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Thread: Obama Presses Heads Of Largest Banks To Lend More

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    Obama Presses Heads Of Largest Banks To Lend More

    washingtonpost.com

    President Obama reiterated his call Monday for the nation's banks to increase lending, saying that he was getting too many letters from small businesses unable to borrow money.

    "America's banks received extraordinary assistance" from the government, Obama said at a press conference following a meeting with the heads of the largest banks. "Now that they're back on their feet, we expect an extraordinary commitment from them to help rebuild our economy."

    The White House had initially portrayed the meeting as an opportunity to exchange strategies for increasing lending, but the president set a harsher tone over the weekend, telling the CBS show "60 Minutes" that, "I did not run for office to be helping out a bunch of fat cat bankers on Wall Street."

    One day later, the president was slightly more temperate, saying that he did not intend to "vilify" any company or industry and that he appreciated the efforts already being made. But he cautioned that efforts were no longer sufficient. Rather, "we expect some results."

    Obama said he also discussed the need for financial reform with the bank executives, urging them not to lobby against proposals such as the creation of a new agency to protect borrowers from lending abuses. And the president said he once again urged moderation in executive compensation.

    The guest list for the meeting included the top executives of 12 of the nation's largest banks, but there were three late scratches. Goldman Sachs's Lloyd C. Blankfein, John Mack of Morgan Stanley and Dick Parsons, chairman of Citigroup, participated in the meeting by telephone because the flight all three had planned to take to Washington was delayed by fog.

    Obama convened a similar meeting with bank executives in March, and the need for a replay highlights the lack of progress in the interim. The banking industry has reduced lending for five consecutive quarters, even as it has regained profitability thanks to vast public aid.

    The administration's success in rescuing banks stands in starker contrast every day with the financial problems of many Americans, most of all the lack of new jobs. Democrats made restless by the disparity are mounting pressure on the White House.

    Meanwhile, the prospects for financial reform legislation have been clouded by the concerns of Senate Democrats that some proposals would unduly suppress financial innovation and limit economic growth, a case the industry has pressed hard to make.

    The president and his advisers have responded in recent days with a burst of heated rhetoric, arguing that the government rescued the banking industry and that banks now are failing to show proper gratitude. The amount of money on loan from banks fell by almost $600 billion, or 7.2 percent, from September 2008 to September 2009, according to the Federal Deposit Insurance Corp. Lending to businesses, excluding construction loans, fell 15 percent.

    "We were there for them," Lawrence H. Summers, the president's chief economic advisor, said Sunday on ABC's "This Week." "And the banks need to do everything they can to be sure they're there for customers across this country."

    But the reasons for the lending decline are complicated. After years of foolish lending, some banks are holding back because they lack the confidence even to make good loans. But demand for loans also declines in every recession, as people and businesses delay planned purchases. And some banks say that regulators are requiring unnecessary levels of caution after years of lax oversight.

    The White House also is mad at banks for opposing the president's regulatory reform proposals.

    The industry has adopted a low profile during the debate, allowing groups such as the U.S. Chamber of Commerce to run ads and hold news conferences. But outside the limelight it has argued fiercely against elements of the plan, particularly the proposed creation of an agency to protect borrowers from abuse by lenders.
    1. Ah, the Fat Cat Chat.

    2. The equivalent of---"I was so nice to you."

    3. "You owe me."

    4. LOL!

    5. He sure was generous.

    6. He bailed out all the Too Bigs, to the tune of hundreds of billions.

    7. While doing nothing for ordinary Americans who are out of work and out of their homes.

    8. In doing so, Obama SOCIALIZED the losses of the megacorps while PRIVATIZING their gains.

    9. Indeed, his own Congressional Black Caucus two weeks ago broke in open rebellion over Treasury Secretary Geithner's guaranteeing in full all AIG obligations, backed by the US taxpayer.

