ignorant to actually care.
Voltegasproductions 2 years ago
Then why the fuck did you say that we should not have financial reform because it is just "more laws?" What right-wing libertarian nonsense! If you don't know what you say or believe, it is YOU who doesn't have a clue!
eameece 2 years ago
I did not say we should not have financial reform, you are putting words in my mouth. I said just adding laws to everything is not always the best solution, reforming existing laws would be best. Don't be fox news and missquote me.
Voltegasproductions 2 years ago
Well then, Voltegas, say what you intend to say and not just denounce "more laws." Why did you say it, unless you are opposed to some aspects of the president's proposal which, if anything, is probably too timid, given how greedy and unjust these creeps are?
eameece 2 years ago
because making more laws doesnt always fix things, it just makes things more complicated. the laws that they do make need to be made bette, and they won't pass laws that actually hurt the businesses because the businesses are what runs the goverment unfortunantly
Voltegasproductions 2 years ago
He says he's going to "fight." Watch and see whether he uses every tactic, and doesn't buckle under to the media and the republicans. Use reconciliation to bypass the filibuster. Or else quit pretending that you are going to "fight."
eameece 2 years ago
Dump Summers and put in Volcker.
The problems will be dealt with in a stable and systematic way.
Or forget it.
NookulerFreedom 2 years ago
That's my offer, take it or leave it.
NookulerFreedom 2 years ago
Proposing legislation is completely useless if Obama is not willing to use every tactic to get it passed. They refuse to use reconciliation to pass health care. Unless they are willing to stop caving in to "bi-partisianship" and fight for their proposals, why do they make them? The republicans stop at nothing to support the big money men. They now rule our elections too. What the fuck? Why make these press meetings and lovely speeches, if you are not willing to fight against the bastards?
eameece 2 years ago
He took our Jeerbs!!!
idonotneedanidforyou 2 years ago
I don't believe it.
Let's see it in writing.
NookulerFreedom 2 years ago
Awesome!
hansrosbach 2 years ago 2
Great Job.
moneymakerisawonderf 2 years ago
Stop bending over to serve multinational billionaires!
bamboo4tameshigiri 2 years ago
If these new rules are really Volker's(and not another fancy, shallow piece of law),...multinational billionaires 'd better worrry.
The man simply doesn't give a damn about Wall Street fat cats, google him!
nutsbutdum 2 years ago 4
It's time to do the RIGHT thing to American people!
jintien8681 2 years ago 6
The only way to stabilize the economy is to limit the size and localities of these institutions, We dont need minimum wage jobs at wal mart we need our own businesses we need to put financial power back in the hands of the community and out of the hands of the federal corporation of the Executive, Legislative, and Judicial Branches of our government
Then it wouldn't matter if a bank was to big to fail or a business would be to big to lose, the communities would sustain themselves
Georgebushpimps 2 years ago 3
This comment has received too many negative votes show
@ least he's backing off that lie he was putting forth earlier. The one about profiting off of the bailout loans. Now he finally admits they can't even collect the principal, let alone the minuscule interest.
maskedphrogg 2 years ago
And if he really wants to win the next elections, Bernanke should be removed too ASAP! This will be real "change" and people will recognize it as long as he is not replaced by another "Bernanke" that will simply have another name and a different face!
cat22203 2 years ago
If he wants to win the next elections, he should get rid of Geithner ASAP! The people are NOT stupid: they know why he is Secretary of Treasury and whose interests he really serves, and this will not help Obama to win 2010. Geithner should be removed asap for Democrats to win the next elections!
cat22203 2 years ago 3
Ah Snap... so it took a "Blue" state loss for you folks to wake up how pissed we who voted for Obama really are... next step, dump Summers and Geitner and you may have a snowballs chance.
shatteek 2 years ago
Why he is not getting rid of Geithner? He is obviously serving the Wall Street and nobody else! It does not make sense to have this man as Secretary of Treasury!
cat22203 2 years ago 4
lol
scipio2009 2 years ago
This is why I like Obama... a lobbyist isn't going to be able to pay him enough to screw the people over.
OutreAnima 2 years ago 8
@OutreAnima
Lobbyists don't need to pay him anymore. They hold positions in his Cabinet.
maskedphrogg 2 years ago
@OutreAnima I guess your liberal mind-set clouded your judgment on this one... the Volcker rule was watered down to the point of non-existence.
The provisions established by Volcker would have restored the legal divide between commercial banks, which issue credit to households & companies, and investment banks, which trade in solely in securities. Thanks to Massachusetts Senator, Scott Brown we'll never know how good this legislation "could have been". Once again, he sold out his voters!
fred1671 1 year ago
Scott Brown is a true (liberal) Democrat that lied to his voters by running on the GOP platform. Brown was the filibuster-proof 60th vote the Senate needed for sweeping financial reform... and they got it- their wolf in sheeps' clothing, if you will?!
Democrats need to end their self-medicating journeys and join the rest of reality. You guys are truly whacked! Thank God we'll be taking back Congress and the W.H. in the very near future!
fred1671 1 year ago
Thank you Mr President!
DesertRatDan 2 years ago 10
At least learn from the healthcare situation (where Obama gave a speech and later had been MIA during the whole debate) — wait with your gratitude till they ACTUALLY PASS AND SIGN A BILL!!
This may be just another bullshit speech!
pinochet222 2 years ago
For what, exactly? You must be drinking the same diseased water as OutreAnima!
fred1671 1 year ago
I'm the first to view / comment on this wow , I have never been first.
chrisdavignon 2 years ago
Wow, that is amazing. I've never seen someone be the first one to comment.
You're the best.
mvrsolutions1 2 years ago
lol wow i hope you're being sarcastic
tyu3456 2 years ago
Congratulations. I wish I would have been first.
brothermikefan 2 years ago