Accomplishments of President Obama

[sugarpop]

Originally Posted by skysidhe

WASHINGTON – President Barack Obama told banks Thursday they should pay a new tax to recoup the cost of bailing out foundering firms at the height of the financial crisis. "We want our money back," he said.

The tax, which would require congressional approval, would last at least 10 years and generate about $90 billion over the decade, according to administration estimates. "If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers," Obama said.
Advisers believe the administration can make an argument that banks should tap their bonus pools for the fee instead of passing the cost on to consumers.
The proposed 0.15 percent tax on the liabilities of large financial institutions would apply only to those companies with assets of more than $50 billion — a group estimated at about 50. Administration officials estimate that 60 percent of the revenue would come from the 10 biggest ones.

WOW

I have quite a few beefs with Obama, the biggest of which is, he didn't tackle regulation of banks etc., when he had a chance to get some REAL REFORM passed. Now there is a big fat chance in hell of getting anything real and meaningful through. Banks are still getting fat off the backs of taxpayers. We will never recoup all the money from them. They should have to pay back not only what WE gave them, but also what was LOST, as a result of their insane high stakes gambling.

He also stayed in the background during the whole healthcare debate and let it get out of control. Because of the way he did it (or rather didn't, since he was mostly absent), the crap that is getting through is, again, not real insurance reform. It is a big fat payoff, by taxpayers, to big insurance companies. (I admit I haven't been paying attention the past 2 weeks because I had surgery. But before that, the bill was crap.)

Upping the war in Afghanistan. We will never win that war. We cannot beat terrorism. Terrorism is a tactic, and al qaeda and other fundamentalist anti-US groups operate now all over the globe. Spending all that money if Afghanistan is a mistake, especially since we need that money HERE, in our own country. The measures we are taking are simply to make citizens feel better. (Like amping up airport security in certain countries. Terrorists aren't stupid. They will just get on planes in Britain or Sweden or some other country where the security is less.)

I really expected more when I voted for Obama. Maybe I'm jumping the gun, but I am really pretty disappointed. I thought by now we would have serious banking reform in place, a really good health care bill passed that covered everyone and lowered costs, and getting us OUT of the middle east.

[tw]

Originally Posted by sugarpop

Upping the war in Afghanistan. We will never win that war. We cannot beat terrorism. Terrorism is a tactic, and al qaeda and other fundamentalist anti-US groups operate now all over the globe. Spending all that money if Afghanistan is a mistake, especially since we need that money HERE, in our own country.

Where were you when the resulting costs were defined so many years ago. The question was simple and obvious. "When are we going after bin Laden." Wackos all but protected their 'boggy man'. Completely surrendered in Afghanistan. That was when you should have been asking this question. Now we have no choice but to spend massively - harm the economy - because wackos literally subverted every effort to get bin Laden.

The CIA chief who was killed in Afghanistan was one of this nation's best experts in bin Laden and Al Qaeda. Why do you know that? She was a member of Alec Station. The group established by Clinton to only do one thing - get bin Laden. What happened to Alec Station? It was disbanded by George Jr because a political agenda was more important than America's interests. Those who saw this problem being created said, "When do we go after bin Laden?" Those who hated America due to a political agenda or plain ignorance would not ask that question. How often did you ask, "When are we going after bin Laden?"

C.I.A. Closes Unit Focused on Capture of bin Laden on 4 July 2006. That smoking gun obvious reality was to everyone - no doubts remained - of an American created disaster in Afghanistan. Was I not blunt honest enough back then? How many years ago - when George Jr was still in office - did you know the Taliban had almost completely reconquered Afghanistan?

We have no choice directly traceable to leaders who failed us by promoting a political agenda ahead of America's interests. Like Pearl Harbor, we have no alternatives. Only the minority here were telling you this when it mattered - before "Shock and Awe" and "Mission Accomplished". When the public remains brainwashed dumb, then costs due to protecting Public Enemy #1 only increase. Welcome to what the American public wanted when wackos lied about Saddam's WMDs - even tried to blame 11 September on Saddam. The resulting costs to America directly traceable to outright and intentional lies in 2001 and 2002. Lies so accurately identified back then by the few who also asked "When do we go after bin Laden?"

[tw]

Originally Posted by sugarpop

I have quite a few beefs with Obama, the biggest of which is, he didn't tackle regulation of banks etc., when he had a chance to get some REAL REFORM passed.

We still do not know, yet, how perverted the system is. We still need standards even for the accounting industry that has been so complicit in this corruption – that is not yet being identified. Where and how widespread is the subversion? Banking reform is scheduled for next year. It will be long and complicated, in part, because the finance industry corruption - obvious back in the 1990s with LTCM - is embedded in most every new law since then. The corruption is that widespread. And many are so stupid as to think bankers, stockbrokerages, hedge funds, etc need the 'best and the brightest'.

If those people are so good, then we want them in industries that actually make something. IOW expensive tellers should not reap multilple six and seven figure numbers for doing nothing productive – for only moving money. Unfortunately, we will see many so corrupt as to think, for example, a stock broker deserves a six figure salary. We have yet to address a reality. If you think health care has been a problem, wait to you see how ‘Limbaugh spin’ makes financial reform into a fiasco.

The lesser students I graduated with were also making $millions in finance companies. One bragged one day how me make and lost multiple $milllions about three years out of college. No problem. He reaped it back again. Salesmanship - not innovation and the advancement of mankind - is more important.