    10. Geithner also grandfathered in all those unsavory AIG bonuses.

    11. Obama's groveling is so unsightly.

    12. But what else can he do?

    13. He "urges" em to lend.

    14. Good business practice encourages THAT.

    15. To reliable borrowers, that is.

    16. Apparently, the president is pleading for more.

    17. But his own regulators simultaneously step down on any practices replicating subprime.

    18. His own regulatory reform comprises oversight to prevent such risky allowances.

    19. Obama's banking policy is as incoherent as his Afghan plan, as poorly formed as everything he does.

    20. And just like his stimulus, he's forced to reprise.

    21. He already had his bank summit---in March.

    22. Why do it again, isn't anyone listening to him?

    23. These are grownups, these Goldmans and Morgans.

    24. Meanwhile, Obama gets "mad."

    25. His top economic advisers directly contradicted each other yesterday.

    26. Mr Summers told Stephanopoulos on ABC---the recession is over.

    27. Ms Romer at virtually the same moment told Meet The Press the exact opposite.

    28. The very image of incoherence.

    29. And reg reform is in trouble in the Senate, as always, due to the refusal of his own party to play along.

    30. Obama is the most incompetent politician at the national level America has ever produced.

    The Prof
    Last edited by The Prof; 12-14-09 at 10:33 PM.

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Quote Originally Posted by The Prof View Post
    washingtonpost.com



    1. Ah, the Fat Cat Chat.

    2. The equivalent of---"I was so nice to you."

    3. "You owe me."

    4. LOL!

    5. He sure was generous.

    6. He bailed out all the Too Bigs, to the tune of hundreds of billions.

    7. While doing nothing for ordinary Americans who are out of work and out of their homes.

    8. In doing so, Obama SOCIALIZED the losses of the megacorps while PRIVATIZING their gains.

    9. Indeed, his own Congressional Black Caucus two weeks ago broke in open rebellion over Treasury Secretary Geithner's guaranteeing in full all AIG obligations, backed by the US taxpayer.

    10. Geithner also grandfathered in all those unsavory AIG bonuses.

    11. Obama's groveling is so unsightly.

    12. But what else can he do?

    13. He "urges" em to lend.

    14. Good business practice encourages THAT.

    15. To reliable borrowers, that is.

    16. Apparently, the president is pleading for more.

    17. But his own regulators simultaneously step down on any practices replicating subprime.

    18. His own regulatory reform comprises oversight to prevent such risky allowances.

    19. Obama's banking policy is as incoherent as his Afghan plan, as poorly formed as everything he does.

    20. And just like his stimulus, he's forced to reprise.

    21. He already had his bank summit---in March.

    22. Why do it again, isn't anyone listening to him?

    23. These are grownups, these Goldmans and Morgans.

    24. Meanwhile, Obama gets "mad."

    25. His top economic advisers directly contradicted each other yesterday.

    26. Mr Summers told Stephanopoulos on ABC---the recession is over.

    27. Ms Romer at virtually the same moment told Meet The Press the exact opposite.

    28. The very image of incoherence.

    29. And reg reform is in trouble in the Senate, as always, due to the refusal of his own party to play along.

    30. Obama is the most incompetent politician at the national level America has ever produced.

    The Prof
    Quote prof

    In doing so, Obama SOCIALIZED the losses of the megacorps while PRIVATIZING their gains.
    So tell me prof how did Obama SOCIALIZE the losses of the megacorps and PRIVATIZE their gains?
    He "urges" em to lend. Good business practice encourages THAT. To reliable borrowers, that is.
    What is wrong with lending to the small business, when businesses with fewer than 500 employees account for 64 percent of new jobs?


    Obama's banking policy is as incoherent as his Afghan plan, as poorly formed as everything he does. And just like his stimulus, he's forced to reprise.
    Oh this is rich.

    Hey prof the Afghan plan hasn’t been implemented yet and you’re giving it a preemptive panning. Same with the panning of the stimulus, except that evidently you think that a stock market rally (and not a few 401k,s that have been in the tank lately)that began in March and has had a pretty good gain lately.

    Then you ignored the fact that we went from an economy shrinking at a 6.4 % in the first quarter to expanding at a 2.8 % in the third.Yep, in prof land that sucks eh?
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Alrighty, let's start the cycle all over again. Get that money lent boys, I got community businesses in Chicago I could hook you up with.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Quote Originally Posted by donc View Post
    So tell me prof how did Obama SOCIALIZE the losses of the megacorps and PRIVATIZE their gains?
    you have to ask?

    LOL!

