Jamesb101.com

commentary on Politics and a little bit of everything else

The President tries to get the Banking Industry ‘back in the bottle’ with Restrictions….and get back on top….

President Obama….trying to regain the high ground…is going back to safe ground, and beating up on the Bankswhich everyone hates……

President Barack Obama proposed Thursday new rules designed to restrict the size and activities of the U.S.’s biggest banks, the latest in a series of administration moves to curb Wall Street.

The White House wants commercial banks that take deposits from customers to be barred from investing on behalf of the bank itself—what’s known as proprietary trading—and said the administration will seek new limits on the size and concentration of financial institutions.

“My resolve to reform the system is only strengthened when I see a return to old practices at some of the very firms fighting reform; and when I see record profits at some of the very firms claiming that they cannot lend more to small business, cannot keep credit card rates low, and cannot refund taxpayers for the bailout,” President Obama said Thursday. “It is exactly this kind of irresponsibility that makes clear reform is necessary.”

The President must be a bit shaken up because he has Paul Volcker back by his side…the first time in year, since Volcker was shuttled aside in favor of Geithner and Bernanake…two guys who have their own current public relations trouble……The President…..a rookie, and a little unsteady these days, is reaching back finally, in a Bill Clinton sort of way, after realizing that he was trying do a bit too much of’ ‘Change ‘for the politcal process in shock from the economy  to swallow….look for some more slowing of things, in days to come…..and more political maneuvering…..

I just know Bill Clinton has been on the phone to Obama……Healthcare and too much too soon?.

Just like Clinton term one….

And the campiagn…when in trouble…. go on the offense……

January 21, 2010 - Posted by | Breaking News, Government, Law, Media, Men, PoliticalDog Calls, Politics, Polls, The Economy, Updates | , , , , ,

12 Comments »

  1. Bring back Glass-Steagall! Listen to Paul Volcker the man knows what he is talking about. He wants a return to Glass-Steagall. Fighting for Glass-Steagall would put the GOP if the oppose on the side of the gamblers. There is a role for gamblers in the financial system it’s called an Investment Bank-Brokerage. However they don’t get cheap FED money to gamble with they are on their own.

    Comment by Illinois Brandon | January 21, 2010 | Reply

  2. He, he, he….I was waiting for you!

    Comment by jamesb101 | January 21, 2010 | Reply

  3. james b,
    Wall Street will fight this like hell but it needs to happen. If Citi stays only to banking operations like Deposits, Credit cards and consumer loans and out of trading they don’t nearly go bust. In the old days the FED would only back Commercial banks, the Investment banks were on their own. They weren’t too big to fail. When you bet wrong you lose, just keep the vital commercial banks like BOA, Citi, JP Morgan and Wells Fargo and many other smaller ones out of the gambling business. This is why we have Goldman Sachs and Morgan Stanley.

    Comment by Illinois Brandon | January 21, 2010 | Reply

  4. Brandon…I’m will to bet this will be watered down like everything else they try to do to that industry…..the bonuses stuff for example…most don’t know it…but it’s a one time deal…and only covers a few months…all these banks gave back the loan money so that they can do side deals to give away more compensation……

    I didn’t here the follow-up on the UKm a nd Frances across the board taxes on bankers bonuses…

    But rest assured they WILL figure out a way to get around this…you can bet your paycheck on that….

    Bankers make money…one way or another…. everyday….

    And they will continue to do so no matter what Obama tries to do…..

    Comment by jamesb101 | January 21, 2010 | Reply

  5. the banks are like the borg….

    Comment by jamesb101 | January 21, 2010 | Reply

  6. I would like to believe that reform will solve the problem but Bah Humbug! I thought the Milken Junk Bonds scandal, the Savings and Loan scandals, and the dot.com, Arthur Anderson, World Com scandals all would have been enough for reform but the reforms turn out to simply be new avenues for greed. It’s musical chairs.

    Make more offenses criminal rather than civil. Let RICO be more applicable because due diligence is an unenforceable joke. If everyone had woken up to their bank being closed rather than the news of the bailout their would have been lynchings.

    But really, the fact is you cannot continue to ship work out of the country and think you can still have the same affluent society to sell too. People borrowed to make the last economy work and creating 1,000,000 second rate jobs for 500,000 people just won’t cut the mustard. Now we even speak of a jobless recovery.

    Rome invaded Syria and Egypt. The cheap grain they imported fromthese areas afterwords put one third of their citizens on relief. That is the only other jobless recovery I can think of in history.

    Comment by Manila Calling! | January 21, 2010 | Reply

    • reform will be out crafted as I said to Brandon….
      some of these people will willing go to jail to make obsene amounts of money…..
      this is global economy and American’s dodn’t care where the product came from…as long as its cheap…
      and some of the importede jobs Americans will never do…..

      what else?

      Comment by jamesb101 | January 21, 2010 | Reply

  7. this IS a capitalist country…do not forget that for one second!!!!

    CASH MONEY…..DOLLAR BILLS!

    Comment by jamesb101 | January 21, 2010 | Reply

  8. Greed and Profits……

    Comment by jamesb101 | January 21, 2010 | Reply

    • No, no. Profits must be first. Then GREED!

      PS: Buy Gold!

      Comment by Manila Calling! | January 21, 2010 | Reply

      • I stand corrected…..he, he, he……

        Comment by jamesb101 | January 21, 2010

      • I stand corrected…..he, he, he……

        Comment by jamesb101 | January 21, 2010


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