We have discussed that reality here often – with appropriate venom. And so many so believed the lies as to also believe the myths about mutual funds.

You want reform? Next year we will see how brainwashed so many can become. Did you notice many who even thought a new GM car was a good thing? How many decades were facts posted in the Cellar – and so many just denied it. Wait to you see the propaganda and public support for the finance industry - especially from the political extremist (in both parties) that are bought and paid for by Goldman Sachs, AIG, et al. That issue is too complex for this year. Ongoing behind the scenes are studies necessary before we can even begin to address a routinely corrupt finance industry. Only then will Congress be ready to consider necessary changes such as derivatives in open and regulated markets.

[skysidhe]

Originally Posted by sugarpop

I really expected more when I voted for Obama. Maybe I'm jumping the gun, but I am really pretty disappointed. I thought by now we would have serious banking reform in place, a really good health care bill passed that covered everyone and lowered costs, and getting us OUT of the middle east.

I didn't vote for him but I am giving him the benefit of the doubt in my 'wait and see' attitude.

I am however not seeing much because I have had my head stuck under a pillow and shaking in my boots since 2001.

[Pico and ME]

Originally Posted by sugarpop

I have quite a few beefs with Obama, the biggest of which is, he didn't tackle regulation of banks etc., when he had a chance to get some REAL REFORM passed. Now there is a big fat chance in hell of getting anything real and meaningful through. Banks are still getting fat off the backs of taxpayers. We will never recoup all the money from them. They should have to pay back not only what WE gave them, but also what was LOST, as a result of their insane high stakes gambling.

He also stayed in the background during the whole healthcare debate and let it get out of control. Because of the way he did it (or rather didn't, since he was mostly absent), the crap that is getting through is, again, not real insurance reform. It is a big fat payoff, by taxpayers, to big insurance companies. (I admit I haven't been paying attention the past 2 weeks because I had surgery. But before that, the bill was crap.)

Upping the war in Afghanistan. We will never win that war. We cannot beat terrorism. Terrorism is a tactic, and al qaeda and other fundamentalist anti-US groups operate now all over the globe. Spending all that money if Afghanistan is a mistake, especially since we need that money HERE, in our own country. The measures we are taking are simply to make citizens feel better. (Like amping up airport security in certain countries. Terrorists aren't stupid. They will just get on planes in Britain or Sweden or some other country where the security is less.)

I really expected more when I voted for Obama. Maybe I'm jumping the gun, but I am really pretty disappointed. I thought by now we would have serious banking reform in place, a really good health care bill passed that covered everyone and lowered costs, and getting us OUT of the middle east.

I didn't. I figured Obama had 'signed on' to the agenda in order to get elected, and I see that he has.

[xoxoxoBruce]

I think you overestimate the power of the Office of President, and underestimate the power of Congress.

I also think he has underestimated the power of his office, and acquiesced to the power of Congress.

[lookout123]

pssst. who do you think will actually pay that?

Originally Posted by lookout123

pssst. who do you think will actually pay that?

Shouldnt the big banks and lending institutions that received TARP funds pay those funds back in full?

Agreed there is probably a better way, but what is to prevent passing those costs on under any proposal?

Originally Posted by Shawnee123

The Credit Cardholder's Bill of Rights Act of 2009

A great (not just good) law, long over-due. But of course, unfortunately, some of the worst offenders will spend big bucks to find loopholes.

And, nothing will ever replace more personal responsibility when it comes to credit cards and personal finances.

[TheMercenary]

It will come in the form of an admin fee passed down to the users, and in keeping with the Dems process of making it seem like they can't pass it on, it will be implemented over a number of years.

[lookout123]

That's ok. Only rich people use banks anyway.

[glatt]

If one bank has a fee and another bank doesn't, how long before consumers figure this out and go to the bank without the fee? No, the banks will hide it somewhere, like in slightly lower interest payments, and hope nobody notices.

[lookout123]

Do banks all charge the same fees now? People bank where they do for a variety of reasons, not just fees.

It doesn't matter where the banks put the fees, the point is that this new tax on the bad guy is really just another tax on you and your neighbors. way to play it straight Obama.

[Clodfobble]

But if it's just as easy as sneaking/demanding more money from consumers, how were the banks ever broke in the first place? At some point customers will either refuse to pay more, or have no more to give.

[Shawnee123]

The Credit Cardholder's Bill of Rights Act of 2009

On December 18, 2008 the Federal Reserve voted to end many unfair credit card practices. However, the new rules didn't make it through the Senate before the 110th session of Congress ended.

Fortunately, the rules were amended and renamed to the Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009. The law was revoted and passed in both the House and the Senate. President Obama signed the legislation on May 22, 2009, making it part of the Truth in Lending Act.

No more double cycle billing finance charges.

No interest rate increases during the first 12 months of opening a credit card, unless the rate increase was disclosed when you first opened the credit card.

Credit card issuers must give a 45-day advanced notice before increasing your interest rate or making any major change to your credit card agreement. This is a big increase over the current 15-day advanced notice requirement.

Payments above the minimum must be applied to highest-interest rate balances.

No fees to make your credit card payment online, by mail, or over the phone, unless you make a last-minute payment over the phone and your bill is due the same day or next day.

[Shawnee123]

Oh, I agree, but it does take away some of the trickery that the powerful credit card companies employ.

I think it was Voltaire who said (what'd he say again?)