    What is wrong with lending to the small business, when businesses with fewer than 500 employees account for 64 percent of new jobs?
    ask the cbc

    Hey prof the Afghan plan hasn’t been implemented yet and you’re giving it a preemptive panning.
    not implemented?

    tell it to the soldiers sacrificing everything over there

    he fought with his generals and def secty in public

    he leaked contrary resolutions every few days

    for weeks

    he went on five sunday talks on sept 20 and said he was still awaiting his "top to bottom review" and he had not yet been asked for reinforcements

    the next day, monday the 21st, bob woodward of the post LEAKED stanley mcchrystal's secret assessment, blatantly contradicting the klutz in chief

    watergate's wonderboy actually painted the prez as a liar

    the general's report, it turned out, obama had been sitting on since aug 30

    he castigated karzai before congratulating him

    his "exit" turned into "conditions based," then "transition," now "glide path"

    he's trying to get at aq in pakistan by taking on the taliban in afghanistan

    some war leader

    he's more like a lady shopping for new purses

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    His party forces banks to make rotten loans under penalty of the full force of the law.

    They begin to fail, so the government forces banks to take bail-out money.

    Now wards of the state, the government dictates what bankers can make.

    Now the President wants to tell them how to run their business.

    F-off already.

    Leave business alone.

    .
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Obama needs to man up. All of this finger pointing is getting to be ridiculous.

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Quote Originally Posted by The Prof View Post
    you have to ask?

    LOL!



    ask the cbc



    not implemented?

    tell it to the soldiers sacrificing everything over there

    he fought with his generals and def secty in public

    he leaked contrary resolutions every few days

    for weeks

    he went on five sunday talks on sept 20 and said he was still awaiting his "top to bottom review" and he had not yet been asked for reinforcements

    the next day, monday the 21st, bob woodward of the post LEAKED stanley mcchrystal's secret assessment, blatantly contradicting the klutz in chief

    watergate's wonderboy actually painted the prez as a liar

    the general's report, it turned out, obama had been sitting on since aug 30

    he castigated karzai before congratulating him

    his "exit" turned into "conditions based," then "transition," now "glide path"

    he's trying to get at aq in pakistan by taking on the taliban in afghanistan

    some war leader

    he's more like a lady shopping for new purses


    [quote]
    Quote Originally Posted by The Prof View Post
    you have to ask?

    LOL!



    ask the cbc

    No i,m asking you.'

    not implemented? tell it to the soldiers sacrificing everything over there he fought with his generals and def secty in public, he leaked contrary resolutions every few days for weeks
    I hardly see sending 30,000 troops a failure and yes it will be implemented almost immediately that is in addition to the troops that have been redeployed from Iraq.

    So Defense Secretary Gates and Gen.McCrystal have got almost everything that they ask for. Hell even john McCain says it’s a “strategy that can and will succeed”.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Quote Originally Posted by Taylor View Post
    Obama needs to man up. All of this finger pointing is getting to be ridiculous.
    He learned from this guy: http://janeheller.mlblogs.com/clinton_impeach.jpg
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Quote Originally Posted by donc View Post
    ?


    What is wrong with lending to the small business, when businesses with fewer than 500 employees account for 64 percent of new jobs?
    There's nothing wrong with it, as long as those businesses have the incoming revenue to pay the note. If they don't, we're only repeating the same mistakes that supposedly caused the recession the first time.

    Are you going to buy an RGN, if you know there isn't enough freight to pay for it? Of course you're not. The same logic applies to any other small business.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama Presses Heads Of Largest Banks To Lend More

    Quote Originally Posted by apdst View Post
    There's nothing wrong with it, as long as those businesses have the incoming revenue to pay the note. If they don't, we're only repeating the same mistakes that supposedly caused the recession the first time.

    Are you going to buy an RGN, if you know there isn't enough freight to pay for it? Of course you're not. The same logic applies to any other small business.
    There are plenty of sound family businesses out there, which have been in the same family for hundreds of years that are hanging on by the skin of their teeth because of the inability to get credit.The reason, as I see it is the larger banks are hogging all the dough and doing some of the same s*** that got us in the mess in the first place.


    There are also some of the same that I haul their machinery to the auction house, because of lack of credit. When it is auctioned off I see it going onto containers, at long Beach heading for China, or India. These businessmen are at least as credit worthy as anyone at AIG, or any of the so-called too big to fail banks.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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