Tag Archives: banks

President Obama’s Saturday YouTube Address 04/17/10

white house gov logoWhiteHouse.gov~Holding Wall Street Accountable~The strongest consumer protections ever. Bringing transparency to financial dealings. Closing loopholes to stop recklessness and irresponsibility. Holding Wall Street accountable and giving shareholders new power in the financial system. President Obama lays out what Wall Street Reform is about, and questions whether opposition from the Senate Republican Leader might have something to do with his recent meeting with Wall Street executives.

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President Obama’s Saturday YouTube Address 02/20/10

white house gov logoWhiteHouse.govPremiums, Profits, and the Need for Health Reform ~ The President points to outrageous premium hikes from health insurance companies, especially those already making massive profits, as further proof of the need for reform. Looking ahead to the coming bipartisan meeting on reform, the President urges members of Congress to come to the table in good faith to address the issue.

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President Obama’s Saturday YouTube Address 02/13/10

white house gov logoWhiteHouse.gov—The President, having just signed the “Pay As You Go” law, discusses the importance of this fundamental rule to getting budget deficits in check. Ensuring that new spending and tax cuts are offset was a important factor in creating the budget surplus of the late 1990’s.
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The Death of U.S. Political Democracy For The People

Posted by: LibbyShaw

Will the Senator from Wal-Mart please yield to the Senator from Halliburton? The Congressman from Black Water has 5 minutes remaining before the Congresswoman from United Health may speak.

Mark your calendars, folks. January 21, 2010 is the day the radical and activist Supreme Court of the United States delivered the U.S. Democracy into the hands of the corporate sector and special interests groups. According to an article in the New York Times corporations, lobbyists and unions can now legally purchase their candidates of choice.

“We have got a million we can spend advertising for you or against you – whichever one you want,’ ” a lobbyist can tell lawmakers, said Lawrence M. Noble, a lawyer at Skadden Arps in Washington and former general counsel of the Federal Election Commission.

The decision yesterday will usher in unimaginable numbers of Swift Boat attack ads. Corporate fat cats can now threaten and bully politicians to do their bidding or else.

“It will put on steroids the trend that outside groups are increasingly dominating campaigns,” Mr. Ginsberg said. “Candidates lose control of their message. Some of these guys lose control of their whole personalities.”

“Parties will sort of shrink in the relative importance of things,” he added, “and outside groups will take over more of the functions – advertising support, get out the vote – that parties do now.”

Front row: Associate Justices Anthony M. Kennedy, John Paul Stevens, Chief Justice John G. Roberts, Antonin G. Scalia, and Clarence Thomas. Back row: Associate Justices Samuel A. Alito, Ruth Bader Ginsburg, Stephen G. Breyer, and Sonia Sotomayor.

Some have called the SOTUS decision a power grab that is intellectually dishonest.

In opening the floodgates for corporate money in election campaigns, the Supreme Court did not simply engage in a brazen power grab. It did so in an opinion stunning in its intellectual dishonesty.

Many of those commenting on the decision in Citizens United v. Federal Election Commission have focused on the power-grab part. I agree with them. It was unnecessary for the court to go so far when there were several less-radical grounds available. It was audacious to seize the opportunity to overrule precedents when the parties had not pressed this issue and the lower courts had not considered it. It was the height of activism to usurp the judgments of Congress and state legislatures about how best to prevent corruption of the political process.

“If it is not necessary to decide more, it is necessary not to decide more,” a wise judge once wrote. That was Chief Justice John G. Roberts — back when — and dissenting Justice John Paul Stevens rightly turned that line against him.

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Republicans naturally and predictably love this recent ruling. But of course they would. Republicans embrace and fully support authoritarian forms of government. And the sad truth of the matter is the GOP has always worked for the corporate sector.

It is devastatingly unfortunate that Republican voters have never been able to understand the hard, cold and mean reality of those they elect into office. Politicians take an oath to serve the people in their districts but many merely give their constituents nothing but empty rhetoric. If one were to closely examine one’s Republican lawmakers’ voting records one would find who their elected officials really work for.

My guess is the teabaggers will wraps it head around the reality of the SCOTUS decision like we progressives have, for the only one imperative we do share in common is a collective outrage over the corporate takeover of the U.S. government and its legislative process by special interest groups and corporations.

But unfortunately teabaggers, unlike progressives, are far too easily led astray by the likes of Dick Armey, one of the numerous behind the scenes leaders of the teabagger movement. Armey’s main mission is to promote the interests of the health care industry. He and his organization, Freedom Works, uses teabaggers as its tools.

Republicans and teabaggers alike have been led to believe that the government is the root of everything evil while progressives know that government is the only force that can and will protect us from the evils of self-serving greed mongers of the corporate sector.

We are where we are today b/c the corporate sector has been enabled to run rough shod over the American people. We are broke. There are no jobs. We lost homes. We lost retirement savings. Meanwhile on Wall St. the fat cats who can now purchase politicians get richer by the minute.

Elections have consequences. The nice guy or girl candidate with whom to have a beer could very well be an anti-political democracy devil in disguise who has every intention of throwing the middle and working classes to the lions.

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Oh, and Prince Alwaleed, grandson of the King of Saudi Arabia and the largest individual shareholder in Citigroup and second biggest shareholder in News Corp (Murdock’s FOX “News”) doesn’t like Obama’s tax on the banks.

Who would have thought?

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Hope for Haiti Now: A Global Benefit for Earthquake Relief” Video highlights

Thanks to everyone who joined us for a night of great music and a show of support for the people of Haiti

Posted by: Audiegrl

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President Obama Signs Legislation

President Obama Signs Legislation Providing Immediate Tax Deductions for Haiti Charitable Contributions January 22, 2010.

President Obama Is Making It Easier for Americans to Support Haiti
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In the days since the earthquake in Haiti, Americans have shown their generosity with millions of dollars in donations. Tonight, President Obama signed a bill into law that makes it easier to give. This legislation will allow taxpayers to receive the tax benefit from donations made to the Haiti effort in this tax season, rather than having to wait until they file their 2010 tax returns next year. Specifically, cash donations to charities for the Haitian relief effort given after January 11 and before March 1 of this year may be treated as if the contribution was made on December 31 of last year so that the contribution can be deducted from 2009 income. This measure applies to monetary donations, not goods or services.


Clinton Bush Haiti Relief FundUNICEFAmerican Red Cross

WFP:  World Food ProgrammePartners In Health Oxfam America
Yéle Haiti

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Let’s Be Fair to Bernanke– hindsight’s 20/20

posted by Ogenec
While neither the Fed nor the Treasury got everything right, they did far better than the Monday-morning quarterbacks would have us believe

By Steven Rattner
Thursday, December 3, 2009.

When the Senate Banking Committee welcomes Federal Reserve Chairman Ben Bernanke for his confirmation hearing today, the questioning is sure to be sharp, yet another chapter in the unceasing second-guessing of the government’s handling of the Wall Street meltdown.

Almost since the first cracks in Wall Street’s facade appeared more than two years ago, commentators and politicians of all stripes have questioned whether the Fed and, equally, the Treasury made proper decisions as they faced the worst financial crisis in 75 years.

It is very much the Banking Committee’s responsibility to satisfy itself about Bernanke’s qualifications and the overall management of the financial crisis. It is also appropriate for other oversight groups to conduct their own inquiries.

But much of the barrage of criticism is unfair, and some of it is simply ignorant.
Take, for example, the drumbeat of criticism for the decision to let Lehman Brothers fail. Conveniently forgotten by critics is the fact that until the consequences of Lehman’s bankruptcy became evident, the refrain from all quarters after the bailout of Bear Stearns in the spring was that the next floundering bank needed to be allowed to fail to teach Wall Street a lesson (preserve “moral hazard,” to use the jargon).

Shortly after Lehman’s filing, Allan Meltzer, a distinguished monetary economist, commended the Fed for letting Lehman go, telling PBS that “within a few days, just a few days, Barclays was there buying up some of Lehman’s assets.” A year later, Meltzer had a different view: “Allowing Lehman to fail without warning is one of the worst blunders in Federal Reserve history.”

More recently, a government oversight report came out swinging against the handling of the AIG bailout, suggesting in particular that the Fed and the Treasury should have demanded concessions from the banks that were counterparties to AIG’s hundreds of billions of dollars of credit insurance contracts.

That criticism sounds good, but like much after-the-fact commentary, it’s off-base. Once the Fed and the Treasury concluded (correctly) that an AIG bankruptcy posed unacceptable systemic risks, the government immediately lost any bargaining power to demand concessions. The result was a very unfortunate windfall for the counterparty banks, but what was the realistic alternative?

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Unexpected drop in jobless rate sparks optimism
WASHINGTON (AP) — A surprising drop in the November unemployment rate and in job losses cheered investors Friday and raised hopes for a sustained economic recovery.

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No Longer “To Big Too Fail”

posted by GeoT

By Karey Wutkowski

WASHINGTON, Oct 23 (Reuters) – The Obama administration plans to unveil on Monday a new plan for dealing with troubled financial giants, said a senior U.S. lawmaker, who also mentioned potentially big changes for the insurance industry.

Too Big To Fail

Too Big To Fail

Barney Frank, chairman of the House Financial Services Committee and a chief architect of the financial regulation overhaul, declined on Friday to give details on the administration’s new bill, which would give the government the power to dismantle large financial companies that get into crises.

The new draft bill is expected to take a tougher stance toward troubled financial firms than the administration’s original plan, and may take out some language that would allow for temporary bailouts.

Giving the government “resolution authority” would serve as a rebuttal to the concept that some firms are too big to fail. Federal Reserve Chairman Ben Bernanke on Friday highlighted the need for this authority as well as other measures to reduce the likelihood that one firm could destabilize the financial system.

Frank also said Congress is discussing whether to create an optional federal charter for insurers.

Rep. Barney Frank (D-NY)

Rep. Barney Frank (D-NY)

Insurance companies are currently regulated by the states.

“If we do get into national chartering it will be in life insurance … and maybe large commercial entities,” Frank said during remarks to a banking symposium.
He said lawmakers would not likely try to federally regulate property and casualty insurers, however.